EURGBP Emerging Price Pattern.
EURGBP price is consolidating in this tight and tightening parabolic support/resistance line formation. Price has been very consistent bouncing between the flanks of the sterling salmon.
This pattern, as you can imagine, is not a common pattern and it is not clear whether it will be yanked up with the fisherman or flounder down...
We caught some good pips on GBPCAD with the recent move down and now we are looking to catch more on a retrace to the resistance zone above. Should the descending trend line shown here hold, sellers can take the pair lower again.
-MONTHLY RESISTANCE ACTING AS RESISTANCE
-FIRST DAILY BEARISH CLOSURE AFTER 15DAYS (3WEEKS)
-WEEKLY SPINNING TOP CLOSURE (SLOW DOWN OF MOMENTUM)
-FIBONACCI RETRACEMENT LEVELS TO BE MET
-RSI OVERBOUGHT
-TRENDLINE TOUCH, REJECTING A BREAK ABOVE
The GBP/USD pair is about to trigger a head and shoulders pattern on the daily chart, after rejecting the 50% Fib level of the April '18 - December '18 impulse move.
The pattern projects a fall of around 450 pips (around 3%), which aligns with the December 2018 low of 1.2500.
Bear in mind that upcoming Brexit developments may increase volatility and intraday...
Our GBPAUD trade setup hit target and came back up towards our previous entry point. Closing half the position at the previous target level would be a good idea to secure profits if momentum doesn't build up.
See related ideas below for the previous trade.
GBPAUD has broken down from an ascending trend line. Risk adverse sellers should wait for price to retest the resistance zone above. 1.84 would be the first target.
After clearing our first targets on the test of 1.310 area prices have bounced and we are witnessing some nice profit taking. Here we can be clear, a decline through the most recent lows will open up the leg for a deeper setback towards 1.28 and 1.24.
The new season of the Brexit drama is kickstarting next week, the underlying economic remain the same and here...
The heavy selling is continuing in Cable today... What is scary is so far it has mostly been coming from the dollar side, we are yet to see the destruction via Brexit and the loss of market access.
Technically, the underlying structure remains the same...meaning breaking 1.3109 today will develop 1.280, 1.266 and beyond very quickly.
The vote is kickstarting at 7:00pm GMT and I am still expecting another defeat here. What is necessary to track today is the severity of the defeat and the reaction of the DUP party.
Odds of any deal passing today remain at 17%.
The main issue for PM May is the slim majority she is barely holding onto. The deal will likely pass eventually, although we might...
Here we have an update to the Cable chart.
The UK going back to the 1600’s as odds of another vote on PM May’s deal in the House of Commons this week are very low. For a house of “Commons” they are certainly lacking “common sense”.
... The rules are that two votes on the same motion are not permitted during the same parliamentary year. This means PM May will...
The EU offering a very short unconditional extension of the Brexit deadline as expected with the possibility of an extension till 22nd May if the House of Commons pass the WA before that. If the House of Commons rejects PM MAY’s deal, the UK will either leave on 12th April or need to come up with an alternative way forward for the EU Council to consider...
A "dovish" surprise from the Fed yesterday ...but does it really matter?
Well the removal of 2019 hikes is worth highlighting because it does not fully support the story we are being told from macro data meaning the bar is set high for any further hikes.History tells us it’s very unusual for the Fed to pause for a long time in hiking cycles before resuming...
The cable is currently experiencing a huge sell off, i was holding several shorts yesterday and managed to make just short of 1000 pips. however, with that being said i feel that anything that is either vertically up or down creates no stability in the markets, which then leaves huge gaps in large orders. If you on the third of may we had a parabolic move to the...
This is my idea for the gbpusd, looks like the bulls are back in town?
This is an idea and not intended to be a signal.
How ever, if you choose to trade it, remember to keep your risk managed.
Thanks :D
-MONTHLY REJECTED ACTS AS RESISTANCE
-WEEKLY PINK TRENDLINE ACTS AS A RESISTANCE
-BREAK BELOW A DAILT KEY LEVEL OF 1.9787 NOW WE SEE A RESTEST OF THE FLOOR NOW A CEILING
-MA CROSS TO DOWNSIDE
-38.2% FIB RETRACEMENT
By Andria Pichidi - May 8, 2019
GBPJPY remained heavy amid safe haven demand for the Yen but also amid a weak Pound on Brexit fatigue. The low reflected safe haven demand after Wall Street saw its worst day in 2 months, as markets continued to digest looming tariff hikes on imported Chinese goods to the US. Markets are anticipating the visit of Chinese...
