Trade77; GBPUSD, What’s Next? 7am

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Cable has printed 1.6058 as a fresh new year high and still showing a strong bullish trend. As I expected before 1.6000-1.6090 is a great resistant zone and currently has held the price and didn’t let the pair to make new session highs.

U.K inflataion reached 3.7% and forced Cable to go higher above 1.6000 round level.
If you want to jump into a short trade sooner then the best point is to go short after break of H4 steep trendline:

Also have to mention that 20sma in a support level and in these strong trends they act great. So after break of that trendline watch for 20sma to be broken and add to your shorts.
Going long here is not recommended but after break of 1.6090 price could reach 1.6300 again. If you want to catch a good long position then you should wait for the price to break 1.6300.

Daily candle need to close below 1.6000 in order to assume that H&S pattern is going to be formed in the daily chart of this pair.

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.

Kindest Regards

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  • Anonymous

    I agree with you and price action will tell us everything.
    Thanks for your comment.

  • Greg

    “H&S pattern is going to be formed in the daily”

    daily or weekly??

  • Oftiltd

    I guess Cable will trade sideway for next few days then declined to 1.5808 coz the price at strong resistance 1.6060

  • Anonymous

    Absolutely it’s on the weekly but can be seen in the daily char too.

  • Kiwi42

    There is a butterfly pattern already playing out my friend. This is coming down.