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GBPUSD - live monthly Elliott PlotAs per plotting of the monthly in Advanced Get - we will update these ideas with weekly & daily plots. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
by Mayfair_Ventures
GBPUSD - Further DeclineI have been following GBPUSD's recent decline from the 1.38000 level over the past few weeks across various intra day positions. I am anticipating price to fall further toward the September low at the 1.34000 psychological, which is also it's lowest price since December 2020. I have entered another short position today following the retest of the 1.36 level, which i am hopeful can hold as resistance. Let's see how this plays out over the next few days and if our target can be reached.
Short
by MMQ_FX
1
GBP/USD May Test 1.3720 /1.3750 AgainGBP/USD Current price: 1.3770 Immediate resistance identifying @136.15. If we buy at the current price, our first target will be nearly 136.15 price zone. Breaking above 136.15 may open the door for the 137.20/137.50 price zone. It is descending channel resistance identifying @ 137.50/137.70 price zone. So, the market may go for correction from that level. as long as GBP/USD holds below 137.70/1.3800, it will be considered a downtrend. Double bottom is identifying nearly 1.3435 price zone. So, if the market forms a bearish pattern at the 1.375/1.3800 price zone, our sell market will be nearly at the 1.3435 price zone. But breaking above 1.3800, we should carry our buy trade. Then, the first target will be at the 138.50 price zone. And finally, breaking above 138.50, we should hold our buy trade till 139.80 to 1.4000 price zone.
Long
by Gold_Trading_Expert
GBP/USD Sell Opportunity As Long As Below 1.3800In the H4 chart, GBP/USD confirms breaks and is stable below the ascending trend line. However, technically it has started its downward trend. As the British government's proposals to tackle its record budget deficit and inflation have been outlined, it is unclear how Mr. Sunak will be able to tame both issues. The GBP/USD pair has lost strength in early European sessions on Wednesday as investors look for clues about what might come next from negotiating parties. At the same time, technical indicators point towards a bearish trend over the coming days or weeks. The mystery lies with these two major concerns and finding innovative solutions that appeal broadly across party lines after eight years of Tony Blair's Labour Party administration, during which time spending more than we earned resulted. Brexit has resulted in an "economic catastrophe" for the UK, said Thierry Breton. The Internal Market Commissioner of Europe added that they'd seen a lot of bad faith from Britain and predicted their exit would significantly impact all levels: economic, political, and social infrastructure. This is only getting more apparent with every passing day since article 50 was triggered last year. Technical View: As long GBP/USD is below 1.3800, it will consider as a downtrend. From the present rate, immediate resistance is identified at 1.3700. Breaking below, we should enter for sell, not before. Breaking below 1.3700, our first target is 1.3620, 2nd target to the downside is 1.3550, and the final target 1.3450. On the other hand, breaking above the 1.3800 downtrends will e invalid. So after breaking above 1.3800, GBP/USD may test the 1.3920/1.3950 price zone again.
Short
by Gold_Trading_Expert