Hey traders, in today's trading session we are monitoring GBPAUD for a long term buying opportunity round 1.88 zone, once we will receive any bullish confirmation the trade will be executed.
Trade safe, Joe.
Last trading week displayed huge bearish pressure or weakness of the British pound. There was a massive sell off, with the issues surrounding "Brexit" further weakening the pound. I'm expecting a retracement then a continuation of the original trend.
Reason for Bullish move:
1.) Price is currently in a demand zone.
2.) Price broke below the monthly trendline
3.)...
Fundamentally :
Sterling refuses to push much lower, despite growing talk of a 0.25% interest rate at the end of the month.
Turnover is limited with the US market closed in observance of Martin Luther King Day but any selling pressure is met by buyers and the downside for now looks limited.
Technically
Key level of 1.30 Psychological zone seems to be...
Chart Explains it all.
This is one of the strategies I use to catch swing moves on an intra day scale.
All confirmations in place for the buy once my yellow order block on M15 has been broken.
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This monthly chart is a possible bullish bias I have for GBPCHF over the long term. A bullish upmove to my 382 @1.76048.
You can see that here:
What is my fundamental reason for this? My theory is that if the vote for new british leader is lost by Boris Johnson, then the Pound is bullish.
Now if this fails, odds are the pound will continue bearish, but if...
As you can see, our prediction from Sunday played out almost perfectly this week. At this point, buy on dips, at least until we get a potential head and shoulders formation. At that point, whether this reverses or continues upwards will depend on how hawkish the Fed is looking for a rate hike.
It looks like a retest for the all time high may encounter next week. as seen in the RSI GBPUSD RSI not yet reach the 80% to 95% during Strong bull control. Be careful traders. Need to break the 1.46 level as initial target, followed by 1.47 and 1.51 long range target. Cutloss below 1.4007 level as their is no known support for the pass 5 years...
