GBPUSD

Actually it's bang on the trendline now and if it bounces here then it'll have a double bullish RSI divergence on the 4H chart.

Sorry, not done the screenshot yet as just got in. Worth a long at this level though (1.590 as I type) but don't forget your stops.

Libero wrote:

remo wrote: Gutted as was waiting for this to hit that trend line at 1.5089...
oh well have to wait again.

If this is a geniune Cable rally, then hang back for the 50% retracement, and hop back in again.

OK, I'd hold that thought! FX didn't like the BoE news clearly!



It is falling past 1.5149 which seemed like a decent support level; early doors, but this could fall to 1.5000 next.

I'll be watching!

remo wrote: Gutted as was waiting for this to hit that trend line at 1.5089...
oh well have to wait again.

If this is a geniune Cable rally, then hang back for the 50% retracement, and hop back in again.

Gutted as was waiting for this to hit that trend line at 1.5089...
oh well have to wait again.

Engulfing Pattern at play perhaps?

possible yes, that will also tie in nicely with market completing a major 3 by Aug/Sept just in time for the pre Autumn dump & german elections...

remember this is a daily chart - you can run short and long on smaller time frames...

key is to focus on the Fib prices at point D and then time, but before then 15900 area.

its no coincidence that this pattern is direct result of Fibonacci ratio's of 1.61, .886 & .50, just got to see if it plays out, usually these are quite reliable...

cheers WS