GBPUSD Analysis

FX:GBPUSD   British Pound/U.S. Dollar
1430 21 41
Let me know what you think, will it make all the way up to the resistance before falling, or will just fall?
Comment: Today's good data from UK send cable to the upside. Warming for a bigger fall? I think so!
Comment: GBPUSD is touching the significant resistance Ive highlighted on the chart, if all this dollar weakens around Im not sure is it will hold, only price action can tell. What you think?
Comment: Will this resistance really hold? Im a little bit neutral on this pair after dollar weakness.
Comment: Yes, looks like it did hold and now is falling.
Comment: Will this level hold for one more week?
Comment: Looks like now it will fall :) who took it?
Comment: London Mayor now is on the exit side, now it should fall even more!
Looks good.Good luck !!
Piet.Hein johan.verm
thanks friend
I'm watching this pair of moesdas , I am alert because I think he may be overbought...

eu estou acompanhando este par de moesda Pit , estou alerta pois eu acho que ele pode estar sobrecomprado..o que voce acha...

Piet.Hein tw.macedo
I think its more likely to be oversold, but yet, I think there is more room to a bigger fall :)

Eu acho que é mais provável ele estar muito vendido, mas mesmo assim, eu acho que ainda pode cair mais :)
tw.macedo Piet.Hein
ok, concordo
I think the length of time it has taken to correct is too small. It's more likely part of a larger correction I think.
+1 Reply
Piet.Hein kosai19
Nice view mate :) Thanks for share
kosai19 Piet.Hein
You're welcome. I should add that the main reason I think it's more bullish is that it tested a critical weekly support level. It's likely to be supported for at least 2-3 weekly bars because of it. If it broke to the downside now in any major way then it means GBPUSD will hit 1.35 for sure. I can't see the GBPUSD being that bearish since it has already fallen heavily when everyone expected it to rise. Surprise declines that are a parabolic are typically "ending expansions" (to use an elliott wave term). If you study past examples of a surprise decline you'll find at least 60% of them become the bottom.
this pair may down to 1.395 area, i am waiting for this position and ready to long here, for 1.5
I am with you brother !
I like this, I spotted this trade at the breakout and that sharp spike down met my first price target, my next short-term price target is that structural low at 1.40785. I didn't however look at the longer-term picture as a trend-continuation, nice outlook.
Piet.Hein olly_price
congrats mate, good trade you did! Thanks
Mr. Market's gonna let you know tomorrow, buddy $)
Gonna let all of us know ;)
zevgma Piet.Hein
yup )
I'm really not sure if this instrument and time period should be traded right now. The way it reversed I wouldn't call it bullish or bearish. It looks like it's going to be in a range/consolidation. And for most who trade smaller periods you'll know those are the hardest to trade since the corrective structure can easily morph from a wedge into a flag, then into a more complex structure, etc.. That's the reason experienced Elliott Wavers tend to avoid trying to get in W4 when W2 was a simple correction (i.e. the theory of alternation means the next corrective cycle is most likely to be complex if the first one was simple, and vice versa). Anyway, I hope that helps someone looking to trade this.
Piet.Hein kosai19
Very nice comment friend! Yes, thats because I avoid smaller and trade most on daily ;) But Im still bearish on the long term on this pair because Fed is hiking rates, even if it struggles a little, still raising, and its very likely to find it difficult for BoE to even start hiking this year. So yes, on lower frames it can be difficult but on the bigger picture I believe it will keep falling. But technically, yes, could look like bottoming and ranging.
+1 Reply
kosai19 Piet.Hein
I agree. Looking at the weekly charts and how it tested the support level it's clearly bearish. It can have a big correction however. I'll wait for more price action to develop to get a clearer picture of what it's doing at this level.
zevgma kosai19
All good, except these volume spikes...
Bad news for shorts?
Rayge Rayge
how do you think this one

i still think gbpusd should go down one more time
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