4hr timeframe says it all here.
Just look at that mess. No one should be touching it within this zone. What is interesting, check out the volume spike when price most recently touched the resistance.
To me, that would suggest we've more chance of breaking bearish than bullish. 4hr close either way and we're in with targets identified - watching for a potential...
GBP pairs have stormed since the EUR and LON open, GBPJPY starting to bounce from 150.000 too. GBP zones so far seem to be holding well in general too.
Looking for a second support entry before getting involved, the rallies were too fast for our liking so early on in the week.
One of my favourite patterns, the falling wedge.
Pretty clear support and resistance as fundamentals offering a muddy picture in regards to both currencies and especially together given the standoffs post Brexit over lots of matters.
Break either way easy trade
Check the out on the Daily, huge fakeout of the channel and solid rejecting of both the key 0.87 level and 61.8% Fib area.
Will add sells once the 4hr is broken and 382% fib area to target both weekly supports, taking partials at the 1st.
As the UK comes out of lockdown and the economy re-opens I expect that the GBP strength will continue.
Next level is a 4% drop in EURO value against the GBP, 400+ pips, trading from the weekly chart.
My stop levels are large, but will still only be 1/2% risk for me. The total trade is a 2.74:1 risk reward (slightly under my minimum 3:1).
I like the feel of this...
I am bullish on the EURO since we are rallying from the mirror pattern and have now broken out from the descending channel. We are coming up against some resistance short to medium term but I expect long term we will break throught this area.
Price has been in a descending pattern since the beginning of the year. It is only now that we can see a clear reversal pattern - ending diagonal - whilst approaching a significant level.
I'd wait for price to tag the low and give some sort of bullish momentum before considering longs.
Short EURO / Long GBP as team GB starts to benefit from a positive post Brexit narrative. Eur sentiment soured with mishandling of Northern Ireland border and proposed vaccine restrictions. A Sign of things to come? Meanwhile, relative to Europe and America, GB leads the way in vaccination programs and efficacy is starting to show in the data. Trans Pacific Trade...
Off the back of the resumed GBP strength, I feel we could see a break and close below our current support zone of 0.88300. Waiting for this closure is important, a clear break and close below followed by a subsequent retest and resisted price at 0.88400 could set us up for potential shorts.
GBPJPY H1 - Bit of a consolidation break seen amongst GBP pairs this morning, yesterdays selloff influenced by the UK third national lockdown confirmation (selloff was seen ahead of the announcement), consolidation seen over the eastern, and bearish resumption seen as we catch EUR/LON volume during their opening hours. Currently on support here on GJ. Lower...
EURCAD had a nice impulse up with an ABC correction.
This could be a good buy opportunity as our correction should now have finished and as the EURO strength has some more room for another push up.
Brexit trade deal
Small buy for 220 pips from this level seems worth the risk. However large volume will resume...
Now Brexit is done and over (pretty much), US FED to turn the printers on for a couple more years yet and UK on WTO terms. UK looks like a good time to buy UK Indexes, clean energy, and the pound sterling (GBP/USD)
No nonsense approach simple clean price action trading all info in picture apart from the strategy (use your own SL according to your risk management THIS IS NOT FINANCIAL ADVICE, MY OWN ANALYSIS FOR PERSONAL USE) Direct Message me for info.
Follow and share for more clean ideas looking to make a change in all this guess work in trading forex, want to make...
GBPUSD has had a very successful month, recovering most of the downside since Brexit. After strong support was found at Fibonacci, I think it will continue rising and may hit 1.39/ 1.40 before we see 2021. Let us know your thoughts in the comments, don't forget to leave a LIKE and FOLLOW! :)