Possible drop for GBPUSD. Price has remained heavily under the 200 and 50 EMA indicating a strong short bias. Price has recently broken a trend line and has then retested which indicates that it is going back n the direction that it has broken. Keep an eye our for Updates. Stop loss of around 100 pips and Take profit of around 320 pips. FX:GBPUSD
GBPUSD was travelling inside a descending channel. Price recently broke out to the upside, came back down to retest the channel before making its way up. On its way up price created an ascending channel. We believe price will go all the way up to the 0.618 of the last downwards wave , however we have placed our Take Profit at the 0.382
Recently price was travelling in an ascending channel, however we did just see a clear breakout, several 4 hour candles closed below the channel. Right now price has come back up to retest the channel, also at the 0.618 which is the perfect reversal point of any wave. This suggests price will take a fall, our targets are marked above on the chart.
GBPUSD has been travelling in an ascending channel for quite some time but last week price broke out of it to the downside, Price has now come back up to retest the channel at the 0.618 retracement level. We expect price to drop down to the -0.27 extension level.
You can see 2 very key support and resistance levels drawn on the chart and price is nearly at our resistance level, we can only see downwards movement at market open after a very strong bullish rally on Friday just before market close price looks over bought so we are expecting bearish movement.
Its like if you go to the pub on a Friday night and you " over buy "...
Not much to say about this one except price has been travelling in an ascending channel , however price has recently broke out to the downside, we believe price is going to come back up and retest the channel at the 0.618 retracement level of the previous impulse move before making its way down to the TP.
IF PRICE HITS STL , PRICE WILL MOST LIKELY FOLLOW THE RED LINE.
Price has formed a descending triangle, if we get a breakout to the upside I will enter a long position upon the retest of the 1.31900 zone. Conversely, if we get a decline, I will go short upon the retest of the 1.30000 area.
Burger or Fries? ...... I don't even mind - Always FLOW WITH THE MARKET :-) x
GBPUSD is following the above channel so time your entry right with your longs on a one hour time frame.
Also be prepared for a break in channel at some point (not for now) , which will break to the downside.
At the moment current movement is consolidation, so a big move to follow.
Warning; trading comes with risks, trade safely and within reason. All...
GBP USD, according to the US data release today we we will expect US Strong, which will provide a good set up for USD JPY and Of course GBP USD
After this impulse of the pair we will need to recover in order to push lower.
First we have 1.28520 on the cards, However a clean break of 1.30 on the Daily time frames will me this trade invalid.
Furthermore the ...
We could be looking at a retest of the trend-line on this pair, but I do believe it has the potential to fall further to the 1.24000 area. Especially after the drop the US Dollar took last week, it is due some buying control back which may push this pair down further.