One more up move is possible
- Only interested in buying short term trade from 618, later short from around 1.31 because over all trend is still bearish.
Trade with care
Good luck!
Pending Short @ 1.3060
Stop Loss @ 1.3270
Target @ 1.2590
RR Ratio @ 2.24
Trading involves substantial risk of loss. I'm just providing insight into what trades I'm taking.
Morning outlook - GBP/USD tries to head to the north
In line with expectations, an announcement of the Second Estimate GDP helped the Pound to slightly recover against the American Dollar. In result of the surge, the currency pair has reached the upper boundary of a senior descending channel, but then was forced to make a rebound.
The fact that the pair...
Morning outlook - GBP/USD rebounds from weekly PP at 1.2910
The latest developments in the GBP/USD currency pair forced to partially review the situation.
On the one hand, the Pound expectedly rose and bounced off from the weekly PP at 1.2910.
On the other hand, the subsequent fall through the 55- and 100-hour SMAs entails that the pair is rather...
Hi traders!
We had a clear reversal on the daily timeframe. MACD & RSI slowly showing us their hands.
This pair is ranging in two uptrend channel. With todays fundamentals news concerning the US Dollar, this pair might get the strength it needs to push up again.
I'm looking at the blue zone that we went through in bear mode.
GBPUSD LONG:
ENTRY : 1.2869
SL :...
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...
Just make a assumption that GBPUSD keep going down until it hit 1.2667-1.2712 this potential support zone .
I personally will buy at this zone . For currently I don't make a 100% conclusion here .
I think it will have a big green until price become stable at this zone with at least 3 days period .
If we conclude 1.2666-1.2712 is a real support zone
then the...
GBPUSD Forecast:
Pound has found itself falling hard against most currencies on the back of poor economic data.
We are expecting some profit taking to occur and GBPUSD has arrived back at a 100% retracement of the previous swing up. This indicated a potential head and shoulders pattern, giving us an entry to short down to the 1.28500 level.
With the possibility of a rate hike in the UK decreasing on poor economic data, and a decent NFP print out of the US I am now looking for counter-trend trading ideas to the downside on GBPUSD .
In the short term however we have two bullish Cypher Patterns forming.
The first is due to complete right around the 1.30000 even handle and I will be targeting a...
Our preference: long positions above 1.3210 with targets at 1.3270 & 1.3315 in extension.
Alternative scenario: below 1.3210 look for further downside with 1.3190 & 1.3155 as targets.
Comment: the RSI shows upside momentum.
Our preference: long positions above 146.10 with targets at 147.00 & 147.35 in extension.
Alternative scenario: below 146.10 look for further downside with 145.90 & 145.40 as targets.
Comment: the RSI shows upside momentum.
Our preference: long position above 1,2985 with targets at 1,3055 & 1,3085 in extension.
Alternative scenario: in break of 1,2985, a continuation of the decline will be envisageable with 1,2960 & 1,2930 in line of sight.
Comment: The RSI is well oriented.
Our preference: short position below 144.75 with targets at 144.00 & 143.55 in extension.
Alternative scenario: in excess of 144.75, aim for a continuation of the rise with 145.35 & 145.70 in line of sight.
Comment: as long as 144.75 is resistance, trading range with a bearish bias.
