Patience is needed, it could also bounce from that level.

Cable Update (GBPUSD)

IMO I see it in the complete inverse. I expect GU to retest yesterday's high @ 1.264 before breaking 1.2500

Cable Update (GBPUSD)

Navk, can you post the chart?

Cable Update (GBPUSD)

Overall direction maybe indecisive until ADP data is released at 1:15 PM GMT

Cable Update (GBPUSD)

Manually closed for +44 pips.

Cable Update (GBPUSD)

Another perspective

Cable Update (GBPUSD)

Not crazy at all. Trust your own plan.

Cable Update (GBPUSD)

Sometimes, despite a well-conceived trade the price action just does not follow through. If this happens, it’s time to protect our capital and abort.

Cable Update (GBPUSD)

Bought at 1.2411 with 1.2530 in sight. SL 1.2390

Cable Update (GBPUSD)

Bulls haven't given up yet. GU retraced to the 61.8 fib from 1.2540 to 1.2330

Cable Update (GBPUSD)

Theoak, resistance ?? are you long or short? Support is what the price stands on, resistance is what's above.

Cable Update (GBPUSD)

Nice touch of the 61.8 fib.

Cable Update (GBPUSD)

It's looks more like a classic spike before the reversal. It's now likely to fall back to yesterday's low.

Cable Update (GBPUSD)

Navk, what is the indicated price of R1? 1.265? What indicator are you using?

Cable Update (GBPUSD)

I thought you were already buying.

Cable Update (GBPUSD)

I'm out. I should follow my own advise and go after trends instead of retraces.

Cable Update (GBPUSD)

Buy @ 1.2630, TP 1.2720 SL 1.2599

Cable Update (GBPUSD)

Hi Moty, don't you think that GU will attempt to retest and even take out yesterday's high first ? and if so we may see 1.2800. With this pair more often than not a spike comes before a reversal.

Cable Update (GBPUSD)

Too soon. MACD on your chart hasn't completed its cycle yet.

Cable Update (GBPUSD)

But they're opposing trades in a fast-moving market, which looks like you're gaining and losing at the same rate.

Cable Update (GBPUSD)