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 "...
Possible short for GBPUSD. Price has successfully completed a pullback to the trend line channel after the break out from last week. This could indicate a short bias. Price has also been recently rejected by a strong resistance line, also indicating the movement to the downside. FX:GBPUSD
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.
We can see a strong level that has previously been used as support and now price has broke through this level the bulls are struggling to push price back above this level and it is been used as resistance .
You can also see that price is in a downtrend and has been for a few weeks, price has touched our trend line a number of times on its way down and we expect...
Simple enough, bounce off our support and bullish run up to our resistance.
Are you starting to see how simple it is? I'm not saying 100% of our trades win because that would be a lie and we pride ourselves on transparency, but 80% of our trades are successful just from trading price action... Take a look at our charts on here if you don't believe us.
We can see a strong support ( green line ) that price has been respecting and failed to break recently with a few spikes through the level but failing to close below it.
We also have a lovely trend line ( TL ) that price has been using as support bouncing off it on its travels, we can only see further bullish movement as price continues up our TL making higher...
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
Price was travelling in a down trend, been held down by a descending trend line however, it has now broken out of the trend into an uptrend and has also formed an ascending channel.
Price is at the bottom of the channel, indicating buy orders gbpusd
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...