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Britishpound

GBPAUD - Potential Break and RetestI have been monitoring this pair for a while now for confirmation that it's bullish trend is over. Here we see price has broken the current support level which it has held for a week now. The cause being a positive result for AUD on this mornings RBA interest rate decision. GBP has shown strength at the start of the london session, I hope we will now see a reversal at the retest zone, for which I will await a bearish confirmation candle to confirm a break and retest of the prior support, and a continuation downward. Let's see how this plays out! ONLY if we see a solid rejection here will I be interested in shorting this pair. If so, I will look to target the 1.87 psychological level which appears to be an area of prior resistance-turned-support.
Short
by MMQ_FX
3
GBP/USD: Test the support againThe British Pound is now close to its support vs the US dollar FX:GBPUSD The British pound does not appear to be recovering against the US dollar and appears to be expecting another round of declines of a few days. Alternatively, an upside break of the 1.3845 resistance line will confirm the bullish chart pattern with an initial rise targeting late June’s top of the 1.4000 thresholds. Any further downside will be tested by the stated bullish formation’s support line, around 1.3730. During the fall, June’s low around 1.3785 may act as an intermediate halt. Economic Calendar (GMT Time) UK: Composite PMI: 8:30 am This report measures the activity level of purchasing managers in both sectors. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. UK: Services PMI: 8:30 am The report measures the activity level of purchasing managers in the services sector. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. EU: ECB President Lagarde Speaks 9:00 am As head of the ECB, which sets short-term interest rates, she has a major influence over the value of the euro. EU: ECB President Lagarde Speaks 11 am
by JohnGoldman1
GBPUSD, Developments In Channel, Wave To The Upside Incoming!Hello Traders Investors And Community, Welcome to this analysis about GBPUSD, we are looking at the 12-hour timeframe perspectives. GBPUSD in the last times is showing increased volatility within the structure between 1.37 and 1.425 level and as I discovered now is forming some quite interesting developments in the structure that can lead to an upside breakout to the up or downside sooner or later before that however the consolidation structure is firstly likely to move on till this final breakout can emerge. Therefore I detected the structural developments, the meaningful zones, and what we can expect. Structural Developments: As when looking at my chart we can watch there how GBPUSD has formed this main ascending-channel-formation within the structure. Besides that GBPUSD has the coherent wave-count within the channel with the waves A to D already completed and recently the wave D moving into the lower boundary of the channel again in which GBPUSD has still some solid supports lying together with the 260-EMA in red as well as 200-EMA in green. GBPUSD already bounced within this lower-boundary structure and showed some good volumes that can be the origin for further continuation and the wave E to form ahead in coming times. Upcoming Determinations: Taking all these factors into consideration GBPUSD is likely to continue with the wave E development the next time. This wave E will move on to test the upper ranges and especially the upper target zone which is also a dynamic distribution zone. The crucial part then will come with GBPUSD either staying in this upper range level or firstly pulling back, both directions can convert into an upside or downside breakout and for now, it is necessary to keep patient and elevate how GBPUSD approach this upper-boundary target zone to continue after that before rushing into final conclusions, it will be an interesting development ahead. In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day, and all the best! "Trading effectively is about assessing possibilities, not certainties." Information provided is only educational and should not be used to take action in the markets.
by VincePrince
7