M240. There's a zigzag in wave A or W, so we could have a downward correction in the coming days. Therefore, wave ((a)) is likely going to be continued towards the 38,2% retracement of the last upward zigzag. M30. A bearish impulse in wave (i) finished last Friday. So, it's time for a correction. The first target for wave (ii) is the 38,2% retracement of wave (i).
GBP/USD is struggling to push through 1.3009 (127.2% Fib expansion). We have already seen a failure to hold above 1.30 yesterday. A similar action today would open doors for a more pronounced sell-off to 1.2950 levels. A daily close above 1.30 today would open up upside towards 1.3150-1.3180 region.
The bullish 50-DMA and 200-DMA crossover (golden cross) followed by a daily close above 1.30 for the first time since September 2016 suggests the spot is likely to to extend the gains 1.3080-1.31 levels. The daily RSI isn't necessarily overbought here, which suggests enough room for a another 100-pip rally.
After doing price action analysis on the monthly time frame for this pair I discovered that the Monthly resistance 0.7006 the price has been in a bullish motion since. After zooming in on the chart to the monthly, weekly, daily, H4 and even down to the H1 I believe that the price of EUR/GBP will continue to rise for the next day at least until my second TP.
The daily chat shows a big rounding bottom formation coupled with rising bottom on the TRIX index, which is fast approaching the levels last seen in May 2015. The RSI is near the overbought territory, we also see a head and shoulders pattern on the 4-hr RSI. So a pull back to 1.27-1.26 cannot be ruled out, however, dips are likely to be short lived. The rounding ...
Hello Traders, waiting for a potential setup, prices bounced off the channel last week and made its way for a retest. I have two potential setups. If prices bounce off the rectangle support zone, it will continue its trend. My other potential setup is that if prices break the triangle, we would see a trend reversal to the bearish side
Two consecutive candles with long tails followed by a spike today to 1.2210 suggests the sell-off from the high of 1.2569 (Feb 24 high) has found bottom at 1.2132 (Thursday’s low) and the pair could continue to move towards the 10-DMA level of 1.2250. However, the 10-DMA is still sloping downwards and thus spikes above the same could be met with fresh offers. ...
Friday’s recovery from the low of 1.2214 to 1.2293 suggests the decline from 1.2569 (Feb 24 high) has run out of steam and the spot could go sideways before resuming the downtrend towards 1.2107 (Jan 10 low). On the higher side, only a daily close above 1.2346 would signal short-term bearish invalidation.