Ideas on Cable

It rebounded from 1.2100 but even that was just temporary. The pair is slowly dropping back towards that support. I think eventually we’ll see it reach 1.2000.

Gbp/Usd although the pair is holding around 1.24 level, but bearish potential is clear.

The pair has been consolidating sideways above 1.2150 for a while now, and it has formed several spinning top bars on the four-hour time frame, so there might be some retracement in the near future, but I think that the overall trend remains bearish for the moment.

If you are a technical trader I would personally leave the cable alone for a while.

I work in a spread bet trading room and we are just seeing daily moves on cable strictly based around news comments, we just had a sqwark 30 mins ago that “Merkel has told EU leaders to close the door on back door negotiations on the UK until article 50 is triggered” Consequently the cable went down 40 ticks.

These sort of things are happening daily and they often have much bigger moves than that.

There’s nobody really buying cable at the moment and big institutions are predicting eur/gbp parity by next year.

Stay away from cable or be prepared to be dinked on regular noise.

Good luck

Mark

I still occasionally open positions on this pair, but very short-term ones. As you said yourself, it’s too dependent on fundamentals.

While technical indicators hold flat, but Brexit risk still exist and the pair well within bearish territory, further decline may continue. Next support level holds at 1.2169.

In GBPUSD, based upon technical and fundamental status, it seems to be very weak. I am having very pessimistic view on this currency pair. Although, we are seeing small minor rebounds every time it falls and those rebounds give good opportunity to enter in short position for this currency. Right now, 1.20 can provide minor support for this currency pair, but it would not be able to sustain here for much time. And once 1.20 is broken, the next level in my view would be 1.15 and even lower 1.10.

The pair broke below 1.2200 again, I think next target is around 1.2140, maybe even 1.2100.

Helped by the Dollar’s weakness, the Pound is back to correction movement around 1.23 level after hit today’s high at 1.2354. I would wait until the Bank of England’s economic policy meeting this Thursday for my next trade.

A small gap down.

GBP/USD is climbing after forming several spinning top bars on the four hour time frame and rebounding from the support at 1.2380 and under different circumstances I would’ve opened a long position, but with the US elections looming on the horizon I think I will refrain from any kind of trading.

The pair is testing the support at 1.2400. I think that if it breaks out below that level it will reach the previous low at 1.2351.

GBP/USD bounced off the support at 1.2420 that coincides with the (MA)89 indicator on the four-hour time-frame after forming spinning top bars above that level on both the daily and four-hour time frames. Next target is likely at 1.2600.

The pair seems losing its upward strength, risk turn towards the downside, break below Friday low 1.230 would suggest further decline towards 1.22 level.

The GBPUSD stays weak, but it consolidates. From the current zone it may head in any direction. It may drop to the 1.2200 level or may rise to the 1.2600 level.

I have a short on Cable, and I am waiting for it break below 1.2440 to open another one. I think next target will be at 1.2400.


Cable look pretty Bullish to me according to ICHIMOKU
price may possibly reach 1.26

Gbp/Usd the pair bounce around 1.25 level and shows sign of upward potential, next resistance level can be found at 1.2560.

GBP/USD bounced off 1.2530 after forming a shooting star candlestick on the four-hour time-frame and continued falling. A breakout below the support at 1.2380 will likely lead to a further move to the downside towards 1.2300.

GBPUSD continues to trade above its technical level of 1.25. Technically, we expect the pair to trade higher with is resistance at 1.2730, till the time is sustaining above 1.25 level. A break below this level might raise some selling pressure and taking immediate support at 1.25 whereas its major support level is found at 1.23.