Gbpshort
GBP-USD Daily and Trend AnalysisGBP-USD Daily and Trend Analysis
It took decades for sterling to drop below the 1.4000 price mark well it looks like it may take another decade for it to break above that.
The daily chart on the cable looks quite bullish for the past few days however the H4 begs to disagree seeing a closeup on the trend reversals, the UKs economy on the other hand
haven't been too promising for a bullish sterling.
In the coming days we could likely see price play around the 1.3---level but only for a while as the market is poised for a decline in price.
Traders and investors will be paying more attention to the breakout below the consolidation channel of the ABC Elliot wave pattern at the price level of <1.28--
❇️ Trend Resistance R1: 1.3100
🛑 Trend Support S1: 1.2800
GBPAUD SHORTGA Short , crossing into an area of massive selling pressure and resistance should see a nice push to the downside. Could turn into swing trade if held long enough. Also previous bullish momentum failed to test previous areas rejecting off our fib levels marked out, Everything is lining up perfectly however be cautious if it breaks/ closes above the key level marked on the chart .
GBPJPY: AnalysisPrice is testing my daily support as of now, waiting to see if there is more bearish movement.
I have a *weekly* Descending channel plotted as well and price is just over the resistance line, with that i'm waiting for two things only..
1.) Price to break my daily support and keep falling to my weekly support
OR
2.) Price to bounce off daily support and reverse in the opposite direction
Be sure to leave a comment if you have something to add!
*Ill be updating on GJ*
GBPJPY 4 hour Short(1) Big Daily Bat
(2) Daily Structure if price goes higher we can aim for the Big Bat
(3) Cypher pattern at market
(4) Bat pattern at already a little lower than market
(5) RSI Divergence
(STOP) had to be little lower than 1.13 to get a 1:1 , stops are hug also with 200+ pips
(T1) can aim for the 382 , with 136 even
(T2) can aim for the 618 , with possible 134 -> though i think this maybe a low possibility
GBPUSD looks exhaustedI feel the inability for GBPUSD to break through the 1.315 level means it looks fairly exhausted and i'm expecting a drop in the coming weeks to 1.2760 or thereabouts. If it wasn't for the USD being tragically weak at the moment i believe this would happen sooner rather than later. The UK economy is officially doomed for now, the US not so far behind. Lets see how this plays out.
📈Long trading setup or a bull-trap? Let me know your thoughts🤔On the daily chart we can see that the EUR/GBP has been trading in a range of 0.887-0.900.
Yesterday it broke the 24 day consolidation by breaking through the 0.900 daily resistances on the daily level, which is a BIG DEAL.
Throughout this trading pair’s history the .900 level has acted as resistance going as far back as 2011, which tells me it’s an important level and lots of traders are watching.
The break to the upside was caused by the BOE singling that they will increase QE by an extra £100m+, with the markets assuming that more QE will be needed in summer.
I don’t want to FOMO in right now because this is also a great place to get caught in a bull-trap.
For me to go long, I would like to see a few daily candles close above the 0.900 range to confirm the break out to the upside, and see the 0.900 resistance level turn to support via rounded re-test.
For that to happen I’d probably get in around 0.900 with a stop at 0.8987 and a take profit at .9500 for an R of 3.46.
If we get to the 0.8987 my idea of a breakout has failed as we’ll be near the mid of the daily trading range.
I take profit at 0.9500 because that was the top of the last daily candle during the fake out, and I suspect there to be a lot of sells if reaches that level.
If you have any questions please feel free to leave a comment