Where we're at with Cable, anyone see different??

FX:GBPUSD   British Pound / U.S. Dollar
264 3 5
Weekly timeframe perspective: The current situation on the weekly chart shows price lingering just below a weekly Quasimodo resistance (prior support) level seen at 1.5007. Further downside from here could see price drop as far as the major weekly demand area coming in at 1.4225-1.4482.

Daily timeframe perspective: From here, we can see that price is currently trading between a daily decision-point supply area seen at 1.5136-1.5020, and a daily demand area coming in at 1.4686-1.4805.

4hr timeframe perspective: The weekly open (1.4969) saw the GBP break down during yesterday’s trading sessions, completely ignoring the 1.4900 level in the process. However, as you can probably see, a nice bit of buying pressure came into the market around an almost invisible 4hr decision-point demand area at 1.4817-1.4842, and as a result, managed to get back above 1.4900.

Taking all of the above into consideration, our team has decided that no longs will be initiated on this pair until we see a clean close above the 1.5000 mark. Entering long at this point would place you against potential selling from not only 1.5000, but also the aforementioned weekly Quasimodo resistance level , which, you may remember, is also supported by the upper daily range barrier at 1.5136-1.5020. With that, the main focus for today will be firmly on the 1.5000 level looking for confirmed lower timeframe shorts. In the event that a short entry is seen here, we’ll look to trail this one down to at least 1.4900 (dependent on how price approaches 1.5000) before taking partial profits.

Current buy/sell orders:

• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).

• Sell orders: 1.5000 (Predicative stop-loss orders are seen at: dependent on where one confirms this level).

will be of great help thank you !
Check our 4Hr analysis for that short reversal you're looking for ;)
ICmarkets ForexVader
Brilliant work! We're still going to hold out for the 1.5000 number though. Hope it works out for you!

IC markets.
+1 Reply
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