Price is trapped between the broken neckline of the Head and Shoulders formation and the weekly pivot. I think it will break the pivot today and continue lower.

Cable Update (GBPUSD)

We are at the weekly pivot. There should be a bounce here for the next couple of hours before down again. Plus, that last H4 pin bar (hammer) calls for a rebound also.

Cable Update (GBPUSD)

Here is the big one. We are at the H1 Head and Shoulders neckline. A break will target a minimum of 1.3070. The next 5 to 10 hours are critical.

Cable Update (GBPUSD)

There should be several tests, so it is a good idea to trade the movements back and forth to the neckline to add more pips, but I recommend only the short side. I use the 5 minute chart to do this.

Cable Update (GBPUSD)

Sold at 13370 broken neckline test. Target: 1.3253

Cable Update (GBPUSD)

A return to 1.2860 is still possible. As you say, the weekly pivot at 1.3253 is very important. If it breaks, the bottom should be somewhere between 1.2860 and 1.3175. We should know more in a day or two. NFP will be very important...

Cable Update (GBPUSD)

I changed the previous post to an H1 chart to show how the right shoulder may form more clearly.

Cable Update (GBPUSD)

Because the trend is now clearly down in H1 and there is no guarantee of the retest /about 65% chance of retest). I would rather wait to reach R38 and sell there.

Cable Update (GBPUSD)

The rebound to test the M15 neckline at R38 will actually form the H1 right shoulder (attached). When and if that neckline breaks, the final target would be 1.3175. This is where we may be going before we turn to 1.35 and beyond.

Cable Update (GBPUSD)

Yes. I mentioned this wedge the other day. It is hard to believe, but it actually can fall to the 1.28++ area before all is said and done. This is not a prediction. Just an observation.

Cable Update (GBPUSD)

Broken neckline should be tested right on the 38 weekly pivot, before falling heavily again. That would be the ideal point to sell.

Cable Update (GBPUSD)

I understand your frustration, George. If you spend thousands of hours analyzing charts, you begin to see common rules which tend to repeat themselves over and over. However, there are freak situations in technical analysis and one must allow for ...

Cable Update (GBPUSD)

My calculations give me targets that are 110 pips away for EU and 310 pips away for GU. What will happen between now and next week that will make GU move 3 times as much as EU? I have no clue what it is, but the juicy one to buy right now is EURGBP.

Cable Update (GBPUSD)

I think you are declaring a winner prematurely. A reversal may happen at any time. I still see 1.28 before 1.35

Cable Update (GBPUSD)

What is so special about 1.32033?

Cable Update (GBPUSD)

3-2. I´m on your side.

Cable Update (GBPUSD)

We´ll miss you JayBag...

Cable Update (GBPUSD)

This is the way I see it. The gray lines show the projected price for the next 5 sessions. The Dark Red horizontal line is 1.2860. If this happens, it should be followed by a rise to 1.35 during the month of September. I am short GBPUSD and GBPJPY ...

Cable Update (GBPUSD)

That middle finger that you see is a very nice head and shoulders in the 15M chart. Good for 55 pips from the neckline.

Cable Update (GBPUSD)

And with it, the neckline of the double top, implying a target of 1.2860.

Cable Update (GBPUSD)