Cable: Could Kumo cloud hold Cable ?. More room for rally.
This week, UK CPI is the central focus, but I don't think it will negative, I choose unchanged.
I concentrate in Technical Analysis because I see a lot of things in it.
Firstly, GBPUSD now stops at the ceiling of Kumo cloud. If it breaks the cloud, more appreciation is coming.
Secondly, Strong resistance level is at 1.4660 where I see SMA100 is lying there. Hence, GBPUSD would fight toughly around this level and I think it can't break it.
Thirdly, I see Reverse Head and Shoulder Pattern on the chart. I see GBPUSD broke the neckline of Reverse H&S pattern. It's a signal for more rally.
I think I need to wait the price action of GBPUSD to confirm my view.
If GBPUSD bounces from the current level, it means G/U rejects Kumo cloud. It choose Kumo to react.
If GBPUSD moves higher, it chooses Reverse H&S pattern to react, 1.4660 will be tested.
I concentrate in Technical Analysis because I see a lot of things in it.
Firstly, GBPUSD now stops at the ceiling of Kumo cloud. If it breaks the cloud, more appreciation is coming.
Secondly, Strong resistance level is at 1.4660 where I see SMA100 is lying there. Hence, GBPUSD would fight toughly around this level and I think it can't break it.
Thirdly, I see Reverse Head and Shoulder Pattern on the chart. I see GBPUSD broke the neckline of Reverse H&S pattern. It's a signal for more rally.
I think I need to wait the price action of GBPUSD to confirm my view.
If GBPUSD bounces from the current level, it means G/U rejects Kumo cloud. It choose Kumo to react.
If GBPUSD moves higher, it chooses Reverse H&S pattern to react, 1.4660 will be tested.
