GBPUSD - Technical view: More downside to go?!
Technical View:
Support: 1.36830, 1.36050, 1.35310, 1.35000
Resistance:1.37930, 1.39515, 1.40455, 1.41570
Pattern: Wedge/Pennant - Broken to downside, Blue line measuring length.
Bears are in control if we get a break below support area of: 1.36570
Bulls are in control if we get a break above resistance area of: 1.38670 (200EMA Above)
Overall, we are currently in between ranges of: 1.36570 (S) - 1.37930 (R) break to either direction for further clarification perhaps a trade for next week to consider.
Keep in mind End of months flows & Keep an eye on Monthly closes.
Fundamental:
Overall, not much impact regarding calendar front apart from NFP on Friday next week. This week we had DXY rising and as majors decline! Finally broke out of the ranges we were in. We aren't seeing reflation trade this week. Market seeking a safe haven aspects.
- 3rd Wave in EU & USA - Rising calls for concerns
- Politics in US - Infrastructure spending 3trillions with be a high cost on cooperate tax rate heading higher
- April equities, usually best month of of the yr. (Seasonality)
- Commodity FX pairs - Weakening may continue as dollar strengthens
- UK Vaccination is going well. However Astra vaccine has been told to provide Europe further with the vaccinations
- First stages of the unlocking eases on Monday in UK - We've even got great weather for the week as well! 🌞
- NFP Next week - Great for scalp.
UK Reminder: Clocks go forward
Key tips: Don't try make your P&L on Friday - Trade what you see, not what you think!
Have a great weekend.
Trade Journal
(Just a trade idea, not a recommendation)
Technical View:
Support: 1.36830, 1.36050, 1.35310, 1.35000
Resistance:1.37930, 1.39515, 1.40455, 1.41570
Pattern: Wedge/Pennant - Broken to downside, Blue line measuring length.
Bears are in control if we get a break below support area of: 1.36570
Bulls are in control if we get a break above resistance area of: 1.38670 (200EMA Above)
Overall, we are currently in between ranges of: 1.36570 (S) - 1.37930 (R) break to either direction for further clarification perhaps a trade for next week to consider.
Keep in mind End of months flows & Keep an eye on Monthly closes.
Fundamental:
Overall, not much impact regarding calendar front apart from NFP on Friday next week. This week we had DXY rising and as majors decline! Finally broke out of the ranges we were in. We aren't seeing reflation trade this week. Market seeking a safe haven aspects.
- 3rd Wave in EU & USA - Rising calls for concerns
- Politics in US - Infrastructure spending 3trillions with be a high cost on cooperate tax rate heading higher
- April equities, usually best month of of the yr. (Seasonality)
- Commodity FX pairs - Weakening may continue as dollar strengthens
- UK Vaccination is going well. However Astra vaccine has been told to provide Europe further with the vaccinations
- First stages of the unlocking eases on Monday in UK - We've even got great weather for the week as well! 🌞
- NFP Next week - Great for scalp.
UK Reminder: Clocks go forward
Key tips: Don't try make your P&L on Friday - Trade what you see, not what you think!
Have a great weekend.
Trade Journal
(Just a trade idea, not a recommendation)
Comment:
At an interesting resistance area.