Nice H1 Head and shoulders forming. will be looking to get short at the right shoulder. once price breaks the neck line i expect a retrace back the neck and then drop again
Possible Crab pattern on GBPUSD pair. Daily candle close below 1.3000 level would invalidate the pattern
Longs
Expect an entry point around 1.3125 on NPF volatility.
SL: 1.3025
TP1: 1.3340
TP2: 1.3678
Shorts
Entry point: 1.3675
SL: 1.13775
TP1: 1.3368
TP2: 1.3176
GBPUSD reached 1.326 today off the back of a strong manufacturing PMI (53.3 vs 49.0 consensus).
Fundamentally: Sterling should remain pressured, as manufacturing has a limited contribution to UK GDP, and the uncertainty of Brexit still looms. As long as this uncertainty remains, BoE should still look to cut rates and maintain QE.
Technically: There is strong...
Daily chart – Bullish break from symmetrical triangle is pretty much a done deal
A rebound from 1.3065 on Thursday has put in place a higher bottom formation and we also have a bullish break from symmetrical triangle formation.
Thus, one may be compelled to think, the doors are open for a sustained rally in the pair.
However, the spot needs to break above...
Same onld rhetoric from Kashkari - nonetheless i remain short GBP$ on rallies into 1.315/25, given DXY's advances GBP$ has been an outstanding under-performer given 1.315 is the levels we closed on friday/ opened on monday. However, Manufacturing and Construction PMIs are a risk, any topside sterling could certainly trade to the upper levels of the range (1.325)...
Cable is in a multi-month consolidation.
we have two possible scenarios.
1) blue marks - we are in a ABCDE contracting triangle.
waves D and E are pending as highlighted in blue arrows.
2) yellow marks - we are in a wave C of ABC flat correction.
wave C can hit 1.3559-1.3987 (C=1-1.618 of A)
Main thing - this is just a correction before downtrend resumption.
GBPUSD 15 minute play here. Basic analysis of support. Pullback is in line with the 50-61.8% fibonacci retracement levels. If support holds, we will look for the market to target previous high at 1.31573. We will wait for price action instead of inserting a limit order (bid) in the pink area.
Possibly, there is an ABCD pattern forming on GBPUSD pair. In that case, GBPUSD is good to short on Monday opening or after a retrace, targeting 1.2695. SL: above 1.33
Notice also bearish divergence on the chart.
If the pattern is confirmed and the move completes as expected, I believe that will be an intermediate bottom for GBPUSD and expect a bounce to...
Last week, Yellen stated that positive US reports have opened up the idea of a rate hike in September and we will need to see more positive US reports for the rate hike to be confirmed.
This acted as a huge catalyst on Friday allowing the US Dollar to break TL on most pairs. As it stands the Dollar is looking bullish with investors waiting for US reports to...
Rejected at upper trendline and now making a corrective move. Break the upper trendline and make a correction will initiate buy setup.
There's a chance cable makes 1 more down before big move to the upside
I'll update the chart if i see someting
Thank you.
Retail sales outperformed on all cylinders today and GBP as expected has rallied into nice shortable levels now - with brexit uncertainty likely to continue to way and continued dovish BOE support also equally weighing on sterling in the future.
My preferred shorts immediately are vs USD as i expected Fed Dudley and Williams (speaking today) to talk the extremely...
Pair’s failure to close above 1.3056 (July 26 low) coupled with a Doji candle on the daily followed by another failure to hold above 1.3056 in Asia suggests the prices are likely to revisit 1.30 levels before gathering steam for another bullish move.
On the lower side, only a day end close below Tuesday’s low of 1.2874 would indicate continuation of the post...
Hello traders,
As the pound is getting pounded by most pairs these days...
I thought about taking some time and spot potential patterns.
So this is it. An anti-cypher (yeah thats a thing).
In any case I think it's a good level that coincides with 1.2600 round number.
Now it's a waiting game for the cable. I don't want to enter a trade in hopes of reaching my...
This is the expecatation for GBPUSD. The correction drawn in a blue squiggly is just for illustration. It could be any pattern, but I expect it to reach the outer boundary of the overall trend channel.
Potential Bat Pattern forming on the daily chart around extreme long term lows.
Gray box represents the potential reversal zone beginning with D point bat completion and ending around the AB 1.618 extension near the structure low.
Be patient and wait for bullish price action on the lower time frames.
