GBP has gained considerably over the past week. Price not only closed above a strong support but it was also a fib level. That coupled with the fact that cross indicating a bullish move has occured and RSI giving a bullish signal as well. Ianticipate that there will be a retrace close to support ( As it has been doig in the past). The aim is just below the major...
GBPUSD has put in a Double Bottom at Daily Support. RSI went Oversold on the 1st Test. On the 2nd Test the RSI was showing Bullish Divergence. Zoom in on a Lower Time Frame once Price reaches the Entry Zone and look for some sort of Reversal Pattern Such as a Hammer Candlestick, Doji, 3 Bar Reversal, etc... Stops go either 1 ATR or 10 Pips below the Double Bottom....
Awating for the US data, GBP is moving between 0.382 and 0.618 levels of this huge downtrend pitchfork.
Below this level, the 1.50900 major support area (May 04/05) might be considered as a good target if the US data is better than expected.
If the data will be much higher than the expected, 1.272 fibo level (1.49857) should be the next target (where...
I have highlighted daily support areas which are confluent with Fibonacci levels. I lean towards the Bearish side, however I would not discount the Bullish targets on screen, especially with announcements from the US today.
The bullish or bearish move will depend largely on price action and candlestick confirmation for me.
Another reason for leaning to the...
FX:GBPUSD
Let's see what the market is cooking, at the moment began a retracement and pulled in 61.8% from previous weekly support.
IF the price break the previous structure, and IF starts a new fall that reaches the 61.8%, it forges one bullish 2618 setup with expectations of an upward move that by "default" breaks the nearest structure pressure zones, or...
Cable is a great opportunity right now to make some pips. My buy target is set to 1.536 with a SL beneath 1.1332 as it is possible a stop hunt will take up to that level. The sell target is first the .618 fibo and a second target of 1.58.
This pair sold off nicely finally!!
Should see a bit more downside (possibly with NFP) as we didn't quite hit the major trend line currently supporting this uptrend...
Could a long term reversal be in play very soon??
Here we got a potential Cypher pattern to enter the new bullish sentiment on the 4hr timeframe on a retrace to the 0.786 fib. We are looking for the RSI to reach over sold zone as well for confluence. But be careful its NFP tomorrow so watch your trade carefully if you get an entry before the news!
Comments good or bad are very welcome.
Kind regards
Thomas Voss
The GBP/AUD pair has endured a powerful bear market since 2001, however, many correlating indicators are suggesting that we may be close approaching a confirmed pivotal change in the dominant trend.
Our first major indicator was the cross of the 50/200 Exponential Moving Averages which occurred in January of 2014. The last time these indicators crossed...
Long cable from 1.5404 this pair have turned the corner and we are making the U-turn with it.
The pair is in an up-trend (1 HR Timeframe) the price now have now tested the higher-low of 1.5404. Here we can long and place a very low risk stop just below the 1.5404 because we are expecting a higher prices above 1.5551. The law of trendS expect a new high because we...
daily trend is pointing south, short positions are placed below 1.5, price trades around and flirts with a yearly critical area (please see links below), for 2 weeks bears could not push the price lower, I think it's about time go long.
trade safely with a stop, and prepare to switch if price breaks and close below the 1.5
weekly charts
also based on weekly...
GBPUSD collapsed from 1.5790, earlier and lower than we expected. We see this market to range trade for the rest of the week before declining again below lows for 2014. Given bullish sentiment measured by COT report, this could be the last leg down.
