As long as 7076 is not broken, short entry is preferred. I see weakness in 4hr chart.

Cable Update (GBPUSD)

There is bullish engulfing candle in 4 hr chart. This will be confirmed only after break of 7176.

Cable Update (GBPUSD)

Small loss accepted. But some open positions are there on the short side.

Cable Update (GBPUSD)

Posting here what happened on 17 th june. Similar to today.

Cable Update (GBPUSD)

Looks like selling opportunity here...

Cable Update (GBPUSD)

Wait let us see if the offers ( 7168/7176 ) are consumed

Cable Update (GBPUSD)

You can see from EMA's ( 100 and 200 ) that the price will be ranging today. No clear bias according to EMA's positioning.

Cable Update (GBPUSD)

The Cable, if it wants to reverse, will try to retest the top. I doubt it has done that now. See what happened on 17 th June.

Cable Update (GBPUSD)

Nope. Sellers in 7168/76

Cable Update (GBPUSD)

I have seen in this Cable. After drop, the re purchase. Then drop.... See for instance happened on 17 th June.

Cable Update (GBPUSD)

I agree, but then it needs to break the previous resistance. If it does not, then according to higher time frames, retrace is possible.

Cable Update (GBPUSD)

There should be supply in this area. I doubt it will break either way before tomorrow, 5.30 EDT

Cable Update (GBPUSD)

It is surprising , yes, but then, GBP had been bullish fundamentally, one one should expect so.

Cable Update (GBPUSD)

My theory is this : With 50 % bounce, neither bullish, nor bearish. But if the price manages to move more than 62 % and maintains abobe 61 % then sure to go top.

Cable Update (GBPUSD)

Currently, with 50 % bounce, I would call it " neither bullish nor Bearish " after US news.

Cable Update (GBPUSD)

That is why we are here.

Cable Update (GBPUSD)

See the chart here : The price has bounced off from support and retraced almost 50 %. If it passes 62 % and more, I can safely say bullish strength continues, until then no.

Cable Update (GBPUSD)

Now it is between 7138 to 7176. If 7138 holds and 7176 is broken, then 7136 is completed correction. If 7136 is taken off, then 7100. If 7100 is taken off, then 7060. If 7060 is taken off, then 7035. IF THE PRICE HOLDS NEAR 7076 FOR LONG, WE CAN ...

Cable Update (GBPUSD)

A support area which holds it.

Cable Update (GBPUSD)

This pair had been bullish, and will offer bounce in each and every support. It takes time to for the Bearers to take control. It matches with the Theory what I studied about support and resistance. To me, the Price is not going to see new high ...

Cable Update (GBPUSD)