GBPJPY First 1D Golden Cross after 19 months. Strong BUY.The GBPJPY pair is forming today a Golden Cross on the 1D time-frame, the first such pattern in exactly 19 months (April 21 2023). Naturally this is a huge bullish signal alone, as technically the Golden Cross calls for upside action. But more specifically for this pair's price action, it indicates the high probability of an immediate aggressive push as the current formation is very similar to the April 2023 one.
As you can see, both were trading within a Channel Up up to the moment of the Golden Cross, having started after a 1W MA100 (red trend-line) test. The 1D CCI trading on Higher Lows below -100.00 (oversold) is a confirmation that the price Channel Up breaks aggressively to the upside.
The previous Golden Cross pushed the price just above the 3.0 Fibonacci extension, to a +18.40% rise. Throughout this time, the 1D MA50 (blue trend-line) was supporting the uptrend.
As a result, we turn long now on GBPJPY, targeting 215.000 (just above the 3.0 Fib extension).
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Britishpound
GBPUSD: Buy signal at the bottom of the Rising Wedge.GBPUSD is bearish on its 1D technical outlook (RSI = 34.906, MACD = -0.012, ADX = 45.336) as it almost reached the HL trendline of the Rising Wedge. The technical bottom should start forming now and with the RSI hitting the oversold limit (30.000) on Friday, we can claim that there is a significant upside behind this with limited risk. The similar bottom of October 3rd 2023 targeted initially the 0.618 Fibonacci level. That is our target this time also (TP = 1.03080).
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GBPNZD: Turning bearish if the 1D MA50 breaks.GBPNZD is neutral on its 1D technical outlook (RSI = 48.440, MACD = 0.004, ADX = 26.806), trading right over its 1D MA50. If broken, it will be the validation of the new bearish wave of the 1 year Channel Down. The 1D RSI is forming the very same Arc pattern as the May bearish wave. Upon validation, we will get short and aim for the 1D MA200, over the 0.786 Fibonacci level (TP = 2.12500).
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GBPUSD Start thinking of buying. Will find support soon.The GBPUSD pair couldn't have given us a better sell signal last time we looked into it (October 09, see chart below) as it broke first below the 1D MA50 (blue trend-line) then the Bullish Megaphone and is very close to our 1.2550 Target:
We are approaching the stage where selling becomes far riskier than buying as the pair is approaching the 0.786 Fibonacci retracement level, which on the September - October 2023 fractal (that has been the basis of our previous sell strategy), formed the bottom and initiated a Channel Up to the (orange) 0.618 Fib.
Even the 1D MACD indicates that we are probably a few days before this bottom is formed and will be confirmed with a Bullish Cross.
As a result, we are prepared to take this long and target 1.3100 (the 0.618 Fib).
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EURGBP Channel Down but short-term rebound expected.The EURGBP pair is trading within a 1-year Channel Down pattern since the November 16 2023 High. Three days ago the price made a Lower Low at the bottom of the pattern and rebounded. This was also on the 1.618 Fibonacci extension level, which based on the previous Bearish Leg, has high probabilities of sustaining a Bullish Leg.
Assuming the symmetry with January - April 2024 holds, we turn bullish now on this pair, targeting the 1D MA200 (orange trend-line) at 0.84375.
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GBPAUD: Strong buy opportunity for a final push.GBPAUD is neutral on its 1D technical outlook (RSI = 51.562, MACD = 0.005, ADX = 38.182) as the price has pulled back to the bottom of the bullish wave of the 1 year Channel Up. That is technically the final buy opportunity before the rally to the top of the Channel. All prior bullish waves made a rise of at least +4.46%. As long as the 1D MA50 supports, the top of the +4.46% range will be our target (TP = 1.99500).
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GBPJPY Channel Up driving the price to 210.000GBPJPY is trading inside a 1hour Channel Up.
The price is currently between the 1hour MA50 and MA200, consolidating after the most recent Higher Low on October 31st.
This is a technical buy opportunity directed towards the top of the Channel Up.
The last two bottom rallies rose by +3.15%. Buy and target 201.000 (+3.15%).
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GBPJPY SELLAs in our previous anylisis we had told that price will go for previous high to be touched and price had done the same and as market sentiment has changed price is moving in to bearish movment and we predict that price will return to its support level of 196 and lower than that so we are at a bearish run for today and tomorrow
GPBUSD Bearish Megaphone starting new wave.GBPUSD is trading inside a Bearish Megaphone for the past 30 trading days.
The price may now be supported by the 1hour MA50 but has formed the bearish formation it had on all prior tops under the Falling Resistance.
The 1hour RSI has formed a similar topping pattern.
As a result, this is a standard sell signal for the Bearish Megaphone.
All declines reached the 1.5 Fibonacci extension, so we can target at least the previous Low at 1.2850.
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GBP/NZD Hits Highest Level Since 2016: Is a Move Down Ahead?The GBP/NZD is currently testing its highest price in recent years, nearing the significant resistance level of 2.1900. This area has served as a notable barrier since 2016 and often sees increased selling interest. The price action in this zone, combined with the emergence of a harmonic pattern, suggests a potential reversal or correction. Furthermore, recent price movements, particularly the candles from October 30 and 31 breaking below the low of October 29, indicate rising bearish momentum, reinforcing the possibility of selling pressure in the near term.
Bat Harmonic Pattern Structure
A Bat harmonic pattern is developing in the GBP/NZD chart, providing additional reversal signals near historical resistance:
Point X: The starting point of the move, at a previous significant high.
Point A: The bottom of the initial correction.
Point B: The price retracement to the 38.2% level of the XA extension.
Point C: The second correction reaching 88.2% of the AB move.
Point D (Potential Reversal Zone): Near 2.1847, aligning with the 88.6% level of the XA extension and the resistance at 2.1900, indicating an optimal area for potential sell opportunities.
The Bat pattern suggests a crucial resistance level where buyers might struggle, especially considering the proximity to historical highs.
Price Action Analysis and Sell Signals
Recent price action further highlights selling interest:
Selling Pressure at Highs: The October 30 and 31 candles broke below the October 29 low, signalling possible exhaustion of the bullish trend and indicating increased seller interest. This behaviour raises warning signals for a potential short-to-medium-term reversal.
Potential Move Down Ahead
Given the convergence of the harmonic pattern and historical resistance, a short strategy is advisable between 2.1800 and 2.1900. Here are critical points to consider for GBP/NZD:
Potential Sell Zone : The resistance between 2.1800 and 2.1900 represents a prime short zone, combining the D point of the Bat with historical resistance.
Primary Target : The support around 2.1400 corresponds to the B region of the Bat formation, typically the first target when trading harmonic patterns.
Secondary Target : Should a breakout continue, the next significant support is near 2.1000, coinciding with the C level of the Bat formation.
Traders should remain cautious of any breaks above 2.1900, as this could indicate a breakout above a crucial resistance level on the daily chart.
Conclusion
The GBP/NZD pair is in a complex technical setup, presenting potential opportunities for short positions due to the confluence of the Bat harmonic pattern and the historical resistance at 2.1900. With signs of selling pressure evident in the recent price action, especially following the candles on October 30 and 31, traders should closely monitor this region as it may signal the onset of a correction.
Disclaimer:
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
Support test and possible ignition move in the EURGBP.EUR/GBP is sitting in a significant support area on the daily chart, marked by a descending trendline (which was broken in yesterday’s candle) and a horizontal level of support that comes all the way from 2022. Below are some key points about the pair at the moment:
Horizontal Support at Lowest time since 2022: The orange line on the chart marks a critical support area, coinciding with the lowest price recorded since 2022. This horizontal support suggests a strong turning point where sellers seem to be losing steam, which could indicate a possible reversal if the price remains above this level.
Bullish Engulfing Pattern: On September 30, in the daily chart a Bullish Engulfing pattern has recently formed after the price touched the support area. This pattern, characterized by a bullish candle completely engulfing the previous bearish candle, signals renewed interest from buyers and potential bullish momentum in the coming days
Break of downtrend line: On September 30th, EURGBP showed the beginning of a break of a downtrend line that has been in place since August 8th. This also indicates a potential increase in buying interest in this region.
Fibonacci Levels as Potential Targets: The 0.382 and 0.5 Fibonacci levels stand out as potential targets for an upward correction. The red zone near the 0.5 level (around 0.8460) is an important resistance point, which could serve as a target if the price maintains its recovery.
Resistance and Support: The orange line at the 0.8339 level represents a critical support zone. On the other hand, the region near 0.8460 (0.5 Fibonacci level) is a potential resistance and target for buyers if the bullish momentum continues.
Considering these factors, an upward move could occur if the price remains above the support, with a possible target for levels near 0.8460. Alternatively, a break below the horizontal support and the descending trendline could trigger renewed selling pressure, driving the price to lower levels.
Watch for NonFarm Payrolls (NFP) on Friday:
Traders interested in EUR/GBP should also keep an eye on the upcoming US NonFarm Payrolls (NFP) report, which is due out on Friday, November 1. This economic indicator affects the dollar directly, but it can also impact global market sentiment, influencing pairs such as EUR/GBP. A strong NFP reading could lead to an overall strengthening of the dollar, which could indirectly affect the euro and pound, while a weak reading could have the opposite effect.
Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested.
GBPUSD Channel Up emerging. Short term buy.GBPUSD recently broke to the upside the former Channel Down of October and a Channel Up emerged from it.
It already formed a Golden Cross (1h) today, technically a very bullish pattern.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 1.3035 (top of Channel Up)
Tips:
1. The RSI (4h) is on low enough levels again to justify a technical buy.
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GBPJPY: Medium term correction.GBPJPY is bullish on its 1D technical outlook (RSI = 59.018, MACD = 1.270, ADX = 45.334) but on a decreasing rate as the aggressive rise has taken a pause and the price, despite inside a Channel Up since August, has turned sideways since October 4th on the 4H MA50. We expect the bearish wave of the Channel Up to start any day now. Even though the previous targeted the 0.618 Fib, we will aim for the 0.5 this time (TP = 190.000) as the decline may start a little higher than the current price. Keep in mind that the best trigger to sell will be a 1D MACD Bearish Cross.
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GBPCAD Sell signal at the top of the Channel Up.The GBPCAD pair has been trading within a Channel Up for more than 1 year (since September 28 2023) and since September 30 2024 has been on Lower Highs. The last time we saw such a trend-line as on the April 16 2024 Lower High, after which a strong short-term rejection took place.
We expect a similar selling sequence to take place that should be contained however above the 1D MA200 (orange trend-line). Our Target is 1.77000 (Support 1).
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GBPJPY outlookAs we have seen last week the British pound vs Japanese Yen pair was in consolidation phase now in current week we are expecting a bullish move on the pair the reason why is the pair is in bullish trend in H1 in other confluences it has formed a Bullish flag to extent it can consolidate here and can fly also the confluence is the pair has completed its manipulation phase and now could distribute after a liquidity grab
GBPJPY Pull back signalGBPJPY is trading on a Channel Up but has turne sideways recently, indicating a potential top.
The last major formation has been a Death Cross (1d) and last time we had one was on January 17 2023.
The similarities between the two patterns are strong.
The MA200 (1d) is holding for now, if it breaks it will be the sell trigger for the trade.
Trading Plan:
1. Sell if the MA200 (1d) breaks.
Targets:
1. 188.600 (above the 0.786 Fib).
Tips:
1. The RSI (1d) is also trading inside a Channel Up and also portrays similar attributes as the 2023 fractal.
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GBPUSD has flattened the decline. Potential rebound ahead.GBPUSD is trading inside a Bullish Megaphone since the April 22nd low.
Typically it bottoms after the price crosses under the MA50 (1d), which it did last week.
Even though the bottom of the Megaphone is a bit lower, R/R suggests that those are solid buy entry levels.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 1.3670 (the 1.618 Fibonacci extension, where all 3 previous Highs were priced).
Tips:
1. The RSI (1d) has flattened and its MA trend line is approaching. A crossing will confirm the bullish signal.
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GBPJPY buyBritis pound vs Japanese Yen is has completed its downward 👇 rally now price is going towards its Support level first it will take support then will start rally upwards to its Resistance level as we can also see price is pretty much consolidating inside support and resistance level of 1H so we will be deciding its direction upwards as SMA 50 on 1H is showing its gj will go down so we will wait until break above of the range
GBPJPY Heading to the Channel's Top. Sell alert.The GBPJPY pair has been trading within a Channel Up pattern since the August 05 bottom. The price is above both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) and has already made a Higher High on September 27, which was immediately sold by the market.
Based on the previous peak formation of the Channel Up though, we could see a Double Top Higher High rejection in the coming days like the one on September 02. The 1D RSI made a Higher High also before the start of the September Bearish Leg, and right now it hasn't done so.
As a result, we will wait for a short opportunity a little higher and then target the 0.618 Fibonacci retracement level (like the September 11 Low) at 188.800.
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