GBPUSD (Cable) - Is it time to buy?
Technical view of GBPUSD:
Unfortunately, we've been stuck within a range for a while...
Support: 1.38570, 1.37740, 1.36830
Resistance: 1.40020, 1.40785, 1.41600
Pattern: Double bottom - Could be producing inverse H&S.
Personally, I've been bullish GBP for while since we had 'Brexit' yet we are still trying to sort that out ha! But overall, I am bullish as long as we have weak dollar we could see 2018/17 price action coming through as I stated since last yr. (Disclaimer: As a trader, my opinion can change at any moment)
Key Tip: A great trader once told me, "Trade what you see, not what you think". I can produce you this beautiful chart full of my technical aspects, but only you can put your on edge and take part of this trade idea.
Fundamentals:
FOMC - Rates unchanged as expected, QE same pace continues and Powell did mention yesterday - It isn't time for 'tapering', also noted some assets prices are high. Dovish tone continue. I personally think we will have more of movement in August Jackson Hole. The Dovish tone brought down DXY for new low since February. SPX Record high as expected technically as well. EUR tested 1.2150, could extend towards 1.22/1.23 areas for EU - President macron easing from Lockdown coming soon. As well, let's take into account Biden proposal of high tax to pay back all this debt, the US equity market doesn't like this.
Have a great day ahead.
Trade Journal
(Just a trade idea, not a recommendation)
Technical view of GBPUSD:
Unfortunately, we've been stuck within a range for a while...
Support: 1.38570, 1.37740, 1.36830
Resistance: 1.40020, 1.40785, 1.41600
Pattern: Double bottom - Could be producing inverse H&S.
Personally, I've been bullish GBP for while since we had 'Brexit' yet we are still trying to sort that out ha! But overall, I am bullish as long as we have weak dollar we could see 2018/17 price action coming through as I stated since last yr. (Disclaimer: As a trader, my opinion can change at any moment)
Key Tip: A great trader once told me, "Trade what you see, not what you think". I can produce you this beautiful chart full of my technical aspects, but only you can put your on edge and take part of this trade idea.
Fundamentals:
FOMC - Rates unchanged as expected, QE same pace continues and Powell did mention yesterday - It isn't time for 'tapering', also noted some assets prices are high. Dovish tone continue. I personally think we will have more of movement in August Jackson Hole. The Dovish tone brought down DXY for new low since February. SPX Record high as expected technically as well. EUR tested 1.2150, could extend towards 1.22/1.23 areas for EU - President macron easing from Lockdown coming soon. As well, let's take into account Biden proposal of high tax to pay back all this debt, the US equity market doesn't like this.
Have a great day ahead.
Trade Journal
(Just a trade idea, not a recommendation)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.