GBPUSD had a false breakout, increasing probabilities of a breakdown.
1.25 is the critical level to hold. Daily close below 1.25 will increase likelihood of the pair touching 1.23
After price made strong impulse move to the downside, a sell opportunity could be seen around the $1.25423 level. We’ve opened our first sell position and await price to push to the downside.
Technically, we can also see a double top formation at the price of $1.2550 level. A retrace at the area of 1.25423.
okay loss 1R, no problem! The price break and retest key level are very nice, following Down's Theory! Good job!
Get back what was lost or lose everything you have...
Events to watch out for today:
15:30 EET. USD - Number of initial applications for unemployment benefits / Producer price index
19:30 EET. GBP - Bank of England MPC member Megan Green will deliver a speech
20:30 EET. USD - FOMC member Rafael Bostic will give a speech
GBPUSD:
GBP/USD remains under selling pressure near 1.2540 after rebounding from the 2024...
This is a quick overview of the currency pairs.
We had a busy day of important Economic News and reports yesterday, so we should anticipate a reaction to that news.
Hello traders, with CPI data coming out in less than 4 hours, let us take a look at the
4H chart of GBP/USD.
The situation on the 4H chart is definitely bullish as price has bounced off the 1.2540
support level and currently it is consolidating above the 100 period moving average.
However, spikes or dips during CPI can not be ruled out.
So, is there is a dip...
GBPUSD can have a big retracement to 0.5 Fibonacci level from where we can short it. At the level there was previously a lot of volume and anchored VWAP also gives us another confluence. Following the bearish trend we could expect major downward momentum from this level.
GBPUSD trying to recover from yesterday’s fall, but it is now forming a bear-flag pattern. Is this a signal for continuation of downward movement?
Let’s wait and see. No action for now
Based on the H1 chart analysis, we can see that the price is rising toward our sell entry at 1.2613, which is a pullback resistance that aligns with the 50% Fibo retracement.
Our take profit will be at 1.2562, a swing-low support level.
The stop loss will be placed at 1.2671, a pullback resistance level
High Risk Investment Warning
Trading Forex/CFDs on...
If one would have checked the recent flightlogs of the GBP performance he might have been astounded what he would discover:
GBP emerges from the first trading week of the year as the strongest currency and the signs look great for a further rally of the pound:
🟢GBP Positive:🟢
- 🟢 The PMIs in the UK have recently surprised on the upside and so there is light...
GBPUSD is rising toward the pivot point and could potentially fall to a support level that closes to the 127.2% Fibonacci extension
Alternatively, if price breaks above the pivot, it could continue to rise to the next resistance level
Pivot: 1.2588
Support: 1.2500
Resistance: 1.2670
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your...
GU has presented itself a rejection and could possibly move up to the highlighted area or the 50 Fib ratio. RR is great and PA has already showed sign of Bullish momentum building up. Adjust SL and TP to suit market conditions. ALWAYS USE PROPER RISK MANAGEMENT
in D & H4 TF, Price retrace back to Daily Horizontal Level (Resistance broken). In H1, Price was consolidating at the horizontal level. As price broken through the consolidation and close about it in M15, i decided to take a long trade targeting the next H4 swing high R:R 1: 5.5 waiting for price to pull back and take off.
finally seeing the Bearishness we've been looking for. I think it will continue from here. Might get a pull back for entry but I would not be surprised if it does not give it.
Price is currently at a support level, which is a pullback support level, and could reverse from this level to our take profit.
Entry: 1.25234
Why we like it:
There is a pullback support level
Stop loss: 1.24481
Why we like it:
There is a pullback support level
Take profit: 1.25932
Why we like it:
There is an overlap resistance level which aligns with the 38.2%...
The pound started the week with a slight bullish tone against the US dollar. This increase was favored by a slightly weaker dollar, accompanied by a moderate risk appetite in the market. This scenario allowed the pair to extend its recovery from the lows recorded after the Nonfarm Payrolls (NFP) report, bringing it back towards the 1.2600 level.
Positive...
