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Poundsterling

EURGBP: Trend Following Trading Plan hey guys, though during the last few weeks EURGBP remains quite weak, we should remember that technically the trend is still bullish and the market keeps growing within the expanding wedge pattern. during the current trading week, we saw a false violation of the support of the wedge. trading for a couple of days below that, bulls have managed to return back the price with a high momentum bullish candle. from the current perspective, it looks like a bullish continuation is highly probable. to catch it look at 0.905 4h structure resistance cluster. let bulls break it and buy bullish breakout. our next goals will be: 0.908 0.911 in case of a new bearish breakout of the wedge, setup will be invalid.
Long
by VasilyTrader
8
GBP-JPY STRUCTURE LONG|TRADING PLAN Just as any Yen pair, GBPJPY has too many levels to account for, yet I've been able to dig through them for you and here is the analysis. The charts above are there to show you the big picture. So the pair has broken two important diagonal resistance lines on the daily, and is now storming the horizontal resistance line, which tend to be more precise. There is a strong bullish sentiment in the pair, thus our target trade is a long. TRADING PLAN: 1-Wait for the breakout 2-Make sure its confirmed(1H candle close above the level) 3)Wait for the retracement 4)Go Long 5)SL below the level, target1- midway to the target on the chart. Target2-on the chart. New horizontal level. IF there is no breakout, then wait till the price gets back to retest the resistance. Too many support levels below to short the failed breakout. Thank you for reading, like and subscribe and have a nice day.
Long
by ProSignalsFx
1
The British Pound Attempts to Reach New 5-Months HighThe $1.32 Resistance Rejects Sterling’s Uptrend Throughout the Week The British Pound has been able to recover quite nicely against the U.S. dollar. After the massive nosedive it took in early March amid fears over COVID-19, Sterling began trending up. Prices rose to a high of $1.317 on Friday, July 31st, only a few cents below where GBP was trading before the global financial turmoil began. As a new week was about to start, investors seem to have taken profits over the weekend. The increase in supply pushed the GBP/USD trading pair down by 0.73%. Thus, the Pound kicked off the week of August 3rd at $1.309 while sell orders continued to pile up. The selling pressure was significant enough to send it further down by 0.53%. By 13:00 UTC, Sterling had reached an intraday low of $1.301. Nevertheless, this support level served as stiff resistance allowing it to rebound 0.80% to hit a high of $1.311 the following day. Even though it seemed like the GBP/USD trading pair was bound for further gains, a sell-off took place on August 4th. Between 7:00 UTC and 12:00 UTC, the Pound plunged 0.97% to a weekly low of $1.298. This support level was met with a significant number of buy orders, which allowed it to enter a new uptrend. Sterling went through a bull rally the next two days that saw it rise 1.57%. As prices took another aim at early March’s high of $1.320, this resistance zone was able to hold steady once again. The rejection resulted in a 1.34% nosedive, and the Pound hit a low of $1.301 a few hours before the weekly close. Like it happened on Monday, August 3rd, this support level kept GBP from a steeper decline. The rebound enabled prices to recover by 0.30%, and Sterling closed the week at $1.305. Despite the high levels of volatility seen throughout the week, the Pound only provided investors a weekly return of 0.20%. More Losses to Come? Even though the Pound did everything to reach a new 5-months high, the overhead resistance was able to hold steady. The way Sterling was rejected by the $1.32 barrier must be concerning for those betting to the upside. With multiple technical indexes estimating that the GBP/USD trading pair is poised to retrace, the chances for a downturn are currently high. Should a downswing happen, investors must pay close attention to the $1.301 support level. This price hurdle poses a lot of significance to the Pound’s uptrend. Staying above it increases the odds for another upswing towards the $1.32 resistance. However, moving past it may trigger panic among investors. An increase in the selling pressure behind Sterling could see it drop towards $1.281 or even $1.272. Given the ambiguity the Pound presents, traders must pay close attention to the $1.301 support level. The strength of this supply barrier will determine where GBP is headed next.
by KonstantinAnissimov
GBPUSD STRUCTURE ANALYSIS|RESISTANCE AHEAD GBPUSD is now trading within the influence of several support-resistance lines and is approaching a strong resistance area with 3 breakout attempts held. Confluence of the support-resistance lines is forming a bullish triangle, indicating a potential further weakening of the dollar. However, the resistance is strong enough and therefore I am bearish short term. Also, in my recent dollar index "DXY" analysis, I am pointing out that the most significant support lines remain intact which makes the dollar surge a strong possibility. Anyway, the short from that level will be a counter trend trade so be careful and wait for confirmation. Thank you for reading, and have a nice day!
Short
by ProSignalsFx
1
GBPCAD: How to Trade Flag Pattern GBPCAD has reached a wide daily supply zone. the price went rejected on Friday confirming the strength of the underlined structure. on 1H the price dropped with a strong bearish impulse (flag pole) and currently is trading within a horizontal parallel channel (bearish flag pattern). sell signal for us will be the bearish breakout (1H candle close below) of its support. next goal will be 1.7485 safest stop is above the last flags high good luck
Short
by VasilyTrader
10
GBPCHF: Complete Indecision GBPCHF is stuck in consolidation. since July the pair is trading within a wide horizontal range setting equal highs and equal lows. to clarify the future direction of the main we should wait for a daily violation of the range first. 1.19 is its resistance. in case of a daily candle close above that, the price will most likely keep growing, next goal will be - 1.2 1.176 is its support. in case of a daily candle close below that, bearish continuation will be highly probable. next goal will be - 1.165 in such kind of situations, patience is your best friend
Short
by VasilyTrader
8