After the strong rally in june the losses posted by pound were sharp last week, the escalating crisis over Greece crisis is weighing on the pound, as the UK has close economic and political ties with the continent.
It looks like GBPUSD is building up a H&S pattern on the daily chart. 1.55 is Psychological level and did act as a resistance in the past, We can also find more clues by looking left on the structure and MA200 can also act as a resistance to make this happen.
Expecting trend continuation, EURUSD is likely going to get rejected from this level again and traders are just looking for a excuse to buy dxy so if we get any good news for usd we know what will happen.
So finally my channel is now broken and i am expecting this decline to resume toward 1.5340-1.5240 area. I am not going to buy this pair right now instead i will wait and look for a opportunity around 1..5340-1.5240 to buy it.
This is similar to my previous GBPUSD short trade which turned out to be good one. This looks like a nice channel so now i will take my chances and enter long, however i will switch side or stay away if this breaks below
This can retrace or touch the bottom of that trendline however i took a short at 96.50 and i am still holding it. Lets see what do we have for this pair in next few days.I am expecting a move toward 93.50.
Ok so i've seen this kind of pattern before when i lost alot of money but anyway by looking at this chart i think EUR will make a new low if it breaks that support which is likely becuase most of the people will enter for long positions here just because they think that last time EUR bounced from this point but ...