Hello my beauties.
I think that the cable has just broken a massive falling wedge. I believe it might kiss the trendline goodbye before leaving for good.
If the pattern is set to complete, the opportunity could be massive.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider...
The EURGBP has held recent gains well coming out of a "false breakdown" a few weeks ago on the break of the .8470 support and reversal out of the descending wedge. Since then, the EURGBP rallied to test the 61.8% Fibonacci retracement of the July high to August low at .8584. From here, dips to the .8525 level could find support as a bull flag is setting up....
As we can see from the chart, GBPUSD has been respecting the highlighted zones well.
I am expecting GBPUSD to reverse off its current level of support turned resistance, to revisit the June lows at the 1.36 region. Price has tried to break upward several times over the past couple of days, and for that reason my bias is short.
I see a trade on this exotic pair. I am highlighting an entry method I use to find entries and exits of sound setup patterns using Japanese Technical Analysis .
1% Risk - 2:1 RR
GBPUSD Potential price movements heading into this week, I expect price to reach that contraction we saw at the top in GU, I would expect to see a reaction here, if we are going to see strong $, if we get to this block, we can look to short weakness down to new lots, for the time being I believe we are in a continuation pattern and we can look to trade GBPUSD up...
Final chart from me, I realize I also said this a couple days ago lol, but I cant resist, a tight stop set up in GU with targets of 1.3960, Enjoy your weekends and lets go next week for more pips. Peace.
I found an idea that sterling would meet it's supply area @1.40700 since the market retest the flip-over S/R, breaking the bearish trendline, formed a bullish pennant pattern, and made a multiple bullish divergence on oscillator in confluenced as a bullish continuation signal.
SHORTING GBP/USD from 1.38000 to 1.36000 - 1.34000.
CONFLUENCES:
- Sterling Sentiment overall bearish
- Down trend continuation
- 68.1% FIB
- TRENDLINE BOUNCE
- SUPPLY ZONE
Waiting for confirmation of markdown. Currently in distribution phase of Wyckoff. (Lower timeframes)
Entering shorts week ahead unless trendline has been broken - Bias change.
GBPUSD H1:
Lots of confluence on GBPUSD here points to a break lower.
Here we have a rejection of the 4 hour descending TL (on the 4 hour chart this also lines up with a rejection of the 100 EMA) The bullish push on the last hour candle I believe is one last run up before price continues its decline. 1.38 is holding as an area of support but if this breaks I...
The long position has been taken, in the daily trend was bullish, in the 4H price broke a supply level and it was pulling back. As a result, I take a long and the TP was the last HH.
R/R = 1:1.48
GbpUsd nearly completed a clear WXY corrective cycle and ended wave Y with clear 5 waves, i expect for the coming sessions to find a short term support and bounce to retest previous wave 4.
before any uptrend might happen again. so we will consider the upward move a correction until it proves its an impulsive.
Lots of confluence pointing toward a decline on GBPUSD here.
Here we see the rejection of the identified resistance area, in line with the downward trendline. Price is holding well under the 200 EMA also. Price action on the last hourly candle also infers a reversal.
I don't really like this pair due to both GBP and USD being two dominant currencies - I find...
GBPJPY showed sharp gains on Mondays Asian and European sessions with the pair rising from a bearish 151.500 to 153.750 at its peak, looking primed to continue back towards the 155 mark which the bulls have been pressuring and sustaining since late May. Coming into todays European session, the currencies volatility had worn off and the pair has been stuttering...
