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Gbpsells

(Sell) GBPNZD Technical Analysis for May 3, 2018Hello Traders, It’s no doubt that the GBP has been on the upper edge for the better part of last year. Well, in my view, it might continue with its trajectory especially if there is an interest rate hike in the future. However, when we take a purely technical view, we expect GBP to lose ground and correct in the coming days. A top down approach can provide a proper mirror for my forecast. Note that we already have a stochastic sell signal from the overbought territory complete with bear pin bars following periods of consolidations in the weekly chart. Besides, this week has been purely bearish and we can see that long upper wick showing that indeed sellers are in charge. If it remains this way then we expect sellers to break below that support trend line in the weekly chart as NZD bulls aim to test 2018 lows at around 1.86. In the 4HR chart, sellers are currently testing the main support trend line and after periods of lower lows, the GBP might recover or as well break below that support line. Because the higher time frame takes precedence, it’s likely that sellers might lead the charge and in that case, we shall be waiting for that break below to happen before committing to this trade. As such, my GBPNZD Trade plan will be as follows: Sell Stop: 1.92 Stop Loss: 1.94 Take Profit: 1.86 Let me know what you think. Have a good trading day!!
Short
by Kipyegonn
(Sell) GBPCHF Technical Analysis for April 24, 2018Hello Traders, So, today we check GBPCHF pair and from my view, it looks like there are more downsides than upsides from a technical point of view. While last week was GBP bearish as the candlestick shows, what is of interest is the way that GBP closed. As we can see, not only was there an over-extension to the upside but that inverted hammer is the seal of bears. However, that’s not all. There is a stochastic sell signal in the weekly chart. These combinations hint of strong sell pressure and as such, the only logical way to trade this pair is to wait for sell signals in lower time frames and sell GBP. Even though we have a strong stochastic sell signal in the weekly chart, things are not panning out as expected in the 4HR chart. First, GBP buy momentum is picking up as stochastic shows. Besides, we have these higher highs relative to the lower BB. Fact is, prices are consolidating. The best way to trade is to have patience and wait for a break out in either direction. If there is a bullish breakout, then wait for a sell signal but if prices move lower, then trade with the weekly trend. Because of this, my GBPCHF trade plan shall be as follows: Sell Stop: 1.36 Stop Loss: 1.37 Take Profit: 1.31 Let me know what you think. Have a good trading day!! This Technical Analysis was first published by Dalmas Ngetich at Forex.Today
Short
by Kipyegonn
2
(Sell) GBPAUD Technical Analysis for April 19, 2018Hello Traders, If anything, I really think it is the best time to buy some AUD, earn some positive swaps and hold this for a long time. Why? Well, we can take a top down approach and consider some technical formation first from the weekly chart. First, notice that since last year GBP has been charting higher and in this pair, it is a 1000 pips away from recovering post Brexit collapse. As you saw in 2016, that GBP depreciation was vicious. At the moment though, basing our decision on technical formation we have a reason to resume selling. To begin with, there is a clear distribution and not only are sellers (AUD buyers) expanding but look at those lower lows and diversion relative to the upper BB. Fact is, GBPAUD has been moving horizontally since following that over-extension by late March 2018. Like the weekly chart, there is a stochastic sell signal turning from deep the overbought territory. That’s not all, yesterday’s bearish engulfing pattern would be a good hint of sell pressure. Indeed, because of that drop we saw prices breaking below a minor support trend line. Because of this, my recommendation is simple, sell GBP and trade GBPAUD as follows: Sell: 1.819 Stop Loss: 1.83 Take Profit: 1.79, 1.758, 1.71 and 1.66 Let me know what you think!! Have a good trading day. This TA was originally published by Dalmas Ngetich at Forex.Today
Short
by Kipyegonn