Where we're at with Cable, anyone see different??
Weekly timeframe perspective: The current situation on the weekly chart shows price lingering just below a weekly Quasimodo resistance (prior support) level seen at 1.5007. Further downside from here could see price drop as far as the major weekly demand area coming in at 1.4225-1.4482.
Daily timeframe perspective: From here, we can see that price is currently trading between a daily decision-point supply area seen at 1.5136-1.5020, and a daily demand area coming in at 1.4686-1.4805.
4hr timeframe perspective: The weekly open (1.4969) saw the GBP break down during yesterday’s trading sessions, completely ignoring the 1.4900 level in the process. However, as you can probably see, a nice bit of buying pressure came into the market around an almost invisible 4hr decision-point demand area at 1.4817-1.4842, and as a result, managed to get back above 1.4900.
Taking all of the above into consideration, our team has decided that no longs will be initiated on this pair until we see a clean close above the 1.5000 mark. Entering long at this point would place you against potential selling from not only 1.5000, but also the aforementioned weekly Quasimodo resistance level, which, you may remember, is also supported by the upper daily range barrier at 1.5136-1.5020. With that, the main focus for today will be firmly on the 1.5000 level looking for confirmed lower timeframe shorts. In the event that a short entry is seen here, we’ll look to trail this one down to at least 1.4900 (dependent on how price approaches 1.5000) before taking partial profits.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: 1.5000 [Tentative – confirmation required] (Predicative stop-loss orders are seen at: dependent on where one confirms this level).
Daily timeframe perspective: From here, we can see that price is currently trading between a daily decision-point supply area seen at 1.5136-1.5020, and a daily demand area coming in at 1.4686-1.4805.
4hr timeframe perspective: The weekly open (1.4969) saw the GBP break down during yesterday’s trading sessions, completely ignoring the 1.4900 level in the process. However, as you can probably see, a nice bit of buying pressure came into the market around an almost invisible 4hr decision-point demand area at 1.4817-1.4842, and as a result, managed to get back above 1.4900.
Taking all of the above into consideration, our team has decided that no longs will be initiated on this pair until we see a clean close above the 1.5000 mark. Entering long at this point would place you against potential selling from not only 1.5000, but also the aforementioned weekly Quasimodo resistance level, which, you may remember, is also supported by the upper daily range barrier at 1.5136-1.5020. With that, the main focus for today will be firmly on the 1.5000 level looking for confirmed lower timeframe shorts. In the event that a short entry is seen here, we’ll look to trail this one down to at least 1.4900 (dependent on how price approaches 1.5000) before taking partial profits.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: 1.5000 [Tentative – confirmation required] (Predicative stop-loss orders are seen at: dependent on where one confirms this level).
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