Using the XABCD Pattern, we can distinguish our 5 leg movement, which the last leg movement will begin at point D to complete the pattern. Rejection on the Supporting Trendline will gives us a fantastic opportunity to go long, so we can take an advantage of going long on the price rejection level with a Limit Order, Applying Risk Management.
Favorable price open currently on spot, decent probability of completing target while the risk-reward ratio is reasonable.
The market may have set itself up for another false alarm on rate action from the Bank of England. The British pound hangs in the balance. I am long GBP/USD mainly as a hedge on my bullish U.S. dollar positioning. At the May 10th policy meeting, I think the risk of further pound weakness is greatly minimized while more upside exists...especially if the dollar...
I don't trade the currencies the way most of you do. So I am sure you have a much better way to trade this. But just looking at the British pound ETF I expect at least a bounce at the 128-130 level. But it could also be a long term bottom esp wtih that volume spike. Hope this is helpful. Take care. Have a great weekend.
I really like how washed out this pair is. Sentiment was absolutely extreme for both instruments, giving way to a gigantic reaction after hitting rock bottom here. I reccomend being long the Pound, and short Gold overall, one way of doing it is perhaps selling FXB puts at the money, on top of any FX trade that you might want to take. Perhaps you can opt for a pair...
The FXB (British Pound ETF) is on pace to snap a 7-month correction, following a test of long-term support at the 147.50 level. If this rally lasts through the end of the month consider buying the ETF with an initial stop loss at 146.95 (just below the January low). Major resistance remains in the 165-170 level, but there is likely to be selling pressure in the...
the pound broke out of last year's high and tested it so now its finally going to rally hard after 5 years of accumulation. On a yearly chart, last year was a low volume pin bar back into a high volume absorption bar so all the supply is out of the market and is ready to rise with very little resistance.