These are levels that I'll be keeping an eye on when dealing with Cable, and I'll revise as price action progresses.
I adapt to the change in money flow.. I'm usually neutral, but I'm bearish on this one.
Technical Analysis for GBPUSD on the 4H Timeframe.
Mixed feelings for the Cable for the week ahead.
As expected, Cable went to retest the 1.41800 area before heading down on Friday to the 1.41000 area.
My Personal BIAS on GBPUSD is BEARISH but ONLY after taking out the buy stops resting at the 1.42000 area, before crashing towards the 1.40700 key level.
If I will...
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Daily - Double Top formation at key level 1.40000, rejection.
4hr - Shooting star candlestick - this is most effective when formed after a series of 3 or more consecutive rising candles with Higher Highs are formed which is a strong confirmation for a reversal....
As we anticipated in our last week’s outlook, GBPUSD found some resistance at our target and started to drop.
For this week, we expect the price to continue being bearish and drop towards the support area that we highlighted, having a chance to break the $1.36 low.
Trade with care.
Disclaimer: The analysis provided...
Price will go above 1.378 to reach above the equal highs to capture liquidity and a possible scenario is price will hit a key level @1.38110 and retrace to below the equal lows at 1.368.
DXY has very obvious bearish market structure forming which makes me think we can see a move to the upside to capture some liquidity.
Price has came to retest a previous level of resistance in the market. Its appears we have had a fake out above this resistance level before seeing a bearish engulfing candle close back below this level. This also lined up with rejections at a key fib level.
On lower time frames we will be looking for a break of the next level of resistance before considering...