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Gbpusddaily

GBPUSD profit target reached perfectly, prepare to sellSell below 1.2933. Stop loss at 1.2988. Take profit at 1.2854. Reason for the trading strategy (technically): Price has shot up and reached our profit target perfectly. We prepare to sell below 1.2933 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to 1.2854 support (Fibonacci retracement, horizontal swing low support). Stochastic (21,5,3) is seeing intermediate resistance at 85% where we expect a drop from.
Short
by MEX_Exchange
GBPUSD approaching major support, prepare to buyBuy above 1.2830. Stop loss at 1.2791. Take profit at 1.2923. Reason for the trading strategy (technically): Price is approaching major support at 1.2830 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a nice bounce above this level to at least 1.2923 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance). Stochastic (21,5,3) is seeing intermediate support above 21% where we expect further bullish movement.
Long
by MEX_Exchange
GBP/USD right at major resistance, remain bearishSell below 1.2531. Stop loss at 1.2621. Take profit at 1.2378. Reason for the trading strategy (technically): Price is testing major resistance at 1.2531 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, descending resistance) and we expect to see a reaction from this level for a further drop to at least 1.2378 support (Fibonacci retracement, horizontal swing low support). Stochastic (34,5,3) is seeing strong resistance below the 94% level where we hope to see a reaction from when Stochastic reaches that level. Reason for the trading strategy (fundamentally): The main news event driving USD today is the U.S. ISM Manufacturing survey. It is one of the biggest market moving economic releases because of its Prices Paid and Employment subcomponents which reflect sentiment towards inflation and labor conditions - two of the market's most significant health indicators. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. We’re expecting forecasts of a decrease which means a bearish USD is expected, this goes against our bearish GBPUSD view, hence it is best to exercise caution on this trade.
Short
by theforexarmy
Has the market declared the bottom for the GBP? Is it undervalued do to uncertainty? Has the downtrend/momentum, reversed/consolidated and prepared to move in the direction of it's true value? After all the noise coming from every angle, positive and negative, the technical foot print points to a grey area where all sure bets are off. As the market has failed to break below the 52 week low in search for a true bottom smart money should be looking for alternative opportunities to produce positive returns. As all the hoopla has simmered down, the Pound bulls has "come out of hiding" and is more or less positioning to fight for it's integrity. Well to keep this short story short, the market seems to be mapping out a H&S pattern. The Bat pattern is there courtesy of the "flash crash" back on the Seventh of October 2016, where the market gave way 700 pips only to give around 500 pips back all in 1 hour. Keeping that in mind it is also a fact that this pair never closed below 1.21000 in 2016 period. (No pun intended). The first and only time in recent history that happened was back in January due to the no FED rate hike sentiment before the February meeting. Thus the head forms and test the nearest high to form the neckline. The rejection at that point you could guarantee every trader willing to trade this pair was bull on the dollar riding this thing down looking for a break below previous lows. As we can clearly see now that the break below did not happen, forming the right shoulder, could you answer the aforementioned questions with confidence? Surety? A break and close above the neckline should seal the deal relative to upside. Relative to the grey area? You know they claim there are 50 shades to consider.
by WealthGod6
GBPUSD Seeing strong support, remain bullishBuy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850. Reason for the trading strategy: Price is at our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction. This is aided by the completion of a corrective structure we have just seen. Stochastic (55,5,3) is seeing strong support above the 8% level and has made a bullish exit and is approaching pullback support.
Long
by theforexarmy
GBPUSD profit target reached once again, remain bullishBuy above 1.2510. Stop loss at 1.2421. Take profit at 1.2651. Reason for the trading strategy (technically): Price has shot up and reached our profit target perfectly as expected. We now remain bullish above 1.2510 support (Fibonacci retracement, horizontal pullback support) for a further push up to 1.2651 resistance (major Fibonacci extension). RSI (34) has made a nice bullish exit signalling that a further rise in price is expected.
Long
by theforexarmy
GBPUSD take our profits and turn bullishBuy above 1.2384. Stop loss at 1.2330. Take profit at 1.2521. Reason for the trading strategy (technically): We close off our short position and lock in our profits from last week. We now turn bullish above 1.2384 support (horizontal support, Fibonacci retracement, Fibonacci extension) for a push up to 1.2521 resistance (Fibonacci retracement, horizontal swing high resistance). RSI (34) remains below long term descending line but also sees a short term ascending support potentially pushing price up on the intermediate term.
Long
by theforexarmy
1
GBPUSD right on resistance again, remain bearishSell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356. Reason for the trading strategy (technically): We remain bearish below 1.2546 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support) especially with price making a bearish exit. RSI (34) sees a descending resistance line holding price down really well.
Short
by theforexarmy
GBPUSD Weekly View: Remain bullish above major supportBuy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850. Reason for the trading strategy: Price is approaching our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction. Stochastic (55,5,3) is seeing strong support above the 8% level.
Long
by theforexarmy
GBPUSD bouncing nicely, remain bullishBuy above 1.2433. Stop loss at 1.2330. Take profit at 1.2563. Reason for the trading strategy (technically): GBPUSD has touched our entry level and is bouncing nicely as expected. We remain bullish on GBPUSD above major support at 1.2433 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a bounce up to 1.2563 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is bouncing nicely above strong support at 4% and displays bullish divergence vs price.
Long
by theforexarmy