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GBPUSD is Undecided, Probably BullishGBPUSD has been in a range since mid 2016. Therefore long-term trending strategies may not work at the moment. Also when price is at support or resistance of this range, you have to be careful with the direction of your trades. Counter swings are very powerful there. A lot of directional trades may not work. This will be so until GBPUSD breaks out of this range or leaves the extremes. It's currently at the resistance. If it does break out, there will be nice swing and position trading opportunities in the long side. It's a major resistance so I would wait for another strong bullish weekly candle to confirm a break out.
by nnadivictorc
2
GBPUSD - PREDICTIONCould you find a more volatile pair right now between DXY and Brexit?! I favour longs on this retest of the daily support, especially with the minor bullish trend line to consider and the fact we have a perfectly lined up fib area. As always we prepare for buys and sells, so sells we have below the support and retesting the 61.8% fib and longer term descending channel which would give us a very tasty 1:7 which is very doable with Brexit deadline inching closer. We will send a signal out later this week should we take entry.
by RealistFX
GBPUSD - SELL OPPERTUNITYLooking at GBPUSD (Cable) - I think we will be in a Bearish market for the first part of the week, commencing 30th December 2020. Using Fibb Retracement from last weeks high/low points, we're currently sat in the 'Golden Zone'. A second confirmation candle has confirmed price has broken the Ascending Trend. We are targeting the 23.60% Fibb level which sits just above our previous Support Zone (1.32426). So why are we taking this trade? - Broken trend with a third confirmation candle on the 4 hour chart - Price currently in the Golden Zone - Relative Strength Index (RSI) is sat at 60 on the 1 Day chart. (Indicating the market is overbought) Target Pips: 62 Risk to Reward: 1.30 Remember to LIKE, COMMENT and FOLLOW for more trade ideas! @newgenforex on all social media platforms :-)
Short
by Xpressforex
Bearish Gartley (Daily)The Gartley Pattern , is a harmonic pattern discovered by H M Gartley and outlined in his book 'Profits in the Stock market', published in 1935. The pattern was further defined using specific Fibonacci levels by Scott Carney which he outlined in his book 'The Harmonic Trader', published in 1998. The pattern incorporates the 78.6% retracement of XA, as the defining element in the Potential Reversal Zone (PRZ). The B point must be at the 61.8% retracement of XA. The Gartley utilizes a minimum 127.2% projection of BC . In addition, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 78.6% retracement of XA and the BC projection.
Short
by Cryptsyxalt
1
Bearish Bat Pattern (DAILY)The Bat Pattern , is a precise harmonic pattern discovered by Scott Carney in 2001 The pattern incorporates the 88.6%XA retracement, as the defining element in the Potential Reversal Zone (PRZ). The B point retracement must be less than a 61.8%, preferably a 50% or 38.2% of the XA leg. The Bat utilizes a minimum 161.8%BC projection. In addition, the AB=CD pattern within the Bat pattern is extended and usually requires a 127% AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.
Short
by Cryptsyxalt
Bearish Deep Crab (4H)“The Deep Crab pattern evolved from two patterns—invalid Bat patterns and a specific type of Crab pattern that Scott Carney developed as a further refinement of the basic structure. The Deep Crab is similar to the original Crab pattern, as it is a 5-point extension structure that utilizes exclusively a 161.8% XA projection for the defining level in the Potential Reversal Zone (PRZ).The difference can be found at the B point which must be an 88.6% retracement of XA. In fact, the Deep Crab pattern usually possesses a B point that is beyond the 88.6% level but it does not violate the initial point (X).
Short
by Cryptsyxalt