Just like my previous analysis post, another pair stuck ranging inside a 100 pip box. The Pound took a huge fall the last few months and its now having a bit of a breather before deciding it's direction. I will be waiting... on the sidelines... AGAIN. Patience!
Gbpusd - H4 - Here's an analysis of a trade signal given in my privare group. Over here we a have a Buy signal for gbpusd pair which we entered at 1.4140 with stops at 1.4080 and tp 1.43 - 1.44. Ball out!!!
What a trade this would have been. Simple setup, set a buy limit above trend line at a respectable level. If it breaks to the upside then your in, if it doesn't then your order will not be activated and you can continue to be patient. Upside move to 1.40500 possible?
Could we see this pair pulling back down to a monthly support / physiological level of 1.3600? Maybe the Pounds post Brexit highs are now running out of steam after this huge push, however with everything going on in the US with Trumps recent decisions could the Pound push higher to the 1.4000 region. Lets see where we open this evening as the daily chart shows a...
Looking at the level GBPUSD is currently at and with the daily time frame showing a tight closure on Friday bang on the trend line, we could see this pair begin to fall next week. Tuesday is a very busy day for the Pound with CPI due for release, let's see if it respects the trend or not.
Price has gained more strength over the past few days and it looks like bulls have finally taken over.
Long Set Up is pending after the pull back. Remember the market moves in a series of Pushes and Exhaustions. We are going to see a Exhaustion before further upside movement.
Risk No more than 2%
Lets see how this ones goes.
GBUSD has entered perfectly into a zone I believe to be crucial in whether the bears will take over from here, as you can see from past turning points this area has shown a strong demand from the sellers. Interesting to see where this heads.
RSI and Stochastic also showing a nice respective move of the trendline, so I think it could head in either direction....
We currently have price action of 1.32141 sitting very tightly under a resistance of 1.32154. After a strong show from the bears on Friday pushing the price down to 38.20 Fib level the bulls quickly recovered back up to the 1.32 area, closing Friday on another green candle to where we are now. I do believe the sentiment of the Pound is still long, with the bulls...
Keeping it simple here with a key area marked, fib and trendline .
Uncertainty and recent events in the US could leave to the dollar weakening more over the coming days / weeks. With the fib drawn we could potentially be in for a bounce from the 61.8 level and looking at the 4hr chart this level matches us with some previous support that we are consolidating...
I don't usually trade Elliott Wave but this setup jumped off the chart and slapped me in the face while looking for reasons to go long GBPUSD.
15th August saw the beginning of the 1st wave with a double bottom at post-Brexit lows.
To kick off leg 2, on Thursday 1st Septmeber UK PMI Manufacturing came out at 53.3, above the projected 49 and far exceeding July's...
I trust you are all enjoying your weekend after an insane Jackson.
Apologies for not getting to post this sooner guys... Ahead of next weeks PMIs and NFP i'm adding looking to add shorts on cable, firstly, congratulations to the beach club who managed to catch the 1.32737 shorts with the spike - sterling bulls are in trouble if economy does...