I hope to get a chance to enter this trade. Due to the huge Pattern range I would only shoot for Target One and give it some room to settle, placing the stop few pips below 1.58 so that the Risk Reward is still above 1.1
Cable broke from the previous range this morning with a move above 1,6610 marked level, after disapointing manufacturing PMI data it droped back and tested that level from above. If that breakout is valid then we should follow up now towards 1,666 ressistance level. Keep in mind that manufacturing PMI's aren't influecning Pound so much beacouse of how brisitsh...
Could break either way. This level of support seems to be holding so far. A break to the upside and i will target the two white horizontal lines, a downside break will target 1.65
There has been a 12 month uptrend in the GBPUSD. Fundamental analysis suggests strong Sterling recovery against the backdrop of a resilient service-sector biased economy. Since September 2013 the rise has been constrained in a relatively firm channel. That said, July has been a month of cascading prices. Many attribute this to a number of negative reports. ...
GBPUSD bullish move has lost steam. Price action may move towards the support @ 1.6745. Short term we may see a small pullback to 1.7041 handle which has become resistance unless broken. This could be the time to short. RSI below 50 may also give confirmation. Long term bearish sentiment may take it to yearly pivot and 0.5 FIB level @ 1.6000 handle.
GBP/USD felt to really important level if there's an chance that it will conitnue the uptrend that we might be just getting to the entry point at the moment. There's an confluence of green marked Demand zone, 50% Fibo retracement of last swing up (1,669-1,719), daily trend line and the previous smaller leg up low at 1,685 level (red circle). Todays down move was...
A close above 1.6869 could re-assert effort to advance to retest high.