Looking to take the market up to the highlighted zone following the current market structure and zone rejection lining up with fib reversal zone.
TP 1: -27%
TP 2: -50%-61.8%
GBP/USD plunges amid Brexit news
Due to existence of a strong selling pressure in the area between 1.3440 and 1.3450 marks, the cable could not climb higher and was forced to make a rebound. However, as this turnaround matched with news coming from Brussels, the Pound lost more than 100-pips against the Dollar and ended the week at the psychological 1.3300...
GBP/USD tests 1.3410
In first half of Friday’s trading session the Pound was actively appreciating against the Dollar being fuelled by reports about progress made on Brexit divorce bill. However, once this anxiety ran out and the US posted another set of positive employment data the pair returned back to the monthly PP located at the 1.3372 mark. At the moment,...
GBP/USD surges to 1.3360 but then retreats
On hourly chart the British Pound is continuing to gain value against the Dollar in a two-week long ascending channel. Generally, the cable is projected to continue heading to the top in the above pattern using support continuously provided by the rising 55- and 100-hour SMAs. The ultimate goal is located near the...
GBP/USD trades at crossroad of two channels
On Friday, after reaching the 1.3250 mark the cable made a sharp turnaround and slipped back to the 1.3180 level. From fundamental point of view, this movement matched with release of better than expected American housing data. But from technical perspective it signified a rebound from an intersection of upper...
GBP/USD spikes to 1.3230 but then drops
A release of better than expected growth rate of the UK Manufacturing Production created an upside momentum that enabled the pair to return back to the 1.3228 level. However, then fears of growing political risk in Britain and Trump’s participation in the ASEAN summit strengthen the buck and dragged the exchange rate to...
GBP/USD forms ascending triangle pattern
During the previous trading session the currency rate expectedly returned back to the 1.3110 mark, which represents location of the 23.6% Fibonacci retracement level. As this barrier was additionally backed up by the 55-hour SMAs, it made a rebound. However, the fact that the cable failed to climb above the 50%...
GBP/USD stuck at monthly S1 at 1.3073
Initially, the Pound tried to restore some and even used a momentum provided by release of better than expected UK Services PMI to climb to the 1.3107 mark. However, the subsequent release of positive American data neutralized this attempt and returned the pair back to the monthly S1 at 1.3073. Unless traders receive some...
GBP/USD approaches weekly PP at 1.3160
Friday’s trading session was significant for two reasons. On the one hand, the cable managed to break through the lower trend-line of the senior ascending channel. On the other hand, it failed to slip below the 1.3090 mark, which correlates with location of the bottom boundary of an alleged larger, dominant ascending...
Morning outlook - GBP/USD inches higher amid GDP report
According to the Office for National Statistics, the temps of growth of British economy spiked to 0.4% in the third quarter. This news gave the cable an upside momentum, which it used to break through the upper trend-line of a dominant descending channel. As there are no significant UK or US data releases...
Morning outlook - GBP/USD returns to 1.3200
Despite a sharp fall after release of worse than expected data about the UK retail sales, the cable managed to bounce off from the bottom trend-line of a large ascending channel and by Monday morning restore lost positions returning back to the 1.32 level. However, the pair is not expected to climb higher this day, as...
Morning outlook - GBP/USD loses 100 points
Although inflation report matched with forecasts and Governor Carney once again admitted possibility of interest rate hike, the Pound lost almost 100 points against the Dollar just in couple of hours. Such keen reaction shows that the main investors’ concern is related to success of the Brexit talks. From technical...
Morning outlook - GBP/USD fails to surge above 1.3320
Although the US data release, in general, appeared to be worse than expected, the upside momentum was not strong enough to push the pair above the monthly PP at 1.3322. The presence of a recently formed ascending channel whose bottom boundary is backed up by the rising 55-, 100-, 200-hour SMAs suggests that...
Morning outlook - GBP/USD tries to cross 55-hour SMA
Despite the release of better that expected American income data, the Greenback failed to exploit this fundamental background and eventually depreciated against the Pound. At the moment, the pair is going to start testing a combined resistance set up by the upper trend-line of a recently formed descending...
Morning outlook - GBP/USD trades around 55-hour SMA
The British Pound is continuing to trade lose value against the American Dollar in a one-month-long descending channel. Despite a bunch of important macroeconomic data releases, the pair did not make any substantial advances yesterday. One of the reasons for that was the 55-hour SMA, which traders continuously...
Morning outlook - GBP/USD fails to break above 55- and 100-hour SMAs
In accordance with expectations, a combination of the 55- and 100-hour SMAs as well as the former monthly R2 did not let the pair to make any notable advances on Friday. In fact, they continued to push it to the bottom, simultaneously forcing to form a minor symmetrical triangle.
Due to...
Morning outlook - GBP/USD advances by another 150 points
As it was expected, the Pound continued to appreciate against the US Dollar, following a speech delivered by the External BOE MPC Member Gertjan Vlieghe on Friday.
At the moment, the currency rate is moving horizontally in a limbo between the monthly R3 at 1.3701 from the top and the monthly R2 at...
Morning outlook - GBP/USD to reach upper edge of dominant pattern
Due to release of satisfying data on the UK CPI, the Pound got an upside momentum that helped it to cross the monthly R1 at 1.3208 and then continue the surge.
In the early Wednesday morning the pair even managed to reach the weekly R1.
Most probably, until a release of information on...
