GBPUSD

Hey Folks,

I hope you're all keeping safe and well (and navigating some strange times!)

I follow a few crosses closely, such as Cable, Swissy and Eurodollar (as some incomes comes in these currencies)

Right, onto Cable. rather than suggest that we've got a crude H&S forming, I'm going to take a bold risk and suggest that we've got an Inverse Cup and Handle going here.

In any case, technically, both patterns look bearish.

Central Banking intervention (The Fed Res rather than the BoE) could flip this all upside down, so be careful.

(in the immortal words of Remo, DYOR)

Wishing you all the very best, and I hope to be back with meaningful contributions (it looks like most of the work has been on the shoulders of LongTermView, Paitech, TrendFriend and Remo for far too long!)

One of my and TrendFriend's favourite currency crosses - Cable



It's failing a number of attempts to the upside (thus far), and is there a hint of a Right Shoulder forming? (assuming we can agree that the pattern forming is a H&S!)

My line in the sand previously (to add to shorts), has been 1.2295, as luck would have it, this may well be the "seal" of the right shoulder.

Let's See.

Usual Disclaimers Apply - and be safe folks!

Trendfriend wrote: gbpusd - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...rZ3xUxPoQ7qcVxhHZOc=

interesting this because it actually broke above the 50 day ema line and managed a 1,2,3 low.....
just like the dow it looked very promising for bulls....

as things stand it does look like a bull trap reversal...and in the longer term it has been making lower highs.
while its in this trend channel could it make another lower low?...
especially if we send a broader equity sell off?

really tempted to short this....

atb, wdik, dyor
trendfriend

Hi TF,

good calls.

I feel that too much "Central Planning" has been involved in keeping cable up, namely:

1. Fed Swap Lines to ease USD demand in nations
2. Fed's "whatever it takes" printing
3. UK's fiscal and monetary metrics haven't been fully disclosed
4. The state of play in Fibre (EUR/USD) - EU's own plans.
5. Lack of transparency over Brexit Negotiations

But the charts and Technical Analysis cut through all that (I hope). Once attention refocuses on this (and that could be a while!), then who knows. For now, Dollar safety due to a shakey market is doing its thing.

Be Well.

gbpusd - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...rZ3xUxPoQ7qcVxhHZOc=

interesting this because it actually broke above the 50 day ema line and managed a 1,2,3 low.....
just like the dow it looked very promising for bulls....

as things stand it does look like a bull trap reversal...and in the longer term it has been making lower highs.
while its in this trend channel could it make another lower low?...
especially if we send a broader equity sell off?

really tempted to short this....

atb, wdik, dyor
trendfriend

gbpusd - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...PpdHSSuCwNiDDgVw0%3D

trying to do a higher high....or 1,2,3 low breakout...
also the 50 day ema line is around the breakout level...around 1.2485

one to keep and eye on...

atb, wdik, dyor,
trendfriend

gbpusd - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...ZqGgRLBTW1D%2FSUU%3D

does look like a bull flag...good spot there...

it needs to get that that 50 day ema line and the rsi needs to get above the resistance...if it does that then the 200 day eme line looks on.....

Until then this could just be a relief rally from a overdone rsi level imvo....

The setup does look more bullish then a week or so ago...so lets see...but i still think on a mid/longer term view more down again tbh...because its still making l/lows

atb, wdik, dyor,
trendfriend