the momentum is strong expecting more upside
the pair just broke and closed above the neck line of
a head & shoulder and should continue the 5th wave to test the top
at 1.2092 with a break should target 50% fib (from 1.3993 to 1.0372) at 1.2167
pay attention to price action at 1.1975 to 1.2032 and if
we see rejection at this area then the pair is
the pair created a bearish sideways for 4 weeks and
was not able to break 1.3337 therefore i am
expecting to break the strong support at 1.3027
and continue to next support at 1.2773
therefore i will sell any rally on this pair
sooner or latter expecting this pair to
break below 1.1905
bearish price action will continue most likely
looking to sell now with small position
if price correct higher then 149.90 will be good place
to add one more position
expecting retest at 146.96 as target 1
with a break looking for target 2 at 144.50
next target at 1.1423 (0.382 fib )
expecting a bounce at this level before
continuing to the main target at 1.1220 (0.50% fib)
and head & shoulder final target
any correction higher will be meat with sellers.
GBP/USD's strong rally last week and firm break of 1.3444 resistance is taken as a sign of larger trend reversal. Initial bias remains on the upside this week for medium term 1.3835 support turned resistance next. On the downside, below 1.3522 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
the pair broke...
broke 108.00 - 108.12 support zone .now it will resume the decline from 118.65. Next target will be 61.8% fib from 98.97 to 118.65 at 106.48.
only above 111.1 will change the outlook.
overall the pair is correcting lower and i am expecting the slide to continue between 101.13 to 103.12 to Finnish the bullish pattern
and start of strong move to the upside.
i am expecting 1.1535 to com soon
i posted my view on this pair back on July 9
if you are short on this on then stay short and keep
adding more positions on corrections all the
way down to 1.1550
will continue to rally this week next target 1.3267
expecting a break higher to confirm more upside.
my final target on this pair is 1.3435 were i will be looking to
sell this pair strongly to the downside. do not forget this pair is
only correcting higher. on weekly and monthly chart you can
see the strong impulse is to the downside.
eurgbp has more downside to 0.90 area. Sustained break below will continue to 0.8925 (38.2 fib from 0.8312 to 0.9306) i am expecting bounce at that level
and if it will break above 0.9202 resistance then the up trend will continue to the next target at 0.9306 and higher.