This week, GBPUSD we are looking for shorting opportunity. The market has now resisted at the key resistance area, a bearish engulfing candle would give a push for a shorting opportunity. 1.3106 will be the support level for me to observe if the candle manages to break and close below the level.
GBPUSD going down next week Brexit is a MESS
the UK government has muddled their Brexit dealings once again
a possible extension may be requested and the GBP will go lower much lower in coming weeks
combine this with current lock down
GBP/USD reversed from the channel that it's been following for the current year.
GBP's outlook is bad. Chances of a "No Deal Brexit" happening are increasing by the day since the ongoing talks between the EU and GB are fruitless. Be careful with going long GBP in the coming weeks.
Consider exiting the short trade around the green area, the lower trend line.
GBPUSD at the top of a channel and in the demand zone (strong sell zone). Looking for price to reverse towards 1.3000 area.
1. Strong RSI Sell zone
2. Price in Demand Zone
3. Price in current channel finding resistance at 1.3250
Entry @ 1.3250 area
TP @ 1.3000 area
Good luck and let me know if there are any questions.
Charles V
CVFX Management
Trading made...
A bullish bat check back trade has already setup. It's your call to engaged now or to set a buy limit at the level that gives you a better return. Conservative targets are set for this trade setup.
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.
Interesting times - SPX has all the price points baked in. Forget the Elections, the Richest CEO's and companies added $1 Trillion to their net-worth during the first round of Covid. Whilst retail traders are stressing over Biden or Trump. There are some bigger factors at play.
We could see the price fall to around 3096 before a half-decent rise....
A 5-0 Pattern set up for a counter-trend trading opportunity. There's a trendline that can help you to gauge the movement of the setup, breaking and closing below the trendline weakens the uptrend movement.
1. Up trend line broken south
2. Main direction is sell.
3. Weekly Resistance rejected and expected to hit bottom channel.
Entry @ 1.3100
TP 1 @ 1.2860
TP 2 @ 1.2700
Good luck and let me know if there are any questions.
Charles V
CVFX Management
Trading made Simple
Oct: +30% growth, 1233 Pips
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.
