This analysis is just an overview on whats going on, ik there isn't much analysis but let me break it down for you:
1. Has broken out of a larger trend which held for around 2 days
2. Created a bearish flag (on the 5 min) and now has broken out of it (Entry)
3. Rejected the 0.5 fib on the flag
Clear breakout and now we await the retest. We can see that its done a bullish engulfing candle on the 0.3.. fib so now we expect a slight rise before a much bigger drop.
Be aware depending on the gap this analysis can easily be invalidated.
Time for GBPUSD to go back to where it belongs
1. Hammer Candle (Potential Bullish Engulfing Also)
2. Rejected off a zone which has held for over a Year
3. The RSI is very oversold after receiving heavy bearish pressure
GBPUSD had major bullish pressure yesterday and has reached the top of the pennant. We could see this pennant break and head upwards with news such as Brexit coming into the fold. Brexit will be announced tomorrow and we will hopefully see more bullish pressure entering the market.
Gold has be sustaining bullish pressure for about 2 days now. What to expect for Gold is either a push from the top trend line of more retracement to the bottom trend line and then a heavy push upwards. Keep in mind the more Gold drops the volume it could produce on the reversal.
USDJPY has just broken a trend line on the 4H time frame. What to expect now is some retracement of USDJPY to enter the zone or retest the trend line and then drop again. If u missed this trade you *Might* be able to still enter.
Gold has just received heavy bullish pressure of about 80-90 pips today. If you missed my entry trade you might have another chance to enter again. Gold has just broken a trend line and now we are waiting for retracement back onto it. If the price enters the box i have placed then i would advise buying. If it touches the trend line and enters the box i would...
I have just noticed an inverted H&S on the hourly time frame which could help to think that GBPJPY will rise. Also with other trades such as GBPUSD expecting rise this should hopefully do also. With Brexit this Friday anything could happen with the GBP value.
After seeing Gold breakout of its flag it entered again and broke out once more with a retest. We can hopefully presume that gold will carry out its trend upwards. Also with news on the way (FOMC) Gold could hit up to 1600.
GBPUSD has just created a hammer candle on the 4H time frame which indicates that there could be a reversal from its previous bearish movements. Also as u can see its hit the zone of where there has been a lot of retracement so we look for this market so start reversing and heading upwards.
GOLD has just had major bearish movement and we still expect more drop. I will be looking for gold long entry positions at the trend line retest or the pink horizontal line. Keep in mind the more retracement gold has the more volume it can produce on the reversal.
GBPJPY has just touched a major trend line which has held for 5 months. This gives us reasoning to enter a long trade.
PLEASE KEEP IN MIND THE TP IS A LONG TERM TP.
You can TP where the blue rays are if your worried about your trade. Those are more short term.