Looking for GBPUSD to retrace a little bit longer. It was well over due after a 250 pip daily close, last time GBPUSD even got close to that was back in January. Either a serious momentum shift or a planned stop run on all long term short sellers of cable. You never know unless we see continuation. I have noted key areas of value on Gu and will be looking for buys...
EU Broke the support yesterday and went further down.
However its now starting to bounce off the trendline in the 4H time frame. If this bounces it will be significant so keep an eye on the chart.
TP1 - 1.147
If it breaks through the top then I will update with another TP
See comment for closer time frame.
Last week saw the break of a bear flag. We are now resting on downtrend support. The chart looks heavy at this point.
Italian banks have major exposure to Turkey. Also, Italy threatens to drag the EU under. The Italians are not as docile as the Greeks - they do not care for whatever rules Brussels attempts to impose on them.
Thus, my next target for capital...
We have had the break and retest with immediate rejection of the trendline here as shown which lined up nicely with a former swing low point.
However, we have failed to go ahead and make a new lower low. I would look to see how price reacts around the most recent high and make a decision on my bias from there.
I think that it is difficult in the short term.
Because there are MPP (S1) 1.15111 and YPP (P) 1.14786 near 1.15000.
Although We can see a state of attacking 1.15000 in May and June, it was impossible to touch.
It seems that the barrier is still thick.
However, it is a position that can not be denied that there is a possibility of going down under 1.05000 by...
As we already know EU is making a head and shoulders pattern and its currently on its way up for the right shoulder.
Nice and clear ascending channel is being made. Price can respect the trendline and bounce up or it can break and bounce of the support which is at the 61.8 fibonachi.
Hey traders, EU about to start a short bullish movement. Then I am seeing a bearish control until Weekly trend line. This week is critical for this par.
1st target(blue): 1.18470
2st target(red): 1 .19880
Then... Expected the minimum 250 pips down..