Short with the PRZ highlighted by the light red box
The move off the lows here has been really strong, but after closer inspection it might be comprised of 3 waves. In any case, there's a time at mode target in the daily that has been exceeded, and time will expire soon. Watch that date for a reaction, and a possible retracement or reversal. It'll be key to sync the entry with a fundamental event, in order to have...
Decline to 1.5087 completed wave (X), and rally from this level is taking the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 1.5523 and wave ((x)) ended at 1.5351. In yesterday's $GBP/USD Elliott Wave 5/14/2015 update (see related ideas), we said wave ((y)) of W can test as high as 1.5785 - 1.5820. Current Elliott Wave short term view...
Decline to 1.5086 completed wave (X), and rally from this level is taking the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 1.5523 and wave ((x)) ended at 1.5351. Wave ((y)) of W is already at inflection (turning) area, so although it has met the minimum requirement for completion, a marginal high can’t be ruled out and the pair can...
As is shown on the chart, Cable bulls have recently broken a massive resistance zone against Kiwi which had halted them several times before eventual upside breakout. Now that there is a throwback, considering the borders of this zone, I favor a rather short lived correction that will reverse in the current zone. The maximum downside potential for this correction...
AFTER LAST WEEKS BULLISH CANDLE CLOSE... (ALONGSIDE MAKING A NEW HIGHER HIGH) OUR SENTIMENT ON CABLE IS TO THE UPSIDE. WE ARE NOW EMBRACING THE MAY/JUNE CYCLE- HISTORICALLY THIS HAS BEEN A BULLISH PERIOD FOR GBP/USD ALONGSIDE LAST MONTHS BULLISH ENGULFING CANDLE CLOSE.... INDICATES UPSIDE MOMENTUM IS LIKELY TO COME INTO PLAY AFTER THE 1.4800 WEEKLY SUPPORT AREA...
One of the highlights of last week was the UK general election . The cable remained remarkably resilient and even rallied over 200 pips prior to the elections, as a result of the dollar weakening and the UK services pmi coming in better than expected. On the day of the elections itself, it dropped almost 100 pips, due to the uncertainty of there potentially...
GBPUSD on the daily looks to be setting up a inverted head and shoulders pattern. Neckline is supported from the 38% retracement from the move down from JULY 2014. If neckline is broken target 50% fib @ 1.5847.
NIce trade here on the cable.
Given the string uptrend I'm still chasing some upward move; last resistance (on the daily chart) is between 1.5500 and 1.5550, so a retracement to previous structure at 1.5400 handle will trigger my trade.
We're expecting a lot of weakness in the U.S. Dollar because of the Fed's upcoming meeting on Wednesday where we're not expecting them to be hawkish, or as hawkish as they have been.
Looking at the Cable on the H4 time frame we see price trending to the upside. The daily time frame Friday candle close was a bullish Kumo breakout with a strong bull candle breaking above the Kumo. The daily breakout was invalid as our Kumo future was still dark which represents a bearish bias still in affect. The daily breakout aligns both the daily and the H4...
Looks like the bulls are all worn out. We could see some sizable bullish activity before the bears return and we see the formation of new lows. I believe the two bearish crab patterns are also valid and look to be at key area's (based on previous structure). This would add to my belief that we'll see deep bullish retracement before the bears return. New to...
FIRST LONG ON THE PAIR FOR A WHILE! SOME STRONG SIGNALS HERE WITH OUR LOWER HIGH AND RESISTANCE BEING BROKEN FOLLOWED BY OUR LONG TERM DESCENDING TREND LINE BEING BROKEN AS WELL. UPSIDE TARGET SITS AT THE RESISTANCE LEVEL AROUND 1.5460
After a fake out of the range below 1.46330 to fill short orders, cable has been pushed higher and has now closed above KEY resistance at 1.50 printing a Bullish Marubzou on last Fridays close. This suggest strong upwards momentum on the pair. On open, Cable faces resistance at the 1.52 handle, also being the 61.8% fib of the daily swing and a descending...
Same story as the EURUSD, a raid of 1.5160's and possibly a further move up into the 1.53's.
GBP is very weak at present - perhaps ahead of uncertain election results. USD has seen some negative results with week but seems to be priming for a rally. Let's see how this pans out! Would love any feedback ;) Happy trading folks - G5B_FX