GBPUSD is trading above 50
Cable needs to break above 100 resistance of H4 chart to continue its upward move. – 1.38850 –
Breakout and closed above 1.38850 will carry the price 1.39200.
Above 1.39200, 1.39500 – and Murrey Math Resistance – is located.
Breakout of 1.39800 will be the confirmation of the end of the midterm .
Stop Loss of the Long Trades can be placed below Fibonacci 38.2 of the CD Move, somewhere 1.38200-1.38300
You can close the 30% of the positions and move SL to entry.
US Core CPI will be released today 12:30 GMT.
We keep our Bullish positions as long as the price remains above EMA 50 – 1.38600 –
If the price breaks below 1.38600, we have a bullish shark pattern which will be completed at 1.37900
On the upper side: 1.39200 remains as a resistance. – This was our first target of yesterday – If the price breaks above 1.39200, 1.39500 will be the critical level. Shortterm bearish trend may end with the breakout of 1.39500.
We are not the market makers. We can just adapt ourselves to the markets’ conditions. The choppy market is the worst thing a trader wants. So let us stay away till cable gets a fresh direction.
1.39200 and 1.38600 would be the levels we focus on.