GBPCHF H4 - Another CHF quote pair here, and again a very similar structure to USDCHF, sideways range bound setup. The easiest trades to quantify and identify. Don't fix it unless it's broken right? I was saying this last week, just need to be cautious of Brexit, EU/UK related headlines this week as always.
Weekly ideas for FX:GBPJPY GB
Overall bearish trend so I will be looking for more downside from the pound with the news over the weekend of a national lockdown. Expecting a gap down upon market open.
We have US elections on 3rd November which will also play a role in GBP direction (Trump is pro Brexit)...
I will be keeping an eye on these levels of interest.
GBPCHF H4 - Same reasoning for EG shorts, fundamentals spiking GBP and market volume comes into play and EUR/LON markets react to weekend headlines. Still best practice to let the dust settle after such an opening. Personally like to let London morning do it's thing before looking to scout any trades out around NA/LON overlap time.
Clear structure here from the Brexit pair.
In a short term downtrend which is about to meet a long term ascending trendline from the March crash.
Buys and sells pretty clear here with price stuck between daily support and resistance currently.
For buys, we need to break the 38.2% fib area and daily resistance and sells, we need to close below that major...
React off what the market gives you, don't predict the market. These are two scenarios which could happen and how I would approach a trade if it set ups accordingly. Personally, my bias is bearish as GBP should become very week over the next few months due to fundamentals. Second wave COVID probable as well as the possibility of any negative Brexit news for the UK...
EURGBP M30 - Saw a break and retest of this pennant last week, but this was quite late during the week and markets then closed, and also failed to set new highs beyond the breakout high. I'm neither bullish or bearish on this until we hear more from the vote later on today. This will then set the tone going forward for the GBP markets and to a degree the EUR markets
Liquidity hunt above blue zone, potential reaction off .5 fib and 4H highs seen in yellow.
Weekly view is bearish with fundamental Brexit news pushing GU down even further.
Potential for a quick snipe while it clears intra-day highs but wait for perfect entry watching reaction off the zones.
Further upside movement left on GBPJPY before it starts to crash down. Expecting GBP weakness as the end of the year approaches which means Brexit talks will restart and there is still no deal in sight.
Euro long term is bullish due to all the stimulus packages supporting the recovery of the economy while GBP is weak in the near future as the end of the year approaches which means Brexit negotiations will restart.
Long term bias on GBPJPY. Price bounced nicely off the long term uptrend and has broken and retested resistance before moving upwards. There is a much longer term downtrend the pair could hit around the 142.00 mark however for now the smaller targets are as shown.
Fundamental issues involve Brexit which may cause uncertainty and therefore iw will make SL entry...
A pretty good ascending triangle forming clearly on the GBP/USD 1-hour chart which is applying strong bullish pressure on the $1.2845 - $1.285 resistance level (white horizontal line).
- After failing multiple times to pass the $1.275 support line (red horizontal line), the cable is now gradually proceeding towards the $1.2845 - $1.285 resistance level.
Descending triangle on the GBP/USD:
- Price keeps bouncing off $1.29 support level (red horizontal line)
- 1-hour chart clearly shows a perfect example of a descending triangle, getting narrower between the upper downwards trend line and the major $1.29 support level
- Given a situation where Brexit trade talks fail and tensions rise even more between London and...
Really nice bullish continuation here on GBPUSD's 4H chart supported by the bullish daily move which indicates further upside as we are in a zone of trading.
DXY showing big weakness generally... so we expect bearish USD today.