Pounddollar
GBPJPY Gaining Strength UpdateAs forecasted yesterday, GBPJPY is looking to be bullish. We also stated on our group that we need to have a higher low first to confirm the start of an uptrend.
GBPUSD Swing Trade SetupGood day all, Chart looks a bit confusing currently with the short and long positions, however please take note we have not yet concluded our short swing. I am however starting to prep for the Long Swing again with the buy zone coming up as seen on the chart with that Blue Box.
What I am currently seeing is a trendline bottom to top that concluded with failure to break out short term which resulted in the three short positions with the formation of the Head and shoulders pattern and the two flag structures heading down to the Head length. However I am noticing a channel downwards which is another bigger flag pattern meaning we won't see that bottom trendline again and mainly longer term we are bullish for major swing trade. My first entry zone will be at the bottom touch of the flag structure and that blue box at 1.22070 with previous supports being found there aswell. This I will then ride to my second possible entry which is the flag break and retest also shown however please take note i will update chart with a entry once this has been confirmed. I am then looking for flag pole to play out which has target zone one at 1.27900 and second a new high above 1.28500. There should be a possible third entry also shown at the top trendline for where I am looking for a break and retest of structure before looking for a third update on entry zone with targets for minimum 1.27900.
I am looking to close out my shorts and will then do a full update for the long with a much cleaner chart. FX:GBPUSD
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Trading the Megaphone on GBPUSDGBPUSD is trading within a huge megaphone on the weekly charts starting in late 2018.
In June we've taken out the mid-stop range of the megaphone and dropped sharply at that point.
I would be cautious looking for further upside at this point. But look for price to hold above the low of the 3rd wave.
Holding below 1.238 would suggest further downside.
For now, I'm on the sidelines to see what opportunities arise next week.
I would love to hear your thoughts on this megaphone as well.
Follow for updates and happy trading everyone!
GBP/USD Head and shouldersSterling pound is struggling on different levels:
1- BOE disappointed investors by providing less liquidity than anticipated.
2- Brexit woes.
3- Fear of second Covid-19 wave.
4- Economic recession
All those factors are weighing on the pair which almost completed a head and shoulders pattern on the 4H chart, but still waiting for confirmation.
Bears and bulls are now fighting over the neckline support.
Traders must wait for a confirmation/close below this level for a safer short position.
Good luck
(GBP/USD) Potential Sell OpportunityGood Morning Traders. I hope everyone has had a great week so far.
These are my thoughts for GBP/USD.
After a strong push to the upside momentum is finally starting to exhaust. I expect price to correct before continuing on an uptrend.
Reasons for trade:
- Strong wick rejection on 1hr indicating sell pressure.
- Price over brought
Advice:
Trade one pair at a time. Its best to focus you attention on one thing at a time.
Peace Out
Forex Prodigy.
GBPUSD, is at a major zoneThere is a potential buy setup after the break and retest of price on the resistance zone and there is a potential sell setup after the break and retest of price on the support zone.
New Target intraday:Bulls are Holding onPivot 1.2605
our preference: long positions above 12695 with targets at 1.2690 and 1.2730 in extension
Alternative scenario: below 1.2605 for further downside with 1.2580 and 1.2560 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistance:
1.2800
1.2730
1.2690
1.2637
GBPUSD, is at a major resistance levelThere is a potential buy setup after the break and retest of price on the resistance zone and there is a potential sell setup on the break and retest of price on the support zone.
GBPUSD 100-Pips Short Move Setup. Please manage your risk and do not took blind entries. Once you find a confirmation than enter for a sell entry.
GBPUSD | Ascending Channel & Major Resistance..!!GBPUSD (Update)
In 4h Chart, Pound forming Ascending Channel & Facing Major Resistance As well.
Last Candle Was Bearish Shooting Star While It's Was Facing Major Resistance.
Expecting Bearish Wave in Coming Hours So Sell it At Around Resistance Area.
Expecting Another Higher Low (Might test the Lower Border of Channel)
Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!!
Thanks for Your Love & Support..!
Pound So Heavy Up The MountainAs you see on the my setup chart H4 GBP USD, this pair so heavy up the mountain, slow but sure...
GBPUSD Sell Limit D1Sell Limit GBPUSD 1.2430, SL 1.2530 (100p), TP 1.2230 (200p), RR (Risk & Reward) 1:2
This is how GBPUSD presents a handsome short trade opportunityTrade Idea:
We can see that GBPUSD has formed a double top and price has broken the neckline of the M formation, now price has retested the neckline so I will only be looking for short trades targeting next S/R zones as illustrated in the chart.
Previously, I took a short trade when price retraced back to the 0.618 level (also my favourite retracement level), targeting the next S/R zones, however, the next safe entry level would be a retest of the EMA14&21 in combination with favourable rejection/reversal candles.
TP & SL Levels:
TP1: 1.2076
TP2: 1.1943
SL: 1.2243
Technical Analysis:
* Price below 200EMA.
* RSI 14 below 45.
* Respecting the Light Blue Downwards Trend line
* Break and Retest of the Neckline
Fundamental Analysis:
Brexit Talk with EU not going well (Bearish GBP)
UK issuing negative yield government bonds (Bearish GBP)
GBPUSD SHORT 🐻 Selling GU into last weeks low.
A strong 4H candle close above 1.22 would invalidate this set up. Great risk to reward here.
Pip Hunt Safely!
GBPUSD FOREXCOM:GBPUSD
Note: (MARKET IS REACTIVE AND NOT PREDICIVE)
From a daily perpective, price has clearly broken the support zone and has created a an impulse to the downside .
After an impulse we expect a correction otherwise known as a retracement.
Since market price moves in waves, Price can retest the box before making another impulse to the downside. Making a move to the target of 1.19768
(PLEASE HIT THE LIKE BUTTON AND COMMENT WHAT YOU HAVE IN MIND TO SUPPORT )
With this over 200 pips can be caught.
Kindly note that there is a downtrend line drawn for easier visuals.
Monitor price action on the 4H timeframe; Entries will be initiated using one hour or four hour timeframe.
(PLEASE HIT THE LIKE BUTTON AND COMMENT WHAT YOU HAVE IN MIND TO SUPPORT )
Break down? Breaking Down the Range! H4 timeframe has lovely view! Check it out! Technically go short and fundamentally go short (as dollar getting strong)
Could we see a drop here? The pound yen seems to have completed a 1-5 sequence on the h4 but still there is a chance it might try the peak of wvae 3 , that is the lows to the left again... a 1:1.8 RR is available with a bigger 2nd target also possible.
