What next for Cable? GBPSUD All eyes on 1.22500
-Will we see the retest and the continuation to the downside?
-I am looking for a daily head and shoulders retest of the neckline. This could take place over night or during early London session due to the UK fundamentals first thing Tuesday morning.
-We then need to see how price reacts around the 1.22500 level which is a weekly support level for me and a H4 61.8% fib retracement level
-We are seeing multiple confluences leading to more bearish movement as I am looking for a descending 3rd trend line bounce.
-Price is riding nicely below the daily EMA which gives me confidence of a bearish continuation to our 1.20500 overall target.
Again Ill be keeping a close eye of price at 1.22500 on lower timeframes to see if we can look to place shorts or a create a higher high a look for 1.24500 as a long target
-I am looking for a daily head and shoulders retest of the neckline. This could take place over night or during early London session due to the UK fundamentals first thing Tuesday morning.
-We then need to see how price reacts around the 1.22500 level which is a weekly support level for me and a H4 61.8% fib retracement level
-We are seeing multiple confluences leading to more bearish movement as I am looking for a descending 3rd trend line bounce.
-Price is riding nicely below the daily EMA which gives me confidence of a bearish continuation to our 1.20500 overall target.
Again Ill be keeping a close eye of price at 1.22500 on lower timeframes to see if we can look to place shorts or a create a higher high a look for 1.24500 as a long target
