Weekly Timeframe: The GBP/USD pair sold off heavily last week, consequently forcing price to close below a weekly resistance flip level seen at 1.57166 and trade directly into a strong area of weekly demand coming in at 1.54260-1.56110. Should we be looking for buying opportunities around here early this week?
Daily Timeframe: The daily timeframe shows that the...
Weekly Timeframe: The weekly timeframe shows that the USD/JPY continues to rally after price broke above a major weekly supply area last week seen at 114.650-112.530. We feel that there is a good chance this rally will continue until price reaches a weekly supply area coming in at 117.931-116.799. It will be interesting to see what the lower timeframes...
Weekly Timeframe: Buying interest is currently being seen off of a weekly Quasimodo support level at 0.85769. This comes after price had closed below a major weekly demand area at 0.86591-0.88247 last week. If follow-through buying is seen, prices could potentially test 0.88874, a weekly support flip level. Let’s see what we can find on the lower...
Weekly Timeframe: The sellers continue to dominate the British pound which has consequently seen price forced south towards a weekly resistance flip level coming in at 1.57166. It will be interesting to see what the lower timeframes have to say about this.
Daily Timeframe: The daily timeframe shows that price has successfully consumed the daily demand area seen...
Weekly Timeframe: The weekly timeframe shows that a small reaction is currently being seen off of a combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866. In the event that further buying ensues from here, price could potentially hit the weekly support flip level coming in at 1.27541.
Daily Timeframe: Thanks to the daily timeframe, we know...
Weekly Timeframe: The weekly timeframe shows that price seems to have retested the medium-term weekly high 1.12775 as support. It will be interesting to see what the lower-timeframe price action looks like, as this level could provide a nice base to buy into this market targeting the weekly supply area seen above at 1.17225-1.15417.
Daily Timeframe: The daily...
Weekly Timeframe: For anyone who bought based off of the bullish weekly pin-bar candle that broke through the weekly demand area at 1156.70-1194.45 last week will likely be in serious drawdown now. Let’s take a look on the lower timeframes to see what’s happening.
Daily Timeframe: For anyone who read Monday’s analysis of this pair, you would have likely resisted...
Weekly Timeframe: Buying interest is currently being seen on the weekly timeframe. This comes after price had spiked through a major weekly demand area at 1.58533-1.60157 last week. Assuming that this is indeed a fakeout, a move to the upside could potentially be seen up to the 1.61837-1.60856 area (weekly supply). Let’s see what the lower timeframes have to...
Weekly Timeframe: The weekly timeframe shows that a reaction is being seen off of a combined weekly demand/Quasimodo support area seen at 1.22403-1.24420/1.22866. In the event that further buying is seen from here, we see very little in the way stopping prices from hitting the weekly support flip level coming in at 1.27541.
Daily Timeframe: Thanks to the daily...
Weekly Timeframe: The weekly timeframe shows that price has beautifully faked below a weekly demand area at 1156.70-1194.45 into a small weekly decision-point demand level coming in at 1136.30. As a consequence this has formed a fantastic-looking bullish pin-bar candle. Should we all being buying now expecting prices to trade directly to 1244.08? Let’s take a look...
Weekly Timeframe: It was mentioned in the previous analysis that if price were to close above the medium-term weekly high at 1.12775, then this would likely confirm that higher prices may be seen up to a fresh weekly supply area coming in at 1.17225-1.15417. As we can all see, price did indeed close above this level, but look at the size of that selling wick that...
Weekly Timeframe: The weekly timeframe shows that price has aggressively broken below a weekly demand area coming in at 0.86591-0.88247, forcing the market to close the week at 0.86324. Assuming that further selling is seen from here, we can likely expect price to test the huge weekly demand area looming below at 0.80646-0.84601 either this week or the next. Let’s...
Weekly Timeframe: Last week saw the British pound take a tumble resulting in the weekly demand area seen at 1.58533-1.60157 being broken. This move potentially opens the gates for price to challenge 1.57166, a strong-looking weekly resistance flip level. That being said, we have to take into consideration the fact that price did not actually close below this...
Weekly Timeframe: The weekly timeframe shows that after two weeks of consecutive selling, buying interest may be coming into the market, as a weekly indecision candle formed last week around a combined weekly demand/Quasimodo support area seen at 1.22403-1.24420/1.22866. Assuming that further buying is indeed seen here, price could possibly trade all the way back...
Weekly Timeframe: The weekly timeframe still shows price is capped between a weekly supply area coming in at 0.98378-0.95895, and a weekly resistance flip level seen at 0.94546. With that being said, at the time of writing most of the trading action is taking place within the aforementioned weekly supply area with the buyers seen in overall control.
Daily...
Weekly Timeframe: The weekly timeframe shows that price is currently trading above the medium-term weekly high 1.12775. Ultimately, we would like to see the current weekly candle firmly close above this level, as this would likely confirm that higher prices may be seen up to around a weekly supply area coming in at 1.17225-1.15417.
Daily Timeframe: Price is...
Weekly Timeframe: The weekly timeframe shows that the Euro is being sold against the U.S Dollar. As a consequence this is forcing prices deeper into a combined weekly demand/Quasimodo support area coming in at 1.22403-1.24420/1.22866.
Daily Timeframe: Daily demand coming in at 1.22462-1.25616 has been well and truly consumed, which as a result attracted further...
Weekly Timeframe: For the past four weeks now price has been seen trading around a weekly demand area coming in at 1.58533-1.60157. As far as buying is concerned, we are a bit cautious as there has been very little ‘convincing’ interest shown by the buyers within these four weeks of trading. In fact, we would go as far to say that the GBP/USD looks a right mess...
