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GBPUSD Daily / 4h
Cable broke the long term downtrend line ( from September 2024.)
Now the real hurdle is at 1.26050 – that was the channel support trendline and if it manages to break above it and stay there, new universe opens – leading all the way till 1.38.
But let’s focus for now on coming days…
It has to stay above 1.23350 to be able to form a real bottom.
With the current situation , you have to be aware that chances are 50-50 for tomorrow – it can continue with next leg up, but also it is very possible to retrace back to MA – 1.23850
It just doesn’t pay to play with that kind of probability, unless you entered the position below 1.23850 – then you can risk it – stop on zero and leave it be.
Using my platform as a HEATMAP shows
A market on hold waiting for the inauguration of President Trump and a slew of executive orders to follow.
For the FX market, the focus will be on anything related to tariffs but I have not seen any talk of it in the press.
The heatmap, meanwhile, shows the EURUSD as an outperformer with the GBP and JPY lagging out of respective EUR crosses.
The main action has been in cryptos with BTCUSD surging higher to a new record high (marginally so far). The $Trump memecoin has been the talk of the press but I will leave my opinion on something that has no intrinsic value for another time.
Otherwise US markets are closed today, liquidity is thin and it is now just a wait until the new Trump era begins.
GBPUSD 1 HOUR CHART – Power of 50
What caught my eye Is not only the double top but it hit the wall at 1.2250 (Suggest reading My Favorite Trading Secret: The Power of the “50” Level)
To keep it really simple, 1.22 will set the tone
On the downside, while the bounce is just a retracement of the broader trend, here are FIBOs the other way for 1.2100 => 1.2250 as there is no obvious support otherwise on this chart until 1.21.
