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GBP (British Pound)

NEVER TRADE AGAINST THE TREND - GBP USD BREAKOUT REVERSALThis summary of the recent rally on the GBP USD highlighted the important rule of never trading against the main direction of the trend. The only exceptions to this rule are 1. Reversals at Major Resistance/Support Consolidation Boundaries of the Monthly, Weekly or Daily Charts. 2. Reversals at Major Resistance/Support Price Points of the Monthly, Weekly or Daily Charts. In the absence of any of these scenarios, trading in the general direction of the Daily Chart is always your better choice. As you can see, there was a recent attempt by the market to start a Bearish Breakout from the Consolidation on the 4 Hour Chart overnight but this was short-lived. This movement was taken out by the Sharp Bullish Rally this morning in reaction to the sterling-positive outlook from the Bank of England. Essentially, the Bank of England stated that inflation was expected to rise to 2% which in the context of the current global pandemic and economic downturn is a very positive outlook for the British Economy. Statements like these are always positive for the currency in question and so the natural reaction of the market was to buy the sterling. Even in the absence of this statement , the GBP USD was always going to rally because of the fact that the Outer Uptrend Line was still holding, despite the break of the Inner Uptrend Line. So as long as the momentum of the market is still Bullish, trading in favour of the GBP is going to be the better option. First Strategy. Trade the False Breakout Reversal to Resistance of the 4 Hour Pennant. Exit and wait. Second Strategy. Trade the Breakout above the Resistance when the Uptrend is confirmed.
by shepherdduane
1
GBPCHF Multi Time Frame analysis ( must watch) Hello traders , here's GBPCHF ANALYSIS . As you can see we have a continuation pattern structure. Make sure to check the entire video to understand the market structure. it looks like price in long-term is bullish if that's the case keep an eye into this potential trade, let me know in the comment section what do you think about this trade. Many reasons : potential order block, trendline structure breakout and retest , continuation to the upside pattern and also a strong risk on sentiment. We have a head ans shoulders daily area and also a strong demand level . KEPE THIS Level in mind because it's in correlation don't forget to follow and give a like :) let me know your point of view
Long
by AIRFOREXONE_
18
GBP/JPY, GBP/USD, GBP/CHF and EUR/GBP on watch for me today.GBP/JPY: • If price impulses down below the upper trend line of our most recent piece of structure and it does so in a convincing manner, then I'll be looking to get short with a reduced risk entry on the break of a subsequent tight one hour flag. • If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place this trade. GBP/USD: • If price pushes up to and ideally just above the upper ascending trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back down followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the flag. • If price only pushes up to and ideally just above the upper rayline of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back down below it followed by a tight flag and then I'll again be looking to get short with a reduced risk entry on the break of the flag. • If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place either of these trades. GBP/CHF: • If price pushes up to and ideally just above our upper trend line and the last part of the move is corrective, then I'll be looking to get short with a risk entry after a phase line break on either the fifteen minute or the one hour chart and using our upper, higher time frame rayline as a shield by hiding my stop loss above it. • If price pushes up impulsively to and ideally just above our upper trend line, then I'll be waiting for a convincing push back down followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the flag. • If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place either of these trades. EUR/GBP: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag. • If price only pushes down to our rayline then regardless of how it does so I'll again be waiting for a convincing impulse back up followed by a tight flag and then I'll again be looking to get long on the break of the flag. • If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place either of these trades.
by StewySongs
4
GBPCHF Multi Time Frame analysis ( must watch)Hello traders , here's GBPCHF ANALYSIS . As you can see we have a interesting scenario to keep in mind it looks like price in long-term is BULLISH but is about to reach an interesting demand area if that's the case keep an eye into this potential trade, let me know in the comment section what do you think about this trade. Many confluences : long term structure, 0.618 level , trendline, institutional 81 level , weekly zone and also a demand area KEPE THIS Level in mind because we can have two scenarios ! don't forget to follow and give a like :) let me know your point of view
Long
by AIRFOREXONE_
11
EURGBP & GBPCHF Trade SetupsEURGBP: (Correction) Entry: 0.89 handle Exit: 0.8860 * CORRECTION in Video Target: 0.8940 Please don't forget to FOLLOW, LIKE, and COMMENT ... If you like my analysis:) Trade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
by Michael_Harding