If we get the correct candlestick pattern at the above resistance levels, a touch of the outer Bollinger band, the Fib levels just add confluence. I will be selling the shit outta this pair.
Nice looking cypher setup for the down side now, I would of like price to test the 618 like my previous post with Euro/Usd but it has formed a bearish pattern inside our zone, Nice gains to be had in this short... Also in the long and then the short again! All should offer a minimum of 3-1 RR.
***Note: technically this is not a true gartley pattern since there is no definitive impulse leg. However, many of you find success trading the fibonacci zones within pattern structures.*** If GBPUSD can close today below the .886 fib retracement of the AB leg i think the pair would be a nice short for a few days. RSI is showing multiple signals for overbought...
NOTE: Yearly target has already been met at 1.3275. However, the reversal was strong (see linked chart) and the prz hasn't been retested to confirm direction. This is short term setup with the potential to add once levels mentioned below are breached. Sell at 1.3075-1.31 T1: 1.2975 Below 50 1.2935 suggests more downside. Add accordingly
Consolidation suggests lower prices for me. I don't expect to risk more to find if am right. 1.2880 key level to watch for. 1H setup, but entry here
There should be a corrective move down on cable.
Macro fundamentals Uncertainty remains until GE on June 8. Even after GE, Brexit uncertainty remains. This is GBP negative in the medium term. Sentiment Speculative short positioning is NOT overextended, as was the case a few months ago. There is room for large speculators to build net short GBP positions. Market sentiment was very GBP positive until...
Looking for the bearish shark at currently level to get the ball rolling then the H&S longer term to drop it further Target 12777
Bulls getting exhausted. This was simply a short squeeze with no fundamental catalyst. Strong bearish divergence on 4H chart. Fundamentals should come back into play. Brexit likely to have negative effect on UK growth. Monetary policy divergence vs Fed and global USD shortage remains. Real money will begin to flow out of the UK, serving as the catalyst...
Price action rallied up into the 1.2769 region and began to consolidate between that level and the 1.2859 level. There is major resistance just above this consolidation zone with an equal measured move completing at 1.2864, a 1.618 extension of the AB leg coming in at 1.2903, and a 61.8 retracement level at 1.2854. I am looking to go enter on a confirmed break of...
Cable breaking out of range and closed the week above prior high suggest the move up is not done yet. How high can cable go before a recovery / continuation down? 1.3000 Why? Because its the yearly central pivot point and look left its also a gap where price accelerated lower. The conservative target is around 1.2550. The more aggressive target is back to...
Good run, now oversold hourly, sell here, stop above last high
Time for a correction before further upside
Brexit = uncertainty until 2020. USD = rate hikes, fiscal stimulus, normal mean reversion of 10Y term premium, $10 trillion global dollar debt. This divergence should continue to push GBPUSD lower, even if the BoE decides to hike rates in the face of rising CPI.
We can see a bull flag that formed inside the chanel indicating a move up, and price already closed outside the flag during market close. But I will be looking to short this at the top of the channel. SL: 1.2570 TP: 1.2050
Good Evening Traders, The pound has broken through key support and resistance, now at the sloping support level. After the key S/R being broken, we had a retrace and then a continuation of the down trend. I believe the sterling now has the momentum to head back to the 1.21 level, previously seen post October flash crash. With only months before Prime Minister,...
Hi Invalidation level for this setup is 1.2385 ,, If the wave ii breaks above invalidation level than this setup is no more valid . Take the trade as soon as the c of ii completes . ( Potential area = 1.2350 ) SL = 1.24000 Target = 1.21850 Move SL to break even at 1.23000 Regards