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.
GbpUsd - H4 - After fomc I saw dollar index creating new demand which I anticipated to be retested next week. I see all major currencies creating new supply zones for us to sell from. This pair is also trading below a weekly resistance and for next week I see a good pending sell setup to sell this pair down to 1.28 and possibly down to 1.25 in the coming weeks.
Just like my previous analysis post, another pair stuck ranging inside a 100 pip box. The Pound took a huge fall the last few months and its now having a bit of a breather before deciding it's direction. I will be waiting... on the sidelines... AGAIN. Patience!
Could we see this pair pulling back down to a monthly support / physiological level of 1.3600? Maybe the Pounds post Brexit highs are now running out of steam after this huge push, however with everything going on in the US with Trumps recent decisions could the Pound push higher to the 1.4000 region. Lets see where we open this evening as the daily chart shows a...
Looking at the level GBPUSD is currently at and with the daily time frame showing a tight closure on Friday bang on the trend line, we could see this pair begin to fall next week. Tuesday is a very busy day for the Pound with CPI due for release, let's see if it respects the trend or not.
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 bulls...
Posted at the start of the week, price has now retraced to the 61.8% and I have taken a long position. Price may run into a little trouble at the blue weekly trend line, once price pushes through I will look to take this trade up to monthly res (1.2770) and try to go for the completion of point D. I will get out when market gives me a reason to around these areas....
I don't usually trade Elliott Wave but this setup jumped off the chart and slapped me in the face while looking for reasons to go long GBPUSD.
15th August saw the beginning of the 1st wave with a double bottom at post-Brexit lows.
To kick off leg 2, on Thursday 1st Septmeber UK PMI Manufacturing came out at 53.3, above the projected 49 and far exceeding July's...