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Britishpound

GBPCAD Strong buy opportunity for the rest of the year.Back in February, which was our last GBPCAD idea, the pair was trading within a Channel Down that offered us an accurate sell trade: Since then, the pattern broke to the downside and the pair now sits at more than -9% from its February 21 High. This however gives a new high probability pattern on the long-term as both the price action on the 1D time-frame and the 1D RSI suggests that it may be replicating the sell-off sequence of May 06 2019 - August 09 2019. That fractal bottomed after dropping around -10.50%. If however the price enters the red Ichimoku Cloud first, it will turn into a sell opportunity on the spot. In that case you can use the Fibonacci retracement levels as shorter-term targets (see how those got systematically filled with Higher Highs during the 2019 recovery) but on the long run, we do expect the 1.7378 Resistance to get hit. Draw the Fibonacci levels from the -10.40% level if the price doesn't enter the Ichimoku first. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
5
Euro May Be Readying to Reverse Against British Pound Post BoEThe Euro may be readying to push higher against the British Pound in the aftermath of Thursday's Bank of England monetary policy announcement. There, it was revealed that two policymakers seemed further hiking as 'not appropriate'. EUR/GBP has been steadily falling since 2020, with recent months on the premise of a more hawkish BoE compared to the European Central Bank. This could be changing... EUR/GBP cleared a falling trendline from September, as well as taking out the March high. That has exposed November and September 2021 levels before the 0.8695 - 0.8731 resistance zone nears. FX_IDC:EURGBP
Long
by QM_Dubrovsky
GBPNZD Action plan depending on break-outsThe GBPNZD pair is currently under a rejection on the 1D MA200 (orange trend-line). Even though the 1D MA50 (blue trend-line) is the next Support, based on the correction of 2020, we are more likely to see the trend turn bearish again than bullish. As a result, our plan is to sell as long as the price doesn't close a 1D candle above the 0.618 Fibonacci retracement level (around 1.9850). The hard bearish target is the 2018 Higher Lows trend-line and if you want you may take the -0.236 Fibonacci extension (around 1.8300). A break above the 0.786 Fib though (2.015 roughly), invalidates the bearish bias and instead should create a new long-term bullish pattern towards the Higher Highs, with our target on that occassion beaing 2.1000. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
by TradingShot
3
GBP/AUD Downtrend May Resume on Wedge BreakoutThe Australian Dollar may resume gains against the British Pound following weakness since early April. GBP/AUD's bounce has been slowing, and now a breakout under a bearish Rising Wedge is in focus. Further downside confirmation could hint at downtrend resumption, placing the focus on the early-April low at 1.7175. Beyond that sits the 2018 and October 2017 low. This is as the 50-day Simple Moving Average could continue maintaining a broader downside bias, holding as resistance in the event of a turn higher. Otherwise, confirming a breakout above 1.7887 could precede further upside progress towards the March high. FX_IDC:GBPAUD
Short
by QM_Dubrovsky
1
GBPCHF Rejection on the 1D MA200. 1-month downtrend ahead.The GBPCHF pair got rejected yesterday on the 1D MA200 (orange trend-line) and today is on the strongest recent red 1D candle that is about to test the 1D MA50 (blue trend-line) as a Support. Basically, the Bearish Megaphone pattern I presented more than two months ago is still intact, hitting all targets: As you see, the price hasn't yet broken above the Lower Highs trend-line of the pattern and the new rejection on the 1D MA200 serves as the latest Lower High. A break below the 1D MA50 and potentially subsequent Lower Highs on the 1D RSI, should serve as confirmation of a test of the 1.21000 Support. That is our short-term target. Based on the previous Lower Low sequence, we can even see an extension towards the 2.0 Fibonacci level. That is currently at 1.1950. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
Short
by TradingShot
4