USDGBP: Stooging around waiting for election result with quite a lot of stored energy waiting for release - some good trades are imminent here but be careful of whipsaw in early stages - for experienced traders only, this one.
GBP: Sterling Index BXY: GBP is caught in a near term tight decision range: when it breaks, probably as early as tomorrow but doesn't have to be, it will be worth following via USDGBP
USDGBP: The head and shoulders top signals further medium term weakness for the dollar down to 0.7452. Look to sell into next dollar rally.
When we have a broken trendline we always looking for a pullback-retest of the trendline or for an advance pattern formation in order to enter the market at the direction of the break. Here there is a pending Cypher pattern formation that gives us the reason we are waiting for. SL and TP points as in the chart
Harmonic pattern on Cable's 1 day chart. The reversal to the first target is about 300pips
USDGBP: Dollar should contine to decline to a downside target at 0.707 in three stages as per comment. Also please check the EURUSD comment from Friday - still 3+ Eu updside to go in near term
usdgbp possible long already started 0.77777
here we go, broken structure, long position to 61,8% retracement
2.7 is the next traget for GBPUSD
FX_IDC:GBPUSD It is likely GBP/USD will go higher as USD falls more. If it does break the resistance, then it can potentially go up 100 pips+ Trade safely, and only on your own analysis!
Do You remember what happend in the 80's? Soon :)
Same setup as the USDJPY, looks like the standard 38.2 fib short term trader taking profits aka scalpers and day traders in Asia. Might have a little more retracement possible down to the 50 but should be looking for an upside target in the neighborhood of 141.167. This is just my idea so always trade your plan and trade with caution. Good luck all!
Following Trump's inauguration last Friday the BEARISH tone to the USD looks certain to remain and we've been SHORT SPX500 from 2264 in the belief that this market is overbought and due a correction. With the USD declining and the Dollar Index heading south, we are expecting more dollar weakness which should boost all USD pairs although not at the same rate. With...