GBPUSD - Intraday - We look to Buy at 1.2394 (stop at 1.2354)
Broken out of the wedge formation to the upside. The formation has a measured move target of 1.2784. The medium term bias remains bullish. Bespoke support is located at 1.2394. Daily/Weekly Ichimoku Cloud support is seen at 1.2399. Expect trading to remain mixed and volatile. Intraday signals are far...
The British Pound could continue to edge higher against the US Dollar within the following trading session.
The currency pair will most likely aim for a psychological resistance level at 1.2500 in the shorter term.
However, Brexit controversy might disrupt the bullish momentum in the nearest future.
Price is currently setting up a new trendline and is expected to retrace back to this line at around 1.22 which is also the 38 Fib, Weekly Price Pivot and 4HR 55EMA, before continuing upwards to weekly R2 at 1.238. Expecting a triangle formation with initial resistance at Weekly R2/Daily R1.
Long at 1.22 with an initial TP at 1.245.
GBPUSD - Intraday - We look to Buy at 1.2167 (stop at 1.2132)
The 261.8% Fibonacci extension is located at 1.2033 from 1.3389 to 1.2871. Broken out of the Head and Shoulders formation to the upside. The formation has a measured move target of 1.2333. The selloff is close to an exhaustion count on the weekly chart. There is scope for mild selling at the open but...
Looking like a breakout may form to prior highs in the pattern before retracing back down. Aiming to enter at a slightly lower price than CMP and take this to at least 25/30% of the Profit area before moving my SL to BE/Profit.
My BIAS for GBP/USD for the upcoming week is BUY.
My reasons behind this are
1. Price has just broken above our Daily Resistance.
2.Price has retested our Daily Resistance and bounced straight back up sitting currently just above the previous high made on the 4HR TF.
What I will be looking for before entering this trade.
- A retest of previous highs at 1.22500
Following the brief sell off the week before, sellers dipped their toes towards 1.2000 and failed
Buyers spent all last week slowly pushing though and break through two levels (marked Resistance Level 1 and 2 on the chart).
Seasonal wise, we have approached a point where the weighted and all-time seasonal trends diverge
Given how oversold GBP is on all the...
We have lots of factors going on here, after a rally in one direction (down) especially a sharp one like we've seen this week we would expect a return rally...
Confluence of support and weekly trend line makes this a great area for a trade, we have divergence on the RSI and increased volume through the ATR...
I've taken one risky trade as it gave me a 10:1 which...