We open long trade for GBPCHF
The reasons are:
While we are short-term GBP bears, we remain constructive on the medium-term
prospects for GBP – given our house-view that a politically acceptable withdrawal deal
will be struck between the UK and EU.
Based on the BOE’s latest r* estimates, we note that the term structure of UK interest
rates is around 75-100...
The British pound continues to trade towards the key 1.3300 resistance level against the US dollar, after another bullish weekly price-close. The British pound is also receiving a boost from UK Prime Minister Theresa May’s plans for a soft Brexit deal were revealed over the weekend. GBPUSD bulls will now need to hold price above the 1.3300 level for further upside...
Despite the GBP's surge on Friday following the reached agreement on migration between the EU and U.K the Pound still looks like it can print a new downside leg.
The Monthly candlestick closed below the key support region of 1.3250 and formed a hanging man candlestick which was mirrored on the Weekly timeframe also.
Here on the Daily timeframe, we can clearly...
Last post: June 21st. See chart.
Review: Price had triggered our short trade but finished the day bullish.
Update: Price continued to gain strength but is now at the daily 20sma which is acting as resistance.
Conclusion: Applying patience as we look for resistance to hold strong and for the bears to come back in. A break and close below support needed.
Last post: June 19th. See chart.
Review: Price was trading below pivot support but needed an end of day close below support to offer an entry point to go short.
Update: Price closed below support after which we placed our entry order. The short trade was triggered today.
Conclusion: Price has reversed but we expect price to move against us first. Would now...
The break below previous support at 1.32 amid a strong downtrend signals lower prices
Two possible scenarios after today's vote in UK parliament over Brexit
A) former support at 1.32 is resistance and downtrend resumes toward 1.305
B) price closes back above 1.32 signalling a rangebound market and an eventual re-test of 1.347
Last post: June 14th. See chart.
Review: Price had weakened over 100 pips since bouncing off resistance but needed to break and close below support.
Update: Price is currently trading below support but need to see a close below support by the end of the trading day.
Conclusion: Applying patience to see if the break and close is confirmed which will suggest...
Last post: June 10th. See chart.
Review: Price had pulled back to a resistance zone and producing indecision candles, a good sign of exhaustion in the pullback.
Update: Price has weakened over 100 pips today but a break and close of the pivot support is still required.
Conclusion: Standing aside until the low of May is cleared for entry points into the bear...
Last post: May 23rd. See chart.
Review: Price had established a bear trend below the daily 200sma.
Update: Price continued to weaken but has now pulled back to a support-turned-resistance zone. There is still further room for the pullback to continue.
Conclusion: Standing aside until the low of May is cleared or a better pullback opportunity presents itself...
Cable formed a weird almost butterfly esque formation (well symmetrical type wings anyway!) earlier in the year which basically got use back to where we started
This month has seen a decisive move below the 200MA and we are now targeting 1.300 and 1.2700 as £ continues to weaken
Short on breaks of support or buy on corrections to support turned resistance levels
Some developments this last week with respect to moving averages as we can see Cable drop below the 200DMA and also the 50DMA has now crossed below the 200DMA
Friday's bar closed just below 1.33 and in line with the Dec 2017 lows and the next level of support on the daily and weekly looks to be around 1.30
Keeping tabs to see if we can get to 1.30 and then...
Last post: April 22nd. See chart.
Review: Price had failed to break and close above January 2015 and the weekly 200sma resistance zone.
Update: Price is now trading below the daily 200sma suggesting an overall bearish market.
Conclusion: We will be looking for shorting opportunities if this weakness continues.
Any comments or questions, do not hesitate to...
In spite of a significant bout of dollar strengthening yesterday, Cable effectively continues to range sideways. There has been historic support at 1.3459 which was breached by a handful of pips (very similar to EUR/USD) only for the support to broadly hold. The market has since rebounded and the bulls are actually coming into this session in a reasonable position...
**TRADE ALERT** SELL GBPUSD -0.41% at 1.39772 S/L 1.4190. Not for the faint hearted as Brexit talks makes this a lively pair but with the long uptrend breaking together with negative momentum looks a decent trade for a downside move. Recent dovish comments from the Bank of England's Carney also supporting this bearish set up.
**TRADE ALERT** SELL GBPUSD at 1.39772 S/L 1.4190. Not for the faint hearted as Brexit talks makes this a lively pair but with the long uptrend breaking together with negative momentum looks a decent trade for a downside move. Recent dovish comments from the Bank of England's Carney also supporting this bearish set up.