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Sterling

GBPCAD OVERBOUGHT AND SOON TO BE READY TO FALLHello everyone, hope you are doing well this week. My eyes are on GBPCAD now, waiting for the reversal zone for potential bearish harmonic deep crab pattern. Daily RSI is screaming to take a rest and strong divergence can be seen as well. On the other hand, GBPCAD is the most overbought sterling pair during the past few months which also assists my selling idea. You can also follow my twitter account for my additional fundamental data ideas and comments. My idea is not investment advice. Regards,
by xryptospecial
GBP/USD in breakout modeFundamentally, we are waiting for the general elections in early December. We had negative , below expectations figures today for the UK PMIs. Technically, sterling is trading in a slightly down channel which could be a bull flag given a very fast recovery from all time lows recently. On the daily chart, we have 2 scenarios: 1- prices keep trading in a range and forms a rectangle, which is a continuation pattern (bullish). 2- prices complete a triple top formation and breaks to the downside (bearish). In my opinion, the catalyst will be the results of the elections soon.. Good luck
by RamziAbouAbdallah-CMT
Worm In The Apple - Live UK Election Debate Coverage!A good time to update for those tracking the GBPJPY position I posted yesterday will remember the timely entry, those unfamiliar with the chart can see here: Risk-off is entering back into the picture and JPY is finding a strong bid, with Pound in election mode momentum is not particularly impressive to the upside. A Conservative majority seems a done deal now, Brexit is coming and no one wants to get long Pound at these levels with a disaster on the horizon. For the flows you can see how those who go against the grain here will get caught with pants down. The market can move with force with direction shifted to sell. Under normal circumstances this would be a good level to buy, however given the action at the highs it is a terrible position. Expecting bears to chase it out to the downside over the coming sessions. Our objective here is to trap those buying expecting continuation, the pendulum will swing back to the negative side after the Debate is cleared tonight. Bears will have to cover quickly as it will move like a hot knife and butter, those caught up at the highs buying are already struggling. Ideally we want the sellers to hold the buyers stops and trigger further momentum, this is the market telling us what direction is the right direction. An interesting graphic I shared here last week: I recommended a short in the Tradingview Portfolio yesterday with the People vs Establishment narrative brewing, sentiment is quite negative and continuing to create flows into risk-off assets. Today you are starting to see JPY and Gold outperform, you will see the same thing in sentiment continue to gain momentum over the coming sessions. Continuing to add shorts at 140.50...In an ideal world I would like to see offers come in here and on the break we need to see the stops not hold at 140.25. Market is going to keep searching for stops to the downside and here looking to target the 139.xx handle for my initial targets. The aim of this post is to highlight a textbook case of "biting the apple that has a worm". Good luck all those on the sell side for tonight's debate. I will be covering the flows live in the comments section, as usual jump in at any time with any questions!
Short
by ridethepig
GBPUSD preparing for the breakGBPUSD has been consolidating since the UK Parliament was dissolved. As a result, the pound has been trading sideways as it prepares for a bigger move into one of the two directions. At this point of time, it's hard to tell what's the next move. In my opinion, the risk is to the upside as the market seems to be over saturated with Brexit and its impact on the pound. Watch out for a test of the $1.3100 zone (confluence of 100 and 200 WMAs) on positive developments.
by Sennna
Call me crazy, later.... GBP/NZD swing trade to the moon!Based on the weekly double bottom that has been pushing price since around 2016, the market has ultimately predicted the out outcome of Brexit, or any positive or negative news that is to come. If we can stay in tune with the weekly formation, price needs to get up to the next weekly selling zone. FX:GBPNZD side note: I did hedge this position with a sell at the top of the weekly zone on the short term reversal, but I can't not buy on the news sell off into liquidity.
Long
by benson21