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GBPZAR

GBPZAR rise strong but momentum is near oversold levels The British Pound strengthens against the rand, trading above 24.00 once again. Similar to USD/ZAR, it is also trading above the 200 SMA and approaching the February swing high of 24.59. However, caution is advised as the RSI indicator suggests a potential pullback due to previous instances of oversold conditions. Considering the ongoing coalition talks, a negative outcome could lead to further depreciation of the rand. Resistance is at 24.59 and support is around 23.54 (200 SMA).
by Xayah_trading
🔥 GBPZAR: Curve Analysis (6W) 🔥SLO2 @ 24.40 ⏳ SLO1 @ 23.90 ⏳ TP1 @ 20.15 TP2 @ 17.75 TP3 @ 16.00 TP4 @ 13.25 BLO @ 12.50 ⏳ ADDITIONAL INFO: 🤔 If this HTF Curve Analysis holds on this 3H chart, then we'll have an opportunity to short 🏆 POSITION TRADERS: +45.70% or 111,500 pip OPPORTUNITY (max)‼️ ✍️ NOTE: Each TP is a POC where we expect market participation to switch from being supported by buyers to being resisted by sellers — USE THESE LEVELS AS SLOs or SSOs for your add-ons. 🔑 LTF = LOW TIME FRAME PA = PRICE ACTION POC = POINT OF CONTROL SLO = SELL LIMIT ORDER SSO = SELL STOP ORDER TP = TAKE PROFIT Short-term time frames (1-minute to 3 hour): — Highly volatile, price movements can be fast and unpredictable. — Suitable for day trading and scalping, but require constant monitoring and quick decision-making. — Not ideal for beginners due to the risk and stress involved.
Short
by ProfessorCEWard
GBPZAR November 19th, 2023The Chicago Mercantile Exchange's Commitments of Traders (COT) report for the week ending November 14, 2023, shows that there are signs of weakness for the British pound (GBP). Non-commercial traders, which are typically hedge funds and other large institutional investors, reduced their long positions in GBPZAR by 4,735 contracts. This was the largest weekly decrease in long positions since the week ending March 1, 2023. However, commercial traders still have a net long position in GBPZAR, which suggests that they are still generally bullish on the pair. The decrease in long positions from both non-commercial and commercial traders suggests that there is a growing number of traders who are expecting the GBP to weaken against the ZAR. This could be due to a number of factors, including: The ongoing economic uncertainty in the United Kingdom. The UK economy is facing a number of challenges, including rising inflation, interest rates, and the ongoing war in Ukraine. These factors could lead to a decline in demand for British goods and services, which could weaken the GBP. The strengthening of the South African rand. The South African rand has been strengthening in recent weeks due to a number of factors, including rising commodity prices and the ongoing depreciation of the US dollar. This could make the ZAR a more attractive investment for foreign investors, which could further weaken the GBP. Based on the COT report, it is likely that the GBP will continue to weaken against the ZAR in the near term. Traders should be prepared for further declines in the pair. source: www.cftc.gov
Short
by DNP-FX
BRITISH POUND VS SOUTH AFRICAN RAND Posting because at the moment, being South African, one of my favourites technically. Given the sad current bad state of affairs with corruption within South Africa, being recently Grey listed, the current almost collapse of Energy (Electricity) with Eskom in almost collapse whereby the country is facing daily energy cuts of up to 6-8 hours a day. How will this Gartley play out? Supposedly a Bearish Garltley. Realistically, looking at a bounce at the 0.5 fib. And noticably the Trend line to the upside has not yet to be broken.
by hmaroudas
1
GBPZAR - Bearish Butterfly Pattern H4.The pair shows a beautiful Butterfly pattern forming. Its end point is the beginning of a historic weekly order block. This level hasn't been testes since August of 2020 and it is very likely that there's historically trapped volume at this level and institutional orders are likely to be sitting at this level. The last harmonic projection on this pair from my account was a super success. NB: well harmonic patterns do not always complete so entering into a but is not advised purely based on the projection of a harmonic. Failure of a pattern happens when the pattern fails to complete to D but rather gives a confirmed fail usually at Fib levels 70.7 and 113 respectively. Stay tuned for more updates
Short
by harveygoldfx
GBPZAR - Gartley Harmonic I dont believe in Bearish or Bullish Gartleys. Gartleys are interesting. My thought pattern. X to A pullback 0.618. 0.618 the "perfect" low before a swing up. Fib A to B near enough 0.786 and according to Gartley 0.888 high. Coincidentally has confluence with drawn TOP of ascending channel that can also be known as a "possible" and "probable" resistance. The pullback again Gartley level, would be an approximate to the decending channel (red) at 0.782. Interesting. : ) Be looking at a possible reversal at 0.382 approx 20.5 to break the pattern on the downtrend.
by hmaroudas