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 ...
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price continues to hover around below our selling area yesterday. We remain bearish looking to sell on major resistance pullback at 1.3269 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down to at least 1.3032 ...
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price has dropped really nicely from our selling area previously. We now remain bearish looking to sell on major resistance pullback at 1.3269 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down to at least 1.3032 ...
Buy above 1.3002. Stop loss at 1.2829. Take profit at 1.3269.
Reason for the trading strategy (technically):
Price is approaching major support at 1.3002 (Fibonacci retracement, Fibonacci extension, horizontal pullback support) and we expect to see a corrective bounce above this level to push price back up to previous support-turned-resistance level at 1.3269 ...
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price has continued to rise nicely to our major resistance area as expected. We prepare to sell on major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at ...
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price plummeted from our resistance yesterday before bouncing back up again. We remain bearish looking to sell on major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price ...
not entering trade if it doesnt go as i plan
if the trend breaks the yellow trendline i will wait till it reaches the white resistance-line with the pink rectangle before taking further action on this pair
If you’re still on the sideline, the best approach might be to wait for a daily close (5 pm EST) below the confluence of support at 1.3020. Such a close would expose the August low at 1.2770. A break below that would target the June lows near 1.2615.
The longer-term target for an ascending channel is usually the pattern’s low. In the case of the GBPUSD, that ...
Hey, traders. Here on the GBPUSD, we have a great example of a CTS type of trade. This market is at a previous HTF level of structure. It has also gone overbought on the RSI on higher time frames. Now, that alone is not enough reason for me personally to enter a trade, but taking it down to an hourly chart, here we have a nice double top. This double top looks ...
After another test of the previous support level of 1.3163, GBP/USD still managed to break this mark and now the price continues falling down. It should be noted that the fall of the pair was rather sharp, but on small volume, so it is impossible to single out a specific new volume level. Despite this, this signal is a good bearish pointer. Moreover, there is a ...
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 ...
