Hello Traders, GBPUSD has dropped more than 450 pips in the last couple of weeks and surprisingly, it has managed to TAKE OUT all the SUPPORTS on its way down. Breakdown of negotiations between Labour and Tories and Prime Minister May's resignation plan in June has played its part to pull the Pound down.
However, market participants were already aware of both...
GBPUSD is now falling for 9 straight trading days. At this moment, It is at the Long-term bullish trend line. Besides, it has also hit the bottom of the newly created channel(blue channel).
So, it would be interesting to see if you see the formation of any bullish candlesticks here from where traders can long.
I am personally looking to BUY here at 1.2830 and...
Attending the theory of trend lines, and using fibonacci tool and my theory of key levels Monthly, we find a possible purchase to capture a few pips, after that enter a sale that takes the price to the line of accelerated trend, the lines Orange are resistances or supports in Teporalidad Daily, the yellow lines are fibos in temparalidad of 1 hour, the white lines...
Short video on how we see the movement.
Wait for the GBPUSD to break the support level and a confirmation.
Potential 450 base points downside movement.
However, be very careful with the BREXIT event.
Last week cable continued to drop to lower prices and I don't think cable has reached the target price yet. I expect a continued sell off to around 80% of the yearly range and possibly more. Retracements are expected and as long as we dont break any recent daily highs I will be looking for short opportunities. Fridays (17/5/19) daily equilibrium (50%) is a key...
GBPUSD is approaching TrendLine Support where it could Bounce up soon.
Depending on BULLISH PRICE ACTION in lower time frames, Traders can look for BUY ENTRIES between 1.2880-1.2910 with SL below 1.2850.
TPs can be set at 1.2985 and 1.3040
Short video on how we see the movement.
Wait for the GBPUSD to break the support level and a confirmation.
Potential 450 base points downside movement.
However, be very careful with the BREXIT event.
After an average gain of 200 pips, there is a good chance of fixing the gbpusd price of about 50 pips from the current price-1.3056
Take profit: 1.3003
This signal is intended for traders who like to be constantly on the move and the reason is:
We are in a clear downtrend and in the long term it is preferable to trade with the trend, but we have reached the so-called Oversold according to Stochastic indicator, usually, its appearance after many days of undeclared declines as in our case.
We target market...
You can see price is currently at good support, the red zone we have marked on our chart is good monthly, weekly, daily and 4H support so we can only see bullish movement from here with a possible run up to our resistance zone ( green box )
After a week of bearish power we are expecting the bears to slow down and take a break, so catching these 100 pips should...
The price could not rise above the 100 moving average line and therefore it is falling right now, the trend remains bearish and therefore our recommendation is to stay short
Optional target 1.2870
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