Price action is still in a downward sloping channel.
Current price hit resistance - creating a double top 1.5432 levels.
A break below the organ threaded line may suggest further selling to complete Wave 5
Fundamentals:
- Better NFP data that will trigger more selling in Cables
- Need Impulsive selling for wave 5
- A few targets should this kick off - 1.50784...
The daily chart shows us a bearish engulfing candle, formed at this resistance line of 1.5780. So we might see a pullback into:
- TL ( 3rd bounce )
- Fib level(s) 38% ( or 50% )
- Zone of support ( where last higher high was formed )
It is here, that we want to go long again and fulfill the fib play and follow the uptrend
AFTER LAST WEEKS BULLISH CANDLE CLOSE... (ALONGSIDE MAKING A NEW HIGHER HIGH)
OUR SENTIMENT ON CABLE IS TO THE UPSIDE.
WE ARE NOW EMBRACING THE MAY/JUNE CYCLE- HISTORICALLY THIS HAS BEEN A BULLISH PERIOD
FOR GBP/USD ALONGSIDE LAST MONTHS BULLISH ENGULFING CANDLE CLOSE.... INDICATES
UPSIDE MOMENTUM IS LIKELY TO COME INTO PLAY AFTER THE 1.4800 WEEKLY SUPPORT AREA...
LOTS OF UNCERTAINTY WITH GBP BECAUSE OF THE ELECTION WHICH IS CAUSING THE POUND TO DEPRECIATE. PRICE BROKE OUT OF THE RANGE LAST WEEK AND IT IS NOW LOOKING TO RETEST THE RANGE LEVEL (SUPPORT TURNED RESISTANCE). THIS IS A TEXTBOOK TREND CONTINUATION PATTERN (BREAK,RETEST,CONTINUATION) IF PRICE MANHES TO RETRACE BACK UP TO MY SELL ZONE I ALSO HAVE 2 FIB CONFLUENCES...
We can see here, that the price is jumping off the bottom of both the linear regression, the BBand and strong support at about 1.93453. This to me is a clear retrace and reverse signal.
From my analysis of fundamental analysis, the GBP is way over sold, and the political instability will not continue for too much longer. The one head wind this pair faces in the...
Technical View:
GBP/USD has broken out of a 6 month descending channel on the weekly chart to the upside. The initial bullish surge occurred at the key psychological level of 1.5 forming a triple bottom formation.
This suggests that the bearish pressure is diminishing and that we may see an established bullish reversal. A retest of the backside of the channel...
The GBPUSD has made some strong gains off the sub 1.5 level or so several weeks back, and has solidly broken above a descending wedge resistance line on the weekly chart. The weekly RSI, Stochastics and MACD are all fairly bullish, with a positive crossover occurring on the weekly MACD. As shorter timeframe charts reveal a bit of fatigue and consolidation ahead...
Rate of inflation has been falling since June 2014. A total of 0.9% damaging any prospects we will see a rate increase near term. The Yen remains weak against the Dollar due to monetary policy divergence but with the sovereign debt crsis remerging in Europe, the Yen will even out against the European currencies.
Potential Crab setting up, we could see 176.16...
PREDICTIVEFORECASTING MODEL:
High-probability reversal at nominal target, TG-Lo
- TG-Lo = 1.53512 - 24 DEC 2014
AND
- TG-Hi = 1.92219 - 24 DEC 2014
Above predictive data correlates with following standard technicals:
1 - L/T trendline support
2 - Narrow R/S band ("Bullish Entrenchment")
3 - Taut RSI in historical bullish trigger-reversal...
UPDATE: 22nd December
Price has returned to the channel after the fake breakout and has tested its strength creating a 240min red SUPPLY Zone which has been tested twice.
I have added another ABCD fib extension using 28th October pivot high as A (1.6180), 14th Nov pivot low as B (1.5594) and C (1.5821) was a 38.2% retracement of B.
My D extension target will...
I am pretty much convinced after yesterdays 17th Dec 2014 Bearish day candle engulfing (Marubuzo candle) the range that GBP/USD has been consolidating in since 14th November and that cable has continued its downtrend.
Based on ABCD Fib extension there is more downside to be seen. Price should continue testing the outer trend line creating Lower Highs. Price has...
The GBPUSD is looking fairly bullish now on the weekly chart as its RSI and Stochastics are turning up from oversold levels, while the MACD blue line appears to want to flatten. The first upside target is in the 1.63 zone, which is roughly where the 38.2% Fibonacci resistance level kicks in. The current bounce occurred off the 50% Fib support level. The 1.63...
15 August 2014 - Friday
We have A Support Confluence Area of Ratios at 161,8% Golden Number, and 1,44% ,Before a Bearish rally of 520 Pips aprox, we ca expect some Correction of the previous Daily Leg
Long positions with tight SL, and TP1: $1,6745(50 PIPS) from current price (1,6690)
Good luck, and happy weekend.
Waiting for the 1,67 if th bearish presusre continue, need break the B Area of Support.
the bounce in this level can be good for Long shoots. :) in MY Humble View.
I've shared this 4 hour chart to illustrate greater insight on the entry and exit points, but the daily chart illustrate the bigger idea of buying at support/50 SMA in a pull back. GBP is showing signs of strength -- I'm already long GBPJPY and GBPAUD -- and so I think what we're seeing here are signs of accumulation. I think the lows of this past Friday, July 25,...
Buy stop and sell stop opportunity.
however by Sunday 13th of May, we may see a structural change to the upwards trending GBPJPY or it may continue along it's merry way to 176.
In any case, it's a good opportunity for an entry order.
My bias is down as JPY picks up strength.
