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GBPUSD turned nicely to the upside from the 1.238 level, where a bigger, bearish cycle may have ended. Current rally can be evidence that a low can be in place, and that more upside may follow. At the moment we are observing a five-wave rally as part of wave A in the making, with possible resistance near the 1.257/1.259 region.
Once wave A fully...
Those who have been following the latest Pound trades will know we are already on the sell-side here.
Here is the latest wave count on the weekly chart, we are playing the range set between 50.0% - 76.4% of the retracement leg since the January 2016.
Dollar strength is coming via yields so we have large money on the move here, the leg will be fast and...
We are really close to the end of the entire cycle (point C).
I believe point C will act as strong support or buy/demand zone.
1.199XX area is the lowest of the Cable, so stay tuned.
Big buy opp coming.
As the Brexit deadline seems to bet for October with 'no-deal' still being the main scenario, cable now almost back to the lows of the aftermath of the Brexit vote in October 2016.
Now weekly oversold, continuing to sell it all the way to 1.1910. Critical point from here, all depends on the political side of Brexit, but so far no news support GBP...
Looking for the push out of this bottom consolidation on cable. The 50% of the latest bullish engulfing bottom off this channel support with the lowest risk you'll get having stops juts below the engulfing open and right outside the support channel. ;)
With the pound rightly positioning itself for a potential no deal brexit thanks to the unstable "leadership" of Boris Johnson, data comes into focus this week. How much will the £ react?
Services PMI Monday, followed by big releases on friday including GDP numbers & various production numbers.
From a technical level, the dip last week hit a key level (50% slope...
We've now reached demand zone from 4Q 2016 - 1Q 2017. We are currently at the lowest level in two and a half years.
There are several reasons for the Cable rebound tomorrow.
- The cable is reached major buy zone today.
- FED's rate cut is expected tomorrow. This will likely move DXY down.
- DXY is forming a triple top, supply zone @98.2X...
GBPUSD has been in a decline for a while now
Boris Johnson elected as PM - more confidence in shadow of Brexit dilemma
US Fed rate cut expected - Dollar expected to weaken
Falling wedge identified