shrips replies to: Cable Update (GBPUSD)

Great Nala, thank you. If we do go down without some sideways at this level we are at right now, then my targets are : 1.2596 / 1.2547 (+/- 20 pips). Furthermore, if we close on a monthly basis below 1.2590 then we are in a trend reversal (going bearish) and probabilities that we will go higher than April’s high are next to zero. In this case Traders that are long better unload at the 382 or 618 retracements of this move down and join the crowd in their journey to parity and below.
My bias is downward for now but I will see how price action unfolds for the remainder of this month before making decisions about my shorts from April 2018.

in the meantime let’s enjoy the weekend!!!

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