TipTVFinance

GBP/USD – 4-hr 50-MA hurdle could be put to test

OANDA:GBPUSD   GBP/USD
Pair’s bullish inverted hammer candle formation on the daily chart lst week followed by a bullish break from falling channel and symmetrical triangle formation on the 4-hr chart suggests the prices are likely to test and possibly breach the 4-hr 50-MA resistance seen today at 1.2327.

However, the 4-hr 50-MA is still sloping downwards; hence gains above 1.2327 should be viewed with caution.

On the lower side, break below 1.2149 (confluence of channel support and triangle support) would signal fresh sell-off towards 1.20 handle.
Rocketman PRO
3 months ago
..and the CPI y/y makes no sense at this point. Of course, it would be higher compared to last year's because the CPI started to pick up in 2016 right before the Brexit. I think November will bring more clarity.
Reply
TipTVFinance PRO Rocketman
3 months ago
Very true. The rise in inflation would be due to falling Pound... that would eventually bring down real wages and consumption too
Reply
Rocketman PRO TipTVFinance
3 months ago
Going to get a nap. I put a limit order around 1.2280 just in case it pops up on good news and spikes while asleep. Hopefully, the US data doesn't upset again:
snapshot
Reply
Rocketman PRO
3 months ago
Checkmate! I shorted more of it. Going to bed again..and waiting upon US Data.
Reply
TipTVFinance PRO Rocketman
3 months ago
It rallied...
Reply
Rocketman PRO TipTVFinance
3 months ago
Yes, some "other" news just came out: "UK Attorney says it is 'very likely' that Brexit will require ratification by MPs." This means that "maybe" there will not be such a hard Brexit. So, it is a left upper cut. hehe.
Reply
Rocketman PRO Rocketman
3 months ago
...a hidden and unexpected punch that is not from the data itself.
Reply
Rocketman PRO TipTVFinance
3 months ago
snapshot
Reply
Rocketman PRO Rocketman
3 months ago
You get a nice set-up, and then, some new data comes right in to spoil it a little.
Reply
Rocketman PRO TipTVFinance
3 months ago
Here is why it went up and then why it stopped rallyingL "Comments from the UK attorney that 'Brexit' will 'very likely' require ratification by parliament have pushed GBP higher still, with the assumption being that this will prove to be softer stance by PM May in the negotiations that follow. However, these have been followed up by further comments that the UK and EU could potentially reach an agreement to come into effect without parliamentary approval."
Reply
TipTVFinance PRO Rocketman
3 months ago
Good short entry in my opinion is below the daily low or below the inverted bullish hammer candle Till then there will always be some reason or another for a sudden spike
Reply
Rocketman PRO TipTVFinance
3 months ago
agree
Reply
Rocketman PRO Rocketman
3 months ago
So, people got confused and thought that the parliament would vote NOW..but then realized.. after listening to the rest that they will ratify AFTER article 50 is enacted.
Reply
TipTVFinance PRO Rocketman
3 months ago
Sellers could come-in around 10-DMA, which as of now is seen around 1.2338. Its still sloping downwards so correction could end around there.. but lets see.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out