Trading Forex with Advanced Fibonacci / 17.09.2018 (GBP/USD)

in #forex6 years ago

in cable we've got the quarterly in a buy. It is the third bar after trend change and we dont see strong dynamic pressure recently. We have two more weeks to the close of the quarterly bar. On the other side a new ABC developing and if the market can move higher there is massive resistance ( OP agreement + confluence zone) up at around the 1.50 area

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The monthly is in a sell and the 0.618 support holding for now.

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Looking at your weekly; trend turned into a buy with very good initial follow through on this buy signal. First good resistance stands at 1.3160-65ish which is agreement of 0.618 fib resistance + 1.00 fib expansion and more resistance higher up 1.3317 and 1.34 respectively.

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On the daily as you see market couldnt reach the 1.3165 level yet so it is probably gonna be buying opportunity on the lower timeframes for a move up to that level.

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You can see the perfect 0.618+ 0.382 confluence support levels on the 4hour to long the market for short term..

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So cable looks strong on the short term but it s bearish on the long term. We have weak dynamic pressure on quarterly buy; monthly trend is in a sell and weekly buy signal can be faded by monthly traders at strong fibonacci resistance levels.