GBPUSD

[phillo]

previous support is currently resistance

[phillo]

here it is on a daily chart. Those white rising trend lines have sort of been respected, so the upper one could be a possibility. I'm guessing this move is more to do with the USD weakness than GBP strength

[phillo]

zooming in I highlight one particular candle which took out the post brexit resistance ( in my opinion). There was clearly significant buying to do that and this should be remembered going forward

[phillo]

& here is a 4 hr chart with fibs. Price does seem a little extended atm, but that 161.8% ext looks possible (maybe after a small correction/consolidation)

[Guest oilfxpro]

Good thread 

 

try and correlate with eur/usd, usd yen and dollar index.

[phillo]

thank you

[Guest oilfxpro]

Here is very old chart, I used to look for correlations on support/resistance, trend lines and channels plus behavior of egbp.

 

Cable is strong &  breaking out

 

 

 

[Guest oilfxpro]

EURUSD in resistance , so cable choppy, until euro flies, until then trade is sell  egbp

 

 

[phillo]

updated 4 hour chart- price currently supported by 20 sma

[Guest oilfxpro]

More important than times frames, in fx is confirmations from other pairs like eur/usd that dollar is weak.If Euro usd had broken resistance, this would be a good trade, but as it did not I lost money!Not blaming anyone , but showing importance of confirmations from other pairs.

 

[phillo]

my lowest time frame chart is 4 hourly. If you are trading in anything less that,  that you may need to do separate analysis

[phillo]

Almost There !!!

[phillo]

correction - it made it :smileyhappy:

[phillo]

better than expected

[phillo]

and better

[phillo]

now the retrace is on & I think the BoE today.   Maybe a test of that "Break out bar" . Also note the other point I have arrowed, has the potential for a "Nose Pattern" going forward    i.e.,  another point price maybe attracted to.  I know this is an "either way" scenario, but it's just an observation, not a call.

[Caseynotes]

Needs to find support here.