What's going on everyone! Hope you guys have been having an incredibly blessed weekend! Just wanted to come on here and do a longer term move post for everybody! I am a longer term trader by nature but either way whether short term or long term with trading it's super important to know the larger timeframe perspective with the global currency markets because that's what the larger $$$$$$$$$ looks at. YES that is Nine figures lol
OK so anyways if you take a look here at GBPUSD (Cable) you can see that it has been down-trending on the daily and for the last couple months the weekly as well. If you look at previous price action though you can see a large spike in price to the downside followed by an immediate pullback up above multi-year support (showing interest/hold) coming to 1.31500 price before now pulling back. Now some of you might think.. it's a down-trend....not a pullback. And my response to that would be it depends on your PERSPECTIVE. From what I see price halted for a little at the support followed by a strong momentum pop above it with never really pulling back down into that level of support to use it to bounce off of. Price just went sideways in late 2022-early 2023 for a few months then continued to the upside. Due to the fact that the market can't go in one direction forever I knew that it was due for a pullback to build more orders, give the big boys better discount, then potentially continue the longer term bullish bias that these charts are showing!
OK so what now? WAIT. Price still has some time before coming down into a region of demand % price support so the best thing to do would stay patient. I am expecting price to come down into the 1.16000 handle as there is a lot of confluence for this level to be a nice area for price to "bounce". But ultimately want to see that buyer interest return at those levels with a bullish shift then we could potentially see a longer term reversal and upside continuation opportunity here on cable! ALSO if you are shorter timeframe, you can know how much more room you have before this pair comes into a significant "discounted" price that will attract the larger players.
So keep an eye out! Smash a boost on this post! Thanks so much for tuning in! Until next time
Cheers!
OK so anyways if you take a look here at GBPUSD (Cable) you can see that it has been down-trending on the daily and for the last couple months the weekly as well. If you look at previous price action though you can see a large spike in price to the downside followed by an immediate pullback up above multi-year support (showing interest/hold) coming to 1.31500 price before now pulling back. Now some of you might think.. it's a down-trend....not a pullback. And my response to that would be it depends on your PERSPECTIVE. From what I see price halted for a little at the support followed by a strong momentum pop above it with never really pulling back down into that level of support to use it to bounce off of. Price just went sideways in late 2022-early 2023 for a few months then continued to the upside. Due to the fact that the market can't go in one direction forever I knew that it was due for a pullback to build more orders, give the big boys better discount, then potentially continue the longer term bullish bias that these charts are showing!
OK so what now? WAIT. Price still has some time before coming down into a region of demand % price support so the best thing to do would stay patient. I am expecting price to come down into the 1.16000 handle as there is a lot of confluence for this level to be a nice area for price to "bounce". But ultimately want to see that buyer interest return at those levels with a bullish shift then we could potentially see a longer term reversal and upside continuation opportunity here on cable! ALSO if you are shorter timeframe, you can know how much more room you have before this pair comes into a significant "discounted" price that will attract the larger players.
So keep an eye out! Smash a boost on this post! Thanks so much for tuning in! Until next time
Cheers!