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.
Sell below 1.3452. Stop loss at 1.3529. Take profit at 1.3229. Reason for the trading strategy (technically): Price is now testing major resistance at 1.3452 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect a corrective drop from here to at least 1.3229 support (Fibonacci retracement, horizontal overlap...
GBP/USD surges to 1.3360 but then retreats On hourly chart the British Pound is continuing to gain value against the Dollar in a two-week long ascending channel. Generally, the cable is projected to continue heading to the top in the above pattern using support continuously provided by the rising 55- and 100-hour SMAs. The ultimate goal is located near the...
GBP/USD is setting up for a good trade opportunity soon. Watch for the 4-hour chart to break above the major resistance/zone to go long or break below the current up-trend to short. At the moment I am leaning towards it being a long but time will tell. FOLLOW ME and I will post a new G/U chart when it becomes more clear. LET ME KNOW WHAT YOU GUYS THINK ABOUT...
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....
GBP/USD trades at crossroad of two channels On Friday, after reaching the 1.3250 mark the cable made a sharp turnaround and slipped back to the 1.3180 level. From fundamental point of view, this movement matched with release of better than expected American housing data. But from technical perspective it signified a rebound from an intersection of upper...
The Brexit move down was quick and sudden, i expect the contrary move to be swift as well. Now this is a weekly chart so it will take many weeks before we will arrive at the 1.4500, but don't be surprised if there is some kind af trigger that will shoot price up relatively fast.
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...
GBP/USD ready for another attempt to jump to 1.3230 As release of British employment and earnings data, generally, was perceived positively, the Pound expectedly climbed to the 1.3200 level. Nevertheless, a subsequent release of the American retail sales and inflation data neutralized this achievement by returning the pair back to combined support area formed by...
GBP/USD spikes to 1.3230 but then drops A release of better than expected growth rate of the UK Manufacturing Production created an upside momentum that enabled the pair to return back to the 1.3228 level. However, then fears of growing political risk in Britain and Trump’s participation in the ASEAN summit strengthen the buck and dragged the exchange rate to...
GBP/USD forms ascending triangle pattern During the previous trading session the currency rate expectedly returned back to the 1.3110 mark, which represents location of the 23.6% Fibonacci retracement level. As this barrier was additionally backed up by the 55-hour SMAs, it made a rebound. However, the fact that the cable failed to climb above the 50%...
GBP/USD stuck at monthly S1 at 1.3073 Initially, the Pound tried to restore some and even used a momentum provided by release of better than expected UK Services PMI to climb to the 1.3107 mark. However, the subsequent release of positive American data neutralized this attempt and returned the pair back to the monthly S1 at 1.3073. Unless traders receive some...
Our preference: long positions above 1.3100 with targets at 1.3190 & 1.3225 in extension. Alternative scenario: below 1.3100 look for further downside with 1.3080 & 1.3040 as targets. Comment: the RSI is supported by a bullish trend line.
GBP/USD approaches weekly PP at 1.3160 Friday’s trading session was significant for two reasons. On the one hand, the cable managed to break through the lower trend-line of the senior ascending channel. On the other hand, it failed to slip below the 1.3090 mark, which correlates with location of the bottom boundary of an alleged larger, dominant ascending...
Nothing has changed for the Pound as the price is still trading in the consolidation between two strong levels: the support 1.3049 and the resistance 1.3318. Also we should note that large volume is concentrated in this range, so the exit of the price from it will be a good signal for entering the market. That’s why we should wait for the price to come out from...
Morning outlook - GBP/USD inches higher amid GDP report According to the Office for National Statistics, the temps of growth of British economy spiked to 0.4% in the third quarter. This news gave the cable an upside momentum, which it used to break through the upper trend-line of a dominant descending channel. As there are no significant UK or US data releases...
Entry at 88.6 Stops under X Targets 38.2 and 61.8 If you like my charts please drop a like!