GBPUSD Price was re test, best opportuniti for LONGGBPUSD Price was re test, best opportuniti for LONG
Gbpusdlongsetup
long GBPUSD on channel supportWe are at important 4 channel support here on Cable alongwith 50% fib of the recent move. This is a decent area which should hold.
Long GBPUSD @ 1.2817 target 1.29
Stop @ 1.2787
Buy GBPUSD (When triangle break out)Buying GBPUSD (When triangle break out)
Nice setup on GBPUSD as we have couple of major news for tomorrow, currecntly forming triangle or a flag pattern it would be favourable if we buy the pound once the break out happens
Set Buy stop at 1.2780
with stop loss at 1.2710
TAKE PROFIT AT 1.2890
GBPUSD remain bearish below major resistanceSell below 1.2933. Stop loss at 1.2988. Take profit at 1.2854.
Reason for the trading strategy (technically):
Price continues to hold perfectly below our selling area. We remain bearish looking 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 (55,5,3) is seeing a very nice bearish exit signalling that a drop is impending.
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.
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.
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.
GBPUSD Strategic View: Turn bullish above strong supportBuy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850.
Reason for the trading strategy:
We turn bullish above 1.2210 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a push up to 1.2400 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing strong support above the 7.9% level where we hope to see a bounce from.
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.
GBPUSD below major resistance, remain bearishSell below 1.2481. Stop loss at 1.2527. Take profit at 1.2390.
Reason for the trading strategy (technically):
We remain bearish below 1.2481 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a push down to 1.2390 support (Fibonacci extension, horizontal support).
RSI (34) remains below long term descending resistance.
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.
GBPUSD LONG SETUPENTRY: Potential long setup around 1.24 if I see bullish PA inside the zone
The market is inside a wide range of 1.20 ~ 1.28 in daily chart.
If the market breaks below 1.24, I negate the long idea.
STOP: below the zone
TARGET: 1.28
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.
GBPUSD right on resistance, 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 push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support).
RSI (34) is seeing strong descending resistance holding price down.
GBPUSD right on resistance, 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 push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support).
RSI (34) is seeing strong descending resistance holding price down.
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.
GBPUSD prepare to turn bullishBuy above 1.2433. Stop loss at 1.2330. Take profit at 1.2563.
Reason for the trading strategy (technically):
We prepare to turn 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%.
