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Pounddollar

Closing in on a further Cable Short. Caught 100 Pips Signal was sent on Oct 4 for Cable short. 100+ pips caught, the current situation facing this pair is that cable is going for a restest of 1.3 price level. It would be best now to exit your short position, if you have not already, and wait for the double top to form at 1.3. With the volatility seen led by fundamentals surrounding last week's Brexit negotiations and Donald Trump's hospitalization creating a false crossover of the ema and sma indicators, it is clear to see that if you are bearish inclined on this pair this will be the optimal play: Wait. Wait for the pair to form a double top. Wait for cable to come back down to last months support at the 1.28 price level and then enter the short. There is a chance that cable could even lean towards the 1.35 higher resistance, but with the price action patterns forming it is more than 50% unlikely that a long will occur- especially as hedge funds now are seeking weakness in the pound to enter short positions based off the breakdown of the Brexit negotiations and the political instability surrounding this key fundamental. No, going into the last few months of this very unique year (to say the least) I believe 1.3 will act as a major resistance level for the pound, of course it is already a major price point for this pair. But of course the dollar strength hinges on the outcome of a presidential election which nobody can predict its effects on the financial markets... Best wishes,
Short
by Hardy_FX
GBP/USD Ichioku Long AttemptAfter a good bearish run this pair has found some support and is now trying to rebound. We've seen some hard resistance here so I'm looking for a confirmed break of the yellow level to signal a buy for me. If we can hold above that level I've drawn out 2 partial take profit levels on the way to my overall target. If we fail to hold our bullish confirmations or if we fail to break out and hold above our entry line, this setup may become invalidated.
Long
by The808Trader
2
GBP Market Commentary - Pound Under PressureFundamental Analysis: UK Economy currently holds a significant current account deficit of £21.1 billion (Q1 2020) or 3.8% of GDP Indicates a substantial deficit of savers, the UK economy is therefore in need of international savers to plug the gap, however international savers are only willing to come in when there is a strong fundamental outlook. Over the past few years, investment into the UK as a percentage of GDP has dropped significantly, dropping below France and Germany, highlighting investors are not liking what they see, i.e too much political uncertainty! Continued uncertainty leads to a further reduction in investment flows leading to potential downward pressure on the value of sterling. The political and economical future of the UK is looking anything but certain. UK Health Secretary recently warned the UK is at COVID tipping point, with a recent rapidly rising rate of infection, forcing pressure on the Govemernet to introduce further tough nationwide restrictions in a desperate attempt to avoid a 'disastrous' second lockdown. Further uncertainty over Brexit has also reached a critical point. Boris Johnson latest manoeuvres led to a full-scale rebellion by Conservative MPs and widespread recriminations over his plan to break international law. Technical Analysis: The GBP/USD looks to be currently undergoing an ABC correction to the downside after an impulsive leg recovery following the initial COVID sell-off. A daily close below June highs of the 1.28 handle would be significant, a clear indication of the bears fully taking control
Short
by RaphFX
GBP/USD Rebound - Ichimoku Long SetupThis pair finally broke up and beyond the resistance it's been stuck at. We're in a nice bullish trend and I'm looking for a good entry to try and get long. I've drawn out this setup expecting a drawback to test our previous resistance level which could now act as support. When you trade ichimoku the concept is pretty simple, wait for a trend to establish, then look for a good place to get into. From a high level that's all I'm looking to do in all trades, including this one. I've drawn out some partial profit levels to look for if we can indeed get a drawback and good entry. If support fails to hold, or if our bullish confirmations change, this setup may become invalidated.
Long
by The808Trader