In this update we review the recent price action in GBPUSD and identify the next high probability trading opportunity and price objectives to target
Pound has made considerable retrace to the upside. However I expect a false break out that will hit the 1.1650 zone. This is an area of liquidity. Targets at 1.1516 stops above 1.1680. Use proper money management.
Identified Pattern : - Falling Wedges ( Potential ) Key Level Area : Support : a) 1.14 - 1.16 ( Buyer Zone ) b) 1.226 ( Equilibrium Prices ) c) 1.265 ( Falling Wedges Projection Price ) 1.278 ( Fibonacci Extend 1.618) d) 1.348 ( Weekly Support Become Resistance ) 1.364 ( Fibonacci Extend 2.618 ) e) 1.425 ( Strong Resistance ) 1.45 ( Fibonacci Extend 3.618)
In this update we review the recent price action in the GBPUSD and identify the next high probability trading opportunity and price objectives to target
Type - Retracement trade; Very possible swing now TF- Daily/Weekly BIAS - Bullish ENTRY - 1.1556 SL - 1.1490 TP - 1.1730(GrAA),1.1870(GrAAA), 1.1950(GrAAA),1.2240(GrAAA) RR - 1:6 (10R max) ---------------------- Upside LVL's (RES) 1.1730(GrAA) 1.1870(GrAAA) 1.1950(GrAAA) - 6R case 1.2240(GrAAA) - 10R case Downside LVL's (SUP) 1.1440 (GrAA) 1.1360 (GrAAA)
*not financial advice* - 15m chart - 2 sell positions - Targets Defined - Good luck
GBPUSD Intraday - We look to Sell at 1.1820 (stop at 1.1900) Buying pressure from 1.1621 resulted in prices rejecting the dip. Bullish divergence can be seen on the 4 hour chart (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. A higher correction is expected....
$GBP - Where to next? A break out to either direction. TJ
- Price broke last swing low making a liquidity grab & divergence at a very strong demand zone at 1.1500. - We can observe a descending corrective channel after price broke 1.13000 zone. - We have 2 pivot lines for buying pivot 1: (1.1900) Pivot 2: (1.2100)
expect price to reach 162.00 , from thiss point we will be looking to go short down to 161.45(tp1) and if the support aat the price level dosent hold we will be looking forward to hold to final target 160.85
Do we approach a big shift in Cable ? Will next years weaken the USD ? I do see a big H&S forming on the weekly chart in Cable . I entered a buy position and Tend to hold it Troughout 2023 if SL not reached . I see a very weak USD in the coming years . Not financial Advice :)
Fed speech last Friday made USD strengthen and DXY technically looks upwards till 110 zones which let other Major pairs will face effects, that too GBPUSD looks bearish till 1.15 zone, Expect a bounce back from the low there, Cant neglect the fact of NFP reports on Sep 2, Friday
$GBP - It's time! Cable has a good R/R - A pull back to the support areas near 18 areas. A break above next area of interest is the TL down area of where 50EMA is placed and target 200 EMA areas. Enjoy TJ
£ $GBP - Slippery slope! Now to be aware fundamentally GBP is at a very weak position just like EUR. UK recession and plenty of more other various factors that are listed in previous post based on GBP. However, we could decline further leading us towards low of 2020 areas and perhaps Brexit areas IF we go below 1.17 handle. Just to be aware we do have new Prime...
As it can be inferred from the 8H timeframe chart, the price has formed a double bottom pattern on a strong level of support. Considering the fact that after an impulsive move, a correctional one is needed, we are expecting for the price to keep rising and reach the area of the STF LL as plotted on the graph to compensate for the massive bearish drop that has occurred.
GBPUSD exhibits double bottom. Will this cause bullish rally for the pair? N.B - Let emotions and sentiments work for you -ALWAYS Use Proper Risk Management In Your Trades
Buy GBP/USD @ cmp of 1.1763 target 1.20-1.21 stops below 1.16 Reason: The UK-US 02year bond yield spread has jumped by 100 basis points since Aug. 8, while GBPUSD has continued to fall. In my opinion, Pound will catch up with the recent bounce in the yield spread. Besides, there is chatter than UK will have to raise interest rates above 4% to combat inflation....
Price has made consecutive new lows on the Daily Chart at upper trend line. Initial idea was an Inverse H/S which appears not to be playing out. RR 2:1 ATR