If you're going to take a position for the week, short now.
Stop loss : 1.4660 or if you want something riskier, above last high at 1.4230
Take Profit : 1.4050
I run an exclusive forex group training full time forex traders at www.TheForexArmy.com
gbpusd has formed a head and shoulder pattern which can yield 400 pip fall in this pair in longterm...
waiting for break of resistant at 1.4050 area and retest and dive :D
Day : Swing in the trading range, not trend
Plan 1:
Trade with resistant and support line
Now it is not LL, and Break out in the 4H.
LONG to 1.4400 !
Plan 2:
If it lower than 1.405, Short with LL to TP 1.3866
As you can see, the price is going to touch a support in a 1 hour timeframe. This support may cause the price go up. We can see also that the RSI is almost in its oversold line, it shows that the supply is almost done and it has lost its strength.
My view here is totally clear, LONG wwith target at the next resistence.
Wathing close...
If this analysis makes sense to you give me a like and share with your friends. Thank you and good trades !!!
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should...
Rarely wrong on cable, as I mentioned yesterday, market in potential Head & Shoulder formation managed to hit the market with first drop so far toward 1.4325 level where market back to advance from intraday uptrend level.
GBP/USD
Overview:
Market still has room to advance to re-test resistance zone 1.4410-40 while as long as market holding below 1.4515 this...
GBPUSD is lining up with a very good long on both 1h and 4h chart. We have our trendchannel with 2 test of low and 2 test of high, with a possible bounce for 3rd test of low, plus a 78,6% fib retracement in almost perfect allignment.
I've decided to go with a wide SL below the prev swing low, but this is ALOT of room to work with, and you could easily narrow it...
Very mixed picture for GBP/USD with several unanswered questions. If 1.4436 is a lower top and we wont know this for a while then we can expect GBP to weaken at the start of the trading week. RSI on H4 is overbought and turning south so we can expect some movement south if only to ease o.b. conditions.
The question is how far will any retrace go? As long as we...
The ECB meeting has triggered an upside break above the daily trend line.
Price will pull back inside the trend line and most likely to the 50% fib level at 1.42514 before breaking becoming exhausted which will present a long entry.
Price is likely to advance to the 76.40% fib level before it becomes exhausted and is likely to consolidate pending another...
GBP/USD Hourly
1.4076
Overview :
Market managed to fell to test support 1.3845 as we see over the chart, while managed from there to rebound toward target zone 1.3960-1.4000 as we advised before on Tuesday.
Britain published construction sector PMI: 54,2 that is lower then the forecasted 55,5. The pound did not receive support from the black gold market...
SUMMARY:
The primary trend of GBP/USD is bearish on charts and price is trading above the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining above 50 day SMA and taking resistance of 200 day SMA indicating downtrend of the pair. It is having an important resistance at the level of 1.4405 and support at the level of 1.4175. If it breaks...
