GBPUSD is making lower lows in recent time and slightly moving up in consolidation forming bearish flag pattern. The breakout can happen in two scenario's, 1) the smaller channel marked on verge of breakout, so GBPUSD can move straight down from here & We have Double top also which is good resistance zone 2) Can pullback upwards to retest the upper trendline...
After the UK manufacturing PMI slipped into contraction and the refferenum getting closer I expect to see the GBP/USD return to the downside. The technicals suggest a 50% fib pull back is on the cards and that is what I will use to enter this trade. Using above the 76% as a stop loss and the previous strong resistance level at 14400 as my take profit
We are looking to the NFP to adjust the current weakness in the USD and bring this original trading plan back to complete its second leg. Check out the linked chart from the 25th January. I have set a new low of the day so that we can have a degree of safety if the NFP disappoints. Learn 2 trade like a pro. bankonadam.com
With what looks to be a very dovish thursday looming tomorrow for the U.K. and analysts now suggesting a push back in rate hikes to 2018 and even the potential of a rate cut we are looking for further weakness in the GBP. The Oil price has had the biggest decline in 2 days in 7 years but seems to be finding a bottom around the 27 - 29 $bb mark which indicates we...
The PMI reading have still been off target for the UK which is weighing on the GBP. we expect to see continued downside to 14400 where support should kick in and cause a degree of consolidation until then we are looking for resistance levels to enter for a sell the next being at 14800. Learn to trade like a pro boafx.com