Goooooood Evening ladies and gentlemen!👌🏽💪🏽
Wanted to share my outlook on the GBPUSD and The Cable in general!
I know this is an asset ⚜️that many of you trade 📊and to be quite frank many of you are worried 😬about with regards to our U.K. government 🇬🇧
Now here a picture of the Monthly chart and as many of you can see we are at the Supported level 1.19600 to 1.22900 region Orange 🍊 Zone
Now if you can takeaway 🥡🥢anything from what I’m saying 🤓 always remember 🧠 that everything has been factored into the market before any major event or data release as the Objective 🥅 of Big Institutions and Cooperations who trade the forex are COMPETING FOR THE BEST 🥇PRICE🔥and turn a PROFIT 🤑
Now as traders you have two 2️⃣choices Trade or don’t Trade the GBP as you have access to 1000’s of other tradable assets!
Current Situation: 🤔Now as for a closer look at the 4 Hour☀️ timeframe what we can see is a Strong 💪🏽 Resistance Zone (Green) and a Strong 💪🏽 Support Zone (Pink)
Now until we get a very strong move to break any of these Zones 👾 we are pretty much stuck in limbo 👈🏽
“Better to be Safe then Sorry 😭”
Strategy: Now many of you have got positions open between the two Zones which is currently rotating playing tops 👕 and bottoms 🍑
My advice is to turn off any EA/Strategy and manual close out any positions as price rotates to the top of resistance Close your Buy positions that’s underneath
And as price rotates to the bottom of support Close any Sell positions that’s on top.
Wait for this whole debacle to blow 💨over before switching your EA back on!
Additional: With recent developments we have seen the GBPUSD break out of that resistance zone (Green Rectangle) and gunned north before drop back down towards the origin of where the breakout occurred this has alot to do with the fundamental data tgar was released throughout the afternoon forcing prices to relay out of the consolidation zone.
Thesis: We can expect prices to head north after a retest of the Green Rectangled area (to test if there is any selling pressure) if the test is successful we can expect price to reach the region of @1.24419 @1.24631 and @1.25025.
I hope this has helped please remember this is over a four hour timeframe so patience is key!