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Britishpound

GBPCAD approaching a top. Sell opportunity.GBPCAD has been trading within a Channel Down pattern since the February 24 2021 High. That was the first of a series of Lower Highs. Right now the 1D RSI is approaching its multi-year Resistance level, same way the pair is approaching the top (Lower Highs trend-line) of the Channel Down. The very same RSI pattern has formed the Lower Highs within the Channel Down. We are turning bearish on this pair targeting just above the 1.236 Fibonacci extension at 1.65000. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Short
by TradingShot
1
GBPCHF Sell signal: Lower High and 1D MA200 rejectionGBPCHF has been trading within a Bearish Megaphone pattern almost since the start of 2021. At the moment it is trading sideways for more than a week in a row but even though it has tested the 1D MA200 (orange trend-line) on multiple occasions, it has failed to close a 1D candle above it and make a bullish break-out. On top of that, the 1D MA200 rejection, is also a Double Top rejection on the 1.26125 Resistance level. Also the 1D RSI is on Lower Highs, which that was the formation on the pairs last rejection at the top of the Megaphone on October 20 2021. The result of that Lower High top was a price dive to the 1.5 - 1.618 Fibonacci extension levels once the 0.5 level broke. At the moment the 0.5 Fib level is at 1.24455. If that breaks, I will take it as a sell signal with a 1.21000 target (within the 1.5 - 1.618 Fib extension zone). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Short
by TradingShot
Will Euro Reverse Against the British Pound Post ECB and BoE?Following a surprise hawkish pivot by the European Central Bank as the Bank of England raised rates to 0.50% from 0.25%, EUR/GBP rallied the most since April 2021 this week. With markets already pricing in an aggressive BoE, that may leave room for equivalent ECB bets to catch up ahead. That could leave EUR/GBP tilted higher. The pair also closed at the highest since late December, reinforcing the key 0.8277 - 0.8364 support zone that has been in play since 2016. Even though EUR/GBP has been aiming lower since 2020, a closer look reveals that the pair has been consolidating for over 5 years. This has created a large rectangle where the ceiling lays around 0.9270 - 0.9499. The latest bounce off the floor of the rectangle may open the door to extending gains given confirmation. That would prolong the pair's long-term range-bound trend. Immediate resistance appears to be the 78.6% Fibonacci retracement at 0.8538 before a potential falling trendline from 2020 may come into play. On the flip side, a close under the rectangle floor, with confirmation, may hint at ending consolidating, leaving the pair at risk of extending losses. FX_IDC:EURGBP
by QM_Dubrovsky
GBPJPY: Inside Bar Breakout 4-2-2022GBPJPY – SPOT GBPJPY: Inside Bar Breakout 4-2-2022 Price Action: Price exploded higher from the Inside Bar Breakout Pattern that had formed, earlier this week (We suggested buying the breakout above that pattern in the February 2nd LTTTM Newsletter). The recent Bearish Fakey Setup, failed (We did not consider trading this setup and hopefully saved some of you on this market). Potential Trade Idea: We are still considering buying if price pulls back to the current Inside Bar Breakout area.
Long
by UnknownUnicorn393254
1
British Pound Beating The Euro!When price approaches a level of support or resistance that has not been broken in years, we must take note because a huge trend usually follows a break of such levels. If we take a look at the consolidation zone for the EURGBP, it began from the October 2016 high at 0.9225. A low was then formed in April 2017 at 0.8297. Since then, price has mainly been trading within this price zone but it has spiked above and below the high and low several times since then. The last time the low was tagged by price was in February 2020 and price is making its way to the low once again. Unless a major decline happens today, being the last trading day for January, the breakdown, if there is any, may happen in February. We are not interested in the first breakdown of support as this may be a fake breakout. We would need to see a pullback to resistance then another breakdown below the consolidation zone. A pattern of lower lows and lower highs will confirm a bearish trend is in play. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
by Sublime_Trading