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FX CHART OF THE DAY: MEAN REVERTION DOWN RISK ON GBPUSDGBPUSD is trading close to the 1st standard deviation from weekly (120-h) mean, but it has no slope. Volatility is not expanding (measured by 3.2 standard deviations from weekly mean) and is also flat. Thus there is not enough slope/expansion to show probability of trend - the Cable is likely to revert to the mean. Traders can pick shorts at or close to the upper 1st standard deviation (at 1.5610) with stop above recent highs (1.5665) and target at the weekly mean (1.5550) Traders should also mind US calendar news coming out 12-30 GMT
Short
by Killy_Mel
GBP vs USD Range Trade OpportunityI am suggesting a trading opportunity for the GBP vs USD. Today we had major news with the USD which affected the price. Price had been sitting inside of a range or a bullish channel before the news this morning. The news event took the price outside of the range channel which is located at 1.56897 top of range and 1.54905 at the bottom of the range. We had a very big H-4 Pin Bar Rejection right outside of the bottom of the range as price is now trying to correct itself after the news event. The correction and rejection occurred at 1.54941 which is also a support level. I have shown the entry and SL levels on the chart along with a possible take profit level. I feel that the price is going to continue following what it was doing before the news event and stay within the range due to the fact that price has rejected going outside of the range even with the news and also August being a month of failed breakouts due to less market volume. Check me out at www.fxatoneglance and Traders good luck and have a great weekend. God bless!
Long
by ChaosTrader63
1
GBP/USD Bearish Wedge Back on Track after BoE, NFPsThis is a follow up and an expansion on our GBPUSD chart posted last week (see link to related ideas below). The recent rejection of $1.5660/1.5700 has resulted in a loss of the uptrend from the July 8, 9, and 24 lows. In context of the potential longer-term pattern - a bearish rising wedge that commenced with the break in price on July 7 and subsequent rejection of wedge TL support as resistance on July 15 - it looks like the next leg lower in GBPUSD is beginning. The key level to watch into the end of the week is ~$1.5460, the swing low in the countertrend rally on July 24. A weekly close below this level would offer a confirmation signal for a move lower (further supported by H4 and daily indicators spilling over into bearish territory). Key levels lower to watch come in at ~$1.5315 and ~$1.5160. Bears may find risk contained to $1.5635, the pre-BoE "Super Thursday" high in price on August 6. Still, with resistance having established itself in the $1.5660/1.5700 area (as noted in the chart from last week), gains may be difficult to come by on the long side; the path of least resistance is lower.
Short
by CVecchioFX3e
2
GBPCAD Uptrend not powerful enough to continueI apologize for the disorganized appearance of this chart. The Red lines indicate times when the price reacted to the Fib Speed Resistance Arc. This blue line Represents a mirrored version of price action from mid 2004 to mid 2010. Due to its reactions to the fib levels in the recent past and the 10 year resistance level it is likely that GBPCAD does not have the strength to penetrate that level at this time. Feel free to leave your thoughts and comments. Happy Trading!
Short
by IceTrading
GBPUSD Technical Analysis: Long Position Triggered;Talking Points: GBPUSD Technical Strategy : Bullish Support: 1.5475, 1,5357, 1.5250 Resistance: 1.5635, 1.5675, 1.5780 GBPUSD had a beating from BOE, but we still believe there is one pending leg up before it’s turn bearish. Currently pair broken bullish daily trendline but supported by bearish weekly trendline. We are expecting range trading between 1.5780 & 1.5500. Breaking below 1.5475 can find support at 1.5375. While above 1.5640 can open door towards 1.5780. On Elliottwave view, we are holding temporary bullish view as part of correction label of wave (w)-(x)-(y) as part of flat correction. Our primary target will be 1.5780, while daily close above the bearish channel at 1.5640 will boost our confidence. Our long from 1.5485 triggered and for primary target for 1.5780. Once, we reach our first target, we will close half position and leave half for more momentary gain. To receive instance trade update and analysis in your mailbox, please subscribe us for risk free 15 days trial by sending mail to hoagtrading@gmail.com
Long
by Hoag
GBP/USD Accelerates higher on weak ADP reportEmployment in the US private sector disappointed last month, shattering hopes that the Fed will raise interest rates in September. The number of employees increased by 185,000 in July compared to the 229,000 booked in June, according to ADP. On Friday, the non-farm payroll report will provide further hints of labor market development, with analysts expecting a gain of 220,000 people added to the workforce, while the unemployment rate should stay intact at 5.3%. The news spurred US Dollar sell-off with GBPUSD trading near session highs at 1.5646. Technically, there is an Inverse Head&Shoulders pattern developing. Its right shoulder took the form of a 'bear trap', which adds to British Pound strength. Please, mind the heavy event risk on Thursday. The Bank of England meeting will be closely watched following a series of comments from MPC members, including Governor Carney, that the first rate hike since the crisis is moving closer. In conjunction with Thursday’s interest rate decision, for the first time we also have the simultaneous release of the MPC meeting minutes and August Quarterly Inflation Report, followed by a press conference. This deluge of information flow has been dubbed 'Super Thursday' among analysts.
by Nickonomics
FX CHART OF THE DAY: GBP MEAN REVERTION DOWNWARDS IN PROGRESSGBP has recently broke down inside the 1st st deviation from weekly (120-hour) mean. There is high chance of price tagging the mean now amid compressing volatility. Traders can catch up with it by shorting (preferably closer to the 1st st deviation @ 1.5635) in view of price falling to its weekly (120-hour) mean @ 1.5595 However traders willing to jump into the move should also put a stop above the relevant highs (@ 1.5680), despite the fact that the stop level is far away upwards from the price. /// Please mind volatile calendar news due today on the pair: at 8-30 and 14-00 GMT!
Short
by Killy_Mel
GBPAUD LONG LOOKING FOR A BUYING OPPORTUNITY AT MY BUY ZONE WHICH IS IN CONFLUENCE WITH A FIB LEVEL AND A 3RD TOUCH OF THE TREND LINE. A BREAK OF THIS BUY ZONE WILL LEAD DOWN TO MY NEXT BUY ZONE. FUNDAMENTALLY THIS TRADE IS ONLY GOING IN ONE DIRECTION IN THE LONG TERM BECAUSE THE BOE (BANK OF ENGLAND) STATED THAT THEY ARE CLOSER TO RAISING RATES WHICH IS EXPECTED TO BE THE END OF THIS YEAR OR IN THE BEGINNING OF 2016 WHICH LEAVES GBP THE SECOND STRONGEST CURRENCY AFTER THE DOLLAR.ON THE FLIP SIDE AUD IS BEARISH ALONG SIDE THE OTHER COMMODITY CURRENCIES SUCH AS CAD AND NZD. CHINA SITUATION IS ALSO WEIGHING DOWN AUD. FIRST TARGET AT SWING HIGH/2.12000
Long
by remelthomas
GBPAUD: Hopping On The Bullish Trend Could be the Perfect StormThe radar is light once again with only a few pairs (including yesterday’s NZDUSD idea) still in my sights, but this opportunity on GBPAUD looks like a pretty good potential. GBPAUD has driven straight up since…well early 2013 & although the momentum seems to be slowing down, there’s absolutely nothing on the charts as of yet that says we’re going to stop anytime soon. When trying to hop on a bullish trend I look for reasons to buy on the pullbacks & in this scenario I’ve got a deep Gartley pattern coming in right at our previous structure lows. Add to that, on the fundamental side of things GBP has been one of the strongest pairs with BOE expected rate hikes anytime from December ’15-March ’16 while Aussie may be cutting rates. Last week I was able to catch the perfect storm on USDCAD (Video: www.youtube.com) we’ll see if we can do the same this week. News wise we have AUD CPI out tonight at 9:30pm NY Time & A Bank rate Vote for the GBP out Wednesday morning at 4:30am NY Time. A BIG THANK YOU for the massive response you guys gave me after listening to my interview with Brandon Clay from www.TradingStory.com I had a lot of fun doing it and I’m glad it was informative. I’ll put the link below for anyone that didn’t get a chance to check it out. Also don’t forget about that Syndicate special deal we have going on. Take advantage of it before it’s too late. Interview w/ Trading Story tradingstory.com Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / My Videos: www.youtube.com
Long
by Akil_Stokes
20
GBPUSD: 1HR Potential Bullish Bat & Cypher PatternsTwo potential patterns here on the Cable this morning. A potential bullish bat pattern in blue and a potential bullish cypher pattern in pink. Both should be tradable unless you’re using a massive stop loss for the bat pattern. In that case it’s best to choose one over the other beforehand so that you don’t get yourself into a potential revenge trading situation. Obviously make sure you follow your rules as far as what you trade and how much you’re allowed to risk per trade. I know for me the cypher pattern doesn’t meet those standards so if price action moves down there I’ll need to look for an alternate reason for entry. Most likely using the CTS or Combined Technical Score type of analysis (a point system/checklist for evaluating trades). Something to keep in is that this is a very heavy news day with USD & CAD CPI releases at 8:30am Also the Michigan report as well at 10am. If you didn’t catch it last night here’s a link to my Weekend Review video, where I review where I walk you through the USDCAD trade from earlier in the week as well as discuss what I believe are the best times, days & months to trade. I’ve set out a goal to reach 10,000 subscribers by the end of summer so it would be MASSIVE if you guys should help me out by subscribing to my channel and spreading the word. *I apologize for the ads in this week’s video but that’s what they do when you use actual songs instead of free youtube music I guess* “A Controversial Trade/The Best Time to Trade” www.youtube.com Anyway have a great end of the week and an even better weekend! Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
9