FX:GBPUSD   British Pound/U.S. Dollar
743 18 13
To understand exactly where we want to go, before looking at this chart (H4), you must know our weekly analysis (published also below).
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GBPUSD: Weekly Outlook


Looking H4, we could have completed the first leg (pullback) and after a possible rebound, we see in training the second leg of a pullback with "abcd" model.
It will be very interesting as the cable open today ...

WEEKLY MARKET MOVER: 7 May - Election Day
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I agree, cable's looking potentially very bullish.
EURGBP: Decisive moment

GBPUSD: Is the Pound a buy? I suspect so.

GBPNZD: the beginning of a longterm uptrend

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SignalSwiss TOP IvanLabrie
2 years ago
we try to publish charts of relevance, otherwise it is too much confusion, Thanks
+1 Reply
pezq PRO
2 years ago
What about that massive weekly pin bar? Let's remind ourselves of the characteristics of this, the most powerful of all price action set ups.

Wick must be 3 times as big as the body
Wick must be larger than the previous bars and stick out from the rest
Body must be on one end of the wick, not in the middle
Price has to close within the previous candles high or low
The Smaller the body the better, the bigger the wick the better

In the circumstances I can't see how the cable can be looking very bullish. Indeed with the uncertainty of the election I would say bearish.
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SignalSwiss TOP pezq
2 years ago
it's only a pin bar... whatelse? :) ...simple pin bar....
+1 Reply
SignalSwiss TOP SignalSwiss
2 years ago
Also, if you look at our analysis, it was scheduled
+2 Reply
IvanLabrie PRO SignalSwiss
2 years ago
Agreed, judging a pair by ONE candle's shape -which is subjective since the open and close of FX (a 24hs market) is dependent on the broker's price feed- is a bad idea imho.
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@pezq @signalsuisse Gents, you both could be right but different timing. I think GBPUSD has room for further downside till 1.5020 and then next leg up.

@pezq the answer perhaps is not in cable, but the greenback

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SignalSwiss TOP Realisto_FX
2 years ago
yes of course, always consider the areas and levels not pure... :)
+1 Reply
IvanLabrie PRO Realisto_FX
2 years ago
It looks a lot like the crude oil chart...greenback strength = usoil.
I think GBP is looking stronger than EUR right now, even if gbpusd falls, there are interesting GBP longs to consider. (short eurgbp, long gbpcad, long gbpnzd, long gbpaud, etc)
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tcas
2 years ago
May be its just a pinbar but I wait at least 100 pips profit for sell.
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SignalSwiss TOP tcas
2 years ago
nobody says otherwise
+1 Reply
Yahia.Awes
2 years ago
Am I the only crazy one over here who thinks it might fall lower than this? I think we have to hit the lower band of the channel once more before going up.
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SignalSwiss TOP Yahia.Awes
2 years ago
absolutely, in the medium term it is very likely :)
+2 Reply
pezq PRO Yahia.Awes
2 years ago
Well, I for one think that cable will fall to lower levels. First of all DXY is reversing upwards and secondly, whatever the result of the uk election the short term results cant be good for cable. As for the simple pin bar - which stands for Pinocchio - whose characteristics was a long nose due to lying - it is a tried and tested trading signal. At the end of the day this is about trading. Its not about being right. I am happy to stand by my steadily increasing equity.
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pezq PRO pezq
2 years ago
Just for interest I went through the recent weekly chart of GBPUSD to see which pin bars would have been profitable. I think the picture speaks for itself.
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SignalSwiss TOP pezq
2 years ago
caution..... more different location........ more different pin...... only my opinion...
+1 Reply
Thanks for sharing I was about to publish this
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