GBPUSD – What’s the Bigger Picture?

23 Oct - GBPUSD Weekly

(Click on image for larger view)

Hi All,

Here’s a quick update on the Cable.

On the 2nd Oct, I highlighted a long term downward channel (shown above) and, on 10th Oct (see article), I even found a potential Head and Shoulder pattern. However, after tracking price for several weeks, I did not get the signal I wanted to go short. Well, since I did not lose any money, I’m actually pretty happy about it and I’m ready to move on.

Now, moving to a bigger picture to see what was the Cable up to. Interestingly, I found the weekly chart above where price made a double bottom between early March and early July this year. In fact, that was the second Higher Low (HL) since Nov 2009. While price is still testing the channel, it is also going to be testing a pretty strong resistance zone between 1.63-1.67.

Anyway, I will continue to wait patiently and will only take action once I get a confirmation of a long or short set up.

 

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