If you can not see how strong the support at 0.87310 is then you should really go away and learn some more.
We are looking for price to re test this price and bounce, we can see a good level of resistance at 0.89282 which again may act act as a wall and bounce, but we will keep a close eye on this pairing if it did try and test this resistance level.
To sum it...
Support purple arrows
Look how many times price has used our support and resistance zone, easy to see its a very strong zone and ready for a reversal, add in the fact that this zone lines up with our trend line that has also been very well respected we can only see a reversal coming after price has had a big push down the past few hours.
We have a strong trend line formed which price is currently at and a strong SELL zone which price has just entered STRONG SELL.
We could see a run down to our support level where we will be looking for a BREAK as we are near the end of a descending triangle.
This is all.... Thank us later.
Although a purely technical based trade, it should be noted that important economic factors will be coming into play in the upcoming week in regards to Theresa May's plan B deal, which is to be voted in the houses of Parliament. We also have GDP Q4 readings for GBP which is predicted to be a weak number following a slow-down in the manufacturing sector in January....
From the chart we can see that a VERY strong and reliable trend line has formed, this trend line is been used as both support ( purple arrows ) and resistance ( green arrows )
2 weeks ago price came up to test our trend line as resistance eventually breaking this level then pushing price higher, then last week price came back down to test this line as support,...
- Weak pound due to BREXIT
- More upcoming uncertainty with the brexit date on the 29th
- Trade war in the US creating uncertainty on global demand
hurting UK exports (excluding financial sector)
- Trade surplus likely to increase during the fall in demand
- Possible upcoming Austerity in the UK
This is my view of the GBP in the current market state,...
1.81017 is a lovely buy area where we will be placing some orders, We have 2 trend lines that are meeting and price is nearly at the point where they meet, This means price is getting squeezed and we can see a breakout of our trendline to the upside and make a run upto our 1.85285 zone which is a key resistance level so we could see price turn in this zone.
Price was travelling in a large descending channel marked out by the large BLUE lines. After the slight recovery from Theresa May's destruction of the pound, price found itself in an ascending channel which managed to actually break the BLUE DESCENDING CHANNEL to the upside. You still with me?
HOWEVER, price has now found its way back into the descending channel,...
We could see price test 142.733 area, if price tests and the bounces we can see a lovely little run upto 148.000 area, if price breaks our 142.733 support then the next area of interest is the 141.428 zone which could be used as a turning point for a bullish run.
Our view is price will bounce off our 142.733 support area and make a good run to the upside and...
1.81407 before has been used as very strong resistance level.
More recently price broke through this resistance level and shot up, now we are seeing price slowly work its way back down to this level after the killer drop today ( which we predicted, check our last chart... your welcome ) we could see price use this as support again.
So we are expecting short term...
We can see that a Doji formed at the top of an uptrend ( purple circle ) This is a lovely reversal signal as the candle that was formed after it confirmed this for us ( bearish candle )
For the last 2 days price has been moving sideways in our zone.
We are in this trade again, after previously getting stopped out by a very tight SL, We put a tight SL as we are...
NOTE: This is just analysis/advice, do not FOLLOW this trade blindly - I take no responsibility for it...
Looking at GBPUSD on the 1H chart, it can be seen that price has currently rebounded from a recent high made on the 1H on Friday 25th January from around 1.32175. From here there has been a bearish candle, showing room for some downside, after the bullish...
1.84344 area of STRONG resistance... how can people not trust such a strong level? must be drinking too much fluoride.
Anyway... we have marked on our chart with purple arrows where price has hit this resistance level and then bounced, historically once price has hit this level there have been aggressive sells ( price drops considerably ) This tells me that the...
simple setup once again, no need to over complicate the charts, confluences + great RR provides great chance of profitable setups. Short position from the supply zone at 1.84175, we are over extended & due to retrace. This supply zone gives us the opportunity to do that
Bearish momentum has slowed down on the 4hr timeframe, also breaking the descending TL, formed and upside down h&s. It's looking to break the neckline and we will enter long positions on a retest if it was to hold.
EURUSD is coming to touch a strong ascending TL once again, also looking to form a double bottom along with a strong S&R level, giving us enough confluences in this region to look to take a long position after we see a clean reversal candlestick off the TL for confirmation
GBPUSD has come into our sell zone between 1.28500-1.2900 also hitting our fib extension and rejecting thus far. shorts now in play! Brexit vote coming into play tomorrow could be a huge catalyst for this pair to go down south as i believe GBP is way too overpriced given the turmoil it is in with the whole brexit mess.