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RSI bearish divergence illustrates price exhaustion, bearish reversal.
Strong resistance around 1.3000 psychological level .
Rejected 50 EMA on the daily timeframe.
Consolidation of price since reaching this upper end of the downwards parallel channel.
100 pips target 50 pips stop.
Nice wedge pattern forming on the 4 hour chart.
Typical entry point is break downwards but I like to get in at the top of the turn so I enter at the arrow.
Bearish in line with daily price trend - bullish risks from price holding 1.30 after a BOE rate rise
Scenario A) - price breaks rising trendline on 4hr chart to test support
Scenario B) - price moves for another test of 1.32 - 50 DMA before resuming decline
Continued Bullish movement yesterday as price broke and closed above daily moving averages. The moving averages haven’t yet crossed to the upside so we haven’t confirmed further bullish moves but these may now provide a level of support as we look to retest the downtrend in line with the refined Fibonacci retracement region. This could form the lower high in the ...
GBPUSD is approaching our first support at 1.4126 (horizontal overlap support, breakout level) which coincides with our short term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance level at 1.4281 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, Elliot wave structure). A breakout of our ...
Further downside today as CAble tries to reach for liquidity
Yesterday's bearish forecast was confirmed as Monday’s upside rejection deepened. In fact our first weekly downside target of 1.3857 was the low of the day. Those lows were firmly rejected – a move that keeps CABLE oscillating around the key 13 day mvg avg. So immediate signals for sentiment cannot be strong but it is the close below the average that keeps our ...
Could be seeing a selling momentum towards the 200MA (H4)
a good level at the tip of the pound iceberg. Long-term growth is possible with certain levels. If the day will be fixed above the levels. the price will reach the goal of Fibonacci. Since all goals have already been passed. It is also possible to see a double vertex that can be formed by itself after which there can be a trend change. But this we will see
The setback from January’s 19 month highs deepened last week. Sold at lower levels for a 2nd week in succession selling pressure accelerated. Losses of more than 3 ½ big figures was the most negative since October. Importantly this decline also took the currency through the 13 day mvg avg, with rallies in the latter part of the week finding sellers at that point. ...
GBP USD spot 1.3904, after testing the level 1.4320, now market is testing fibo 50% level @ 1.3890, now it’s expected to test 1.3790 levels ( 61.8% Fibo level)
A double top over a corrective wave 4 prefigures a strengthening of the dollar.
Furthermore, the pattern is formed on a weekly resistance.
1.34700 is the target.
Cable will react and move up at 1.134700.
Bullish GBPUSD for the first 9 months of 2018 based on cyclic time pattern
The correction looks like a regular flat, looking at the 1H chart there is divergence between the third and fifth waves on the latest move up. Price is also sitting nicely on the 50% fib retracement, I'll be waiting for a break of the orange trendline before entering the trade.
As the setup suggests.
explanation will come after trade has met or missed.
If we get the correct candlestick pattern at the above resistance levels, a touch of the outer Bollinger band, the Fib levels just add confluence. I will be selling the shit outta this pair.
Currently heading north to a significant bounce point, it will tie in nicely with the outer Bollinger band. All I need at this level is the correct candlestick pattern and I'll jump in short with target 2:1 at recent low.