GBP USD update trade failed triple top?
Updated
Hello traders and analysts,
Here is our take on GBP USD - the trade is active, with FX it is a moving target so we will look for an additional entry upon a nice wick rejection.
COT report:
Long Short Total %Long %Short
GBP
AVG 13 31,932 47,607 79,538 41% 59%
AVG 20 42,237 43,334 85,572 49% 51%
AVG 130 43,170 69,339 112,509 41% 59%
USD
20,233 10,666 30,899 65% 35%
20,926 11,028 31,954 65% 35%
34,840 17,550 52,390 67% 33%
Technicals:
We have a good opportunity here to break the trendline as the triple top formation failed with heavy resistance at 1.265XX
There is bullish sentiment on the 4hour, but daily we can still a nice range here - it is shaking out alot of investors which is good for liquidity grabs and flow of funds between the players.
We are playing the supply and demand here between bulls and bears. This is all that matters.
for this trade however we are in short.
Add sell positions if a fakeout of the retest of the breakout to create a lower low.
Fundamentals
Coronavirus in the EU and UK - both showing cases in respective countries,
Euro stimulus package has not been agreed so can show signs of strength of GBP if this fails to transpire.
Brexit talks - will send the pound with huge strength once a deal is reached - inverse will send EUR to almost parity if talks end and no deal is reached
Keep a watch for manufacturing orders in Germany and any causes for concern within France, Italy, Germany and Spain which can drag data components down.
Vaccination attempts to drive market sentiment.
USD safehaven upon tensions between HK move on China vs USA debate.
USA - cases in multiple states are high risk, the disconnect is unbelievable.
Why follow us?
Updates on our pairs as and when we can.
Swing trade out looks
10 years combined experience in capital markets
simple breakdowns for beginners to advanced .
KISS - keep it simple stupid.
we trade purely from naked charts, less indicators - remove the noise.
If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.
Thanks,
Team Lupa
Here is our take on GBP USD - the trade is active, with FX it is a moving target so we will look for an additional entry upon a nice wick rejection.
COT report:
Long Short Total %Long %Short
GBP
AVG 13 31,932 47,607 79,538 41% 59%
AVG 20 42,237 43,334 85,572 49% 51%
AVG 130 43,170 69,339 112,509 41% 59%
USD
20,233 10,666 30,899 65% 35%
20,926 11,028 31,954 65% 35%
34,840 17,550 52,390 67% 33%
Technicals:
We have a good opportunity here to break the trendline as the triple top formation failed with heavy resistance at 1.265XX
There is bullish sentiment on the 4hour, but daily we can still a nice range here - it is shaking out alot of investors which is good for liquidity grabs and flow of funds between the players.
We are playing the supply and demand here between bulls and bears. This is all that matters.
for this trade however we are in short.
Add sell positions if a fakeout of the retest of the breakout to create a lower low.
Fundamentals
Coronavirus in the EU and UK - both showing cases in respective countries,
Euro stimulus package has not been agreed so can show signs of strength of GBP if this fails to transpire.
Brexit talks - will send the pound with huge strength once a deal is reached - inverse will send EUR to almost parity if talks end and no deal is reached
Keep a watch for manufacturing orders in Germany and any causes for concern within France, Italy, Germany and Spain which can drag data components down.
Vaccination attempts to drive market sentiment.
USD safehaven upon tensions between HK move on China vs USA debate.
USA - cases in multiple states are high risk, the disconnect is unbelievable.
Why follow us?
Updates on our pairs as and when we can.
Swing trade out looks
10 years combined experience in capital markets
simple breakdowns for beginners to advanced .
KISS - keep it simple stupid.
we trade purely from naked charts, less indicators - remove the noise.
If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.
Thanks,
Team Lupa
Note
trade 1 is closed in profit - took profit before our target +65pipsTrade 2 still open, until the next retest and sign of rejection, risk free so if price reverses, allow enough pips for slippage and fees
Trade active
Trade closed manually
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