The age long Forex maxim is very pertinent at this moment. When in doubt, do nothing!

Cable Update (GBPUSD)

H1 engulfing versus M15 engulfing. Ordinarily, the higher TF holds sway but it's not looking clear cut at the moment

Cable Update (GBPUSD)

GU in consolidation but on M15 the last candle is a bearish engulfer that has cancelled out the preceding bullish engulfer. Quite a spectacle?

Cable Update (GBPUSD)

Engulfing on H1. Bulls seem to be warming up. Further confirmation still required though

Cable Update (GBPUSD)

[quote=GlobalMacro;7671375] Cable now trading @ 1.6727 , position yielding +100 pips. Keeping shorts open with trade parameters unchanged. U deserve an oscar

Cable Update (GBPUSD)

[quote=GlobalMacro;7671044]short @ 1.6827 t/p : open s/l : 1.6929 Great work

Cable Update (GBPUSD)

Yes, today shall tell alright. GU is yet to close above EMA 5 since July 18 on DI. At present however, the horns are on the ascendency

Cable Update (GBPUSD)

That engulfing on H1 is an issue though

Cable Update (GBPUSD)

6838 area certainly proving tough for the moment. The news couldn't take it out. Appears PA wants to pull back to the 50 region before testing this area again. H4 has given it to the bears for now

Cable Update (GBPUSD)

I suggest you wait until the next hour close. PA is looking bearish at the moment but these few minutes might give a clue

Cable Update (GBPUSD)

Caution is still the word as PMI spike is now cancelled on M15. PA is also below EMA 200 on M15 and M30

Cable Update (GBPUSD)

The bears will need to do more than what we've seen since NFP if they are to overcome 6828

Cable Update (GBPUSD)

Seems to be holding out for FOMC. Wasn't last month's FOMC a non-event?

Cable Update (GBPUSD)

It appears 6965 is the last dip for the day. But this Cable. It is capable of the unexpected!

Cable Update (GBPUSD)

All exuberance of bulls must be on hold for now as EMA 5/12 Cross has just occurred on D1 image

Cable Update (GBPUSD)

Sure? Did you check out EU?

Cable Update (GBPUSD)

What you have stated might play out eventually but at the moment PA is still below EMA 200 on H1

Cable Update (GBPUSD)

H4 is also indicative. No shorts for now

Cable Update (GBPUSD)

I don't think there is any need to panic. Though PA is looking bullish at the moment (see H4), the trend is still bearish. Meanwhile have u noticed that for all the bravado the bulls have shown today, PA is yet to up-end EMA 200 on M15 all day

EurAnalysis