I have listed the BoE rate set dates, and the pattern of price/action is similar to run up to the 9 Sep meeting. The parallel channel provides additional evidence.
Be warned, my record on cable isn't that great. For example, more Brexit delay news would trump technicals. Funny how everyone is using that word these days.
For a few weeks now we have seen cable on a bullish streak, after a very very long downtrend. I am bullish on this pair but it may be in a rocky channel. i will wait to see how price reacts at 1.28000 if price breaks and all goes to plan i would collect profit at 1.29500. For now i will wait. If price reverses early i see price going to 1.26500.
After the initial FBI/Clinton related hit on the greenback, followed by the High Court ruling combined to send Cable through 1.2325-30. On the hourly timeframe this does look like a retracement but we have some key levels around where we are right now. In this recent retracement we have seen a break into negative territory with a RSI trendline break. We are...
Cable has been hit by the weekend reports (Clinton vindication), reportedly there have been resting bids down at 1.2375 down to 1.2330. Also we saw reports that the first draft for the invoking of article 50.
S1 Upward internal trendline
S2 Main 1hour upward trendline
As you probably know, last night on Asian session the $GBP got killed on thin markets condition which made the $GBPUSD drop 8% at one point in under 2 mins but than the market recovered and ended up with -1%. However, when a situation like this happens (which is not very often!) I jump to my monthly charts to give me the best and most importantly; the...
I am hugely contrarian. If there isn't a cut, we will rally up to 1.395, potentially to 1.42. At the same time, I think even if we do cut, we will see a rally, as with the AUDUSD last week when the RBA cut.
Looking at volume, we are well below the value area low, and I feel that the market needs to move back towards it.