I am a bear on pound because of the Brexit complications and also expecting dollar strength.

GBPUSD Daily

Price bounced off MPP, which is the bull profit target. MPP bears target is MS2 and currently at 1.23425 and bounced as well from EMA 55. Stochastic turned from moving to oversold to the upside.

GBPUSD H4

Price on H4 shows to have bounced off WR1 and currently at 1.23425. EMA 21 & 55 just about to cross to indicate bullish move. Stochastic overbought.

GBPUSD H1

Price opened at DM3 and DM3 target is DM1 for bears. Although the EMAs 21 & 55 shows bullish also supported by stochastic oversold position, I will look for a sell high opportunity on this pair. I will continue to look for opportunities to sell on lower time frame with a proper confirmation. Expecting a lower high on this pair. Bollinger indicating volume of traders has decreased.

One thought on “A Possible Cable Shorting”

  1. Ken Moulton says:

    Nice plan. I looks to be working out thanks to some help from PM May. I have the same zones. Good job. I am looking for a bounce around 1.2230, current 4H 21ema and support, maybe 1.2185 to end the week about where we started.

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