Almost similar to GBPAUD idea earlier, but this one I'm shorting off the bat and riding the current bullish momentum in oil (hopefully CAD follows suit this time, unlike last week). Initial TP at 1.75 psychological support (also 61.8 fib level inhourly and also 0 pivot in the daily chart) which can be extended up to 1.74 (100 fib level) depending on how price...
Moved my sell stop order higher and getting ready for the possible reversal soon despite better than forecasted ave. earnings and unemployment rate for UK earlier. Set my sell stop @1.866 with initial TP @1.85 (100 fib line) which can be extended near 1.84 (2016 low) depending on how price action goes. Hard SL between 1.875 and 1.88 (right on the edge of my...
It’s no doubt that the GBP has been on the upper edge for the better part of last year. Well, in my view, it might continue with its trajectory especially if there is an interest rate hike in the future. However, when we take a purely technical view, we expect GBP to lose ground and correct in the coming days.
A top down approach can provide a...
So, today we check GBPCHF pair and from my view, it looks like there are more downsides than upsides from a technical point of view. While last week was GBP bearish as the candlestick shows, what is of interest is the way that GBP closed. As we can see, not only was there an over-extension to the upside but that inverted hammer is the seal of bears....
If anything, I really think it is the best time to buy some AUD, earn some positive swaps and hold this for a long time. Why? Well, we can take a top down approach and consider some technical formation first from the weekly chart. First, notice that since last year GBP has been charting higher and in this pair, it is a 1000 pips away from recovering...
Technically: rising wedge (bearish)
JPY short positioning overextended
JPY safe haven in the event of equity downturn
GBP strength keeps inflation low - BoE will not hike
Brexit uncertainty remains
GBP positioning not overextended - room for shorts to build
Speculative market sentiment is very bearish yen; underestimating possibility...
GBPJPY struggling again on 61.8 fibo PRZ
There is big potential now to enter short on GBPJPY.
We also see strong resistance and trendline
Waiting for confirmation on lower timeframes to enter short.
Don't forget to trade with proper RM/MM and caution.
Good luck guys.
Looks like pound comleted a big corrective structure. (wave 4 red)
It means, that buy targets may be already reached. and it's time to look for SELL opportunities!
1.2683 is 61.8% of wave A(yellow), possible end of final wave C(yellow).
Now wave C (1-2-3-4-5) structure is close to be broken.
Here is close look.
#GBPUSD - Daily
Have a look at the contextual trend lines ...which stretch back many months ago
Price is still reacting to them, and the way its going, this SUPPORT is looking more fragile for me ...
there is a big room for a SHORT in this Pair, wiping out a lot of technical bulls ...
lets wait for confirmation ...
Putting my head on a block with this one as there are a few variables to consider in the time that I expect this move to happen but as it stands at the moment the fundamentals are starting to point to the USD long positions starting to fizzle out by Mid 2016 I fully expect the USD to be a neutral currency. The GBP did have dovish comments from Mark Carney...