GBP showing strength this week and DXY continuing down trend.
Cup and Handle pattern forming. (see chart)
My bias stays long again this week. Its only Monday and we've made up the ground we lost on Fridays tumble.
Have a Great Week <3
GBP/USD still holding at the 1.3670 Support.
Overall the trendline from the May 2020 lows is still intact which is telling me there is yet another push to the upside coming.
As you can see, it has created a channel to the downside so I will be waiting for the bottom of the channel to be touched or support to hold.
Again, the 1.40 barrier and...
Well.. what a week..
I honestly thought the move back up to the highs at 1.42 would have closed a lot faster than the pace we are moving now.
Overall I remain Bullish on Cable for the time being yet I am slightly hesitant about the dollar strength.
Lots of big news next week again, volatility will be super high mid-week so trade safe. And to think the DXY has...
As expected GBP reached 1.40 level yesterday. I was thinking that it may reject this area which it did with impeccable timing from bad UK news this morning at 7am.
Pullback finished around 1.3910 about an hour ago. I did place a cheeky long position at 1.3910 which the expectations it will continue up from here.
Its Friday - be careful as sometimes Cable likes...
After waiting to see how the last 2 Daily candles closed i would expect GBP to return with its strength.
1.39 is slowly breaking and would like to see a close above 1.39 today as the gap up to 1.40 should be closed fairly quickly.
Have a great Wednesday trading
Stay safe x