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GBPUSD - To Break LowerGBPUSD H1: Lots of confluence on GBPUSD here points to a break lower. Here we have a rejection of the 4 hour descending TL (on the 4 hour chart this also lines up with a rejection of the 100 EMA) The bullish push on the last hour candle I believe is one last run up before price continues its decline. 1.38 is holding as an area of support but if this breaks I believe we will see sub-1.38 prices today. With 1.39 holding as such strong psychological resistance i am definitely in favour of further bearish movement. The short position tool added to my chart highlights an excellent R:R of 1:4 with the target being at the 1.37500 mid-psychological level. let's see how this plays out! Hopefully some USD strength on New York open can provide further momentum to reaching target.
Short
by MMQ_FX
GBPUSD H1 - Long SetupGBPUSD H1 The pair hit a high of 1.3898 yesterday after more hawkish remarks by BOE policymaker, Michael Saunders. Sellers tried testing waters just below 1.3800 earlier, with the low touching 1.3793 for a brief moment before a turnaround now to a session high of 1.3850. In the bigger picture, the BOE has been playing it slow with regards to normalising policy but if Saunders' remarks yesterday was a start and if there is some follow through, perhaps the pound can find more reasons to challenge for a move higher.
Long
by Trade_Simple_FX
GBPUSD Strategy WeeklyA very similar example here in GBPUSD: Sellers surrendering control; buyers are seeking to restrict the flows with a very bullish close above 1.390x. Both sides are now locked and loaded; Sellers are so compacted from the five months of consolidation (securing a breach of the top of the range is what we are tracking here). After the Daily and Weekly close above 6th July highs, the HH is in, and technical damage should have been done. Sellers have their blockades up at 1.402x/1.403x which is the next target (a poor entry and risk to reward if you are not already in from last week). I mean taking 1.402x/403x would make it very difficult for sellers to defend and also open an attack to the 1.425x highs. On the other hand, a breakdown of the range from sellers would mark a very aggressive high. Finding the correct side in these flows is of utmost importance. To recap as quickly as possible.... We are tracking for continuing pressure on the 'early' sellers, another squeeze with a final move back towards the 1.425x highs later in the year, before we see a lot of profit taking and capital flight back to USD in 2022.
Long
by ridethepig
4
WITH BULLS IN CONTROL, CABLE TARGETING ABOVE 1.40000With bulls now in control (temporarily), GBPUSD is likely to rally above 1.40000. First thing first, the pair must have a "good" bullish close above the high at 1.38988, else any rejection here will make the rally to 1.4000 a mirage. Then a decent pullback to re-test 1.38988 will be the catalyst to propel cable above 1.40000 - where sellers are waiting N.B - Let emotions and sentiments work for you -ALWAYS Use Proper Risk Management In Your Trades
Long
by BullBearMkt
GBPUSD - To Revisit June Lows?Lots of confluence pointing toward a decline on GBPUSD here. Here we see the rejection of the identified resistance area, in line with the downward trendline. Price is holding well under the 200 EMA also. Price action on the last hourly candle also infers a reversal. I don't really like this pair due to both GBP and USD being two dominant currencies - I find the fundamentals hard to predict! But here I think the technicals line up nicely for a sell off. Stop loss can be placed above resistance at around 1.39400. I'll set TP at the 1.38000 psychological level. Nice R:R, let's see how it plays out! Let's watch out for 1.38800-600 though as this could be an area of struggle.
Short
by MMQ_FX
4