Hello Traders, GBPUSD has dropped more than 450 pips in the last couple of weeks and surprisingly, it has managed to TAKE OUT all the SUPPORTS on its way down. Breakdown of negotiations between Labour and Tories and Prime Minister May's resignation plan in June has played its part to pull the Pound down.
However, market participants were already aware of both...
View On GBP/USD (19 May 2019)
Back Ground: I am dead wrong on the GU bullishness in Mar-Apr period. The market can stay irrational longer than you can stay solvent.
We had a strong meltdown for the past 2 weeks and ended with a strong BEAR candle.
At the same time, as the trend persists the potential of the opposite force making a comeback is strong too.
So,...
We had 3 confluences to go long on GBPUSD
1) Completion of butterfly Pattern
2) Completion of AB CD Pattern
3) Potential HeadnShoulder Pattern on Daily Tf
it seems to me that GBP is taking over soon, after weeks of pressure and blows on the faces of the GBP, i am expecting a huge and rational reserve in the GBP pairs.
On gbpusd i hit more than 400 pips on way down. And i expect we are near bottom what you see with green bottom support area + arrows. We are on possible bowl + inverted head and shoulder. I expect BOED up to this TP1 1.3000 , TP2 1.3150, TP3 1.3400 (and this per top pink resist expect in august 2019, because 1.8. can be EXIT), TP4 1.37 (top possible uptrend),...
Weekly time frame analysis. This for me represents how much i have improve my chart work and analysis. I'm just 8 months old in this game. Can't wait what the future holds for me and my team. Focus on your potential not your quota. You will be on fire day n nite!
Looking for a test of the bottom of the swing area at 1.2665 - Looking for a some price action signals to confirm the next direction for GBPUSD
What are thoughts on this pair? Tell me in the comments below
Cable is likea runaway train right now. Price continues lower without an answer.
the price broke support at 1.2772,
and we are ending Friday with new the lows.
This all looks fairly bad for cable right now!
The extended decline this week fits a third wave scenario.
If wave 'iii' of (iii) is now underway,
then the declines should continue early next week,
and...
GBPUSD, often referred to as “The Cable”, a foreign exchange term used to describe the British pound vs the US dollar, is one of the oldest traded currency pairs. In July of 1866, after an earlier failed attempt, the first reliable exchange rate between the British pound and the US dollar was transmitted between the London and New York Exchanges. Optic fibre cables accompanied by satellites handle the Transatlantic communications today.
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