GBPUSD forecast for this weekThe British pound edged above $1.12 recouping some losses from the previous session The Bank of England’s emergency bond-buying scheme, which was used to cover pension funds caught up in the market chaos sparked by the tax cuts announced last month, I think by Wed or Thursdays we will see price starting to fallin we are monitoring GBPUSD for a selling opportunity around 1.14500 and 1.16500 zone, once we will receive any bearish confirmation the trade will be executed!
free to ask any question in comments
BXY
BXY ANALYSISThe falling wedge pattern can be seen here. upwards breakout was given, but the price came back to retest the breakout region.
Price made a double top, and double bottom, after which it broke its support.
if it bounces back then one can say that it will go towards its target, if the bounce fails then it will go down in the wedge again.
*News: Winters will be tough for UK/Europe. gas shortage, and increasing inflation. I think the price will go down.
BXYBXY weekly might have a bearish closure as this morning star pattern have appeared, most of the time the next candle is usually bearish (70% of the times ish). This bearish candle might hit 121.85 area before a continuation and hit the psychological level 130.00. Clean level with good res/sup history. Overall BXY bearish, but a such big retracement could appear.
!Do your own research too!
BXY Finished or Not? We can make a case here that this correction might be done but at the same time, I don't have enough data to back that up.
If we get an impulsive reaction out of here on the lower degree then I'll be more confident in that case, if not I am looking for another leg down into the Daily Support area which coincides with the Golden Zone.
BXY- GBP Currency Index Previous Monthly Candle was a huge Bearish move. Not expecting for price to shoot up.
Expecting more of a price continuation.
Daily Fib currently around 23.6%
4H Showing resistance and Sell candles forming.
If Pound drops it will go hand in hand with GBPJPY Analysis. See related Ideas
BXY at a Critical AreaBXY (British Pound Currency Index) 1W & 1D:
The British Pound Currency Index has been trending to the upside since the beginning of the year. The trend is strong, moving in a classic Higher-High and Higher-Low structure.
The BXY is respecting an ascending trendline from the weekly perspective, and we are currently seeing a minor pullback towards it. We expect BXY to respect the trendline and continue bullish with the trend heading towards our next S/R area.
BXY 1W:
On the daily timeframe, the market structure of BXY is showing signs of strength. We have the ascending trendline acting as support, which has been retested three times previously, confirming its strength.
Recently, the BXY has been ranging inside a corrective descending parallel channel structure since the 25th of February 2021. Moreover, the price has bounced from the bottom of the parallel channel, and it was also rejected from the 50% retracement level. We are now in a critical area, which is highlighted in a red triangle on the chart.
Suppose the BXY manages to break above the 50% retracement level. It will confirm that the corrective downside move has ended, and there is a higher probability of bullish continuation.
However, suppose BXY manages to break below the ascending trendline and closes a daily candle below the 0% fib level. In that case, we can expect the index to meltdown towards the EQ line, which confluences with the -27.20% fib level extension. Shall the BXY continue the bearish momentum. We can expect it to drop towards our S/R area (133.00 - 134.00), which also confluences with both the -61.80% fib level extension and the lower trendline of the descending parallel channel.
Analyzing market sentiment data, it is evident that dumb money (retailers) are heavily shorting the GBP, which indicates that the market will move in the opposite direction. As it has always been the case historically.
BXY 1D:
BXY In A Bullish Wedge After Test Of Support The Pound index forming a bullish wedge on the daily chart after retesting support. Front running bulls have already entered low-risk trades tight on support but will the pattern hold? As a bull myself in the long-term, I am focused more on upside potential than downside; although downward moves are key to entering long. It may not happen now, but I am anticipating a break of this pattern following some good herd immunity news from the UK. London has also the mayoral vote in the coming months which will also have some impact on London stocks, and no doubt some pound forex too.
- Buy at support
- Buy low
- Keep a tight and well-managed stop loss
- Targets above at resistance levels
- Hold for a break near the apex
Potential Reversal zoneThe Pound has been very bullish over the last couple of weeks but it has hit a major resistance level the has been consistent for several weeks.
I expect the pound to test this area with fakeouts before revealing its true direction
I would only test and scalp the pound for a short time interval until a more clear direction emerges
GBPUSD - 1.33500 to hit today? Current trade outlook. DONT MISS.Market opened and wicked the area I had marked out to take my trade from. Looks as though it will be looking to rally towards the 1.335 level I had mentioned last week.
Another 0% drawdown entry.
Depending on the momentum throughout the rest of the day, may even extend TP to 1.339 level as that looks to be the next stop once TP1 has been reached.
1:7 RR = TP1
1:9 RR = TP2.
Good luck everyone.
DXY Inverted Head & Shoulder (4-hr) 00:31:26 (UTC) Fri Oct 16Inverted head and shoulder (bearish reversal pattern) printing on the 4-hr timeframe. This can be used with the previous confluence of the daily morning star that printed earlier this week, posted below. This will be used to take in direct alignment with trading for tomorrow's U.K. and U.S. session's.