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GBP/USD - Holding Above 1.40?The pound has been on an incredible run against the dollar, smashing through 1.40 over the last week and gathering momentum to extend its gains. When you look at where price is compared to the moving averages, there is an argument that the move is now quite overextended and perhaps poised for consolidation or a correction. But the MACD and stochastic just don't back this up yet. We have seen some consolidation over the last 48 hours, but the price is still very stretched regardless. Should we see a move back towards 1.40 then this would bring it back towards the moving averages on the 4-hour chart and could generate some interest once more. We've just seen a lower high so a small pullback wouldn't be an enormous surprise and on the daily chart, it would only represent a very modest correction. It would also roughly coincide with the 61.8% retracement of the move from 17 Feb lows to 23 Feb highs. The vaccine rollout in the UK has been the primary driver behind the pound's outperformance, with traders seemingly banking on a super-charged recovery this summer as a result of the lockdown being lifted. Life should be back to normal by 21 June under the current roadmap.
by OANDA
3
GBP/USD - Another Run at 1.40?The pound has continued its impressive run against the dollar in recent weeks, despite the greenback having performed quite well against other currencies. We've seen growing optimism around the UK economy this year following an impressive early rollout of the Covid vaccine which will enable the economy to reopen sooner and the recovery to be more powerful. Obviously when it comes to the UK, we're coming from a low base. Only a few months ago, we were facing the possibility of no-deal Brexit at a time when the economy had been among the hardest hit by the pandemic. What it means now though is that cable is approaching 1.40 and there aren't many signs of exhaustion in the rally. The stochastic and MACD on the daily chart still look very healthy. That may of course change the closer we get to that major psychological barrier. For now, the pair has pulled back slightly and key support may be being eyed up as a possible rotation point. That may have already happened, with the 61.8 fib from 12 Feb lows to 16 Feb highs appearing to have offered some support. But I'm not convinced. If it does push lower again, with the dollar appearing back in favour overall, it's the longer term fibs on the 4-hour chart that will be of interest to me. Here, the 38.2-50 fib region falls around the 55/89 SMA band, while the 61.8 fib falls around the 200/233 SMA band, both of which have been important support during this ascent. A break of these may suggest we're in correction territory.
by OANDA
5
GBPUSD - Is it time to FADE?WEDNESDAY - Half way through the week! GBPUSD - I like the long side for GBPUSD for months. It's a great trade that has had great momentum, I stuck to my trade plan, being disciplined is key and built long positions along the way - I am now scaling out of my positions! On my FX weekly I posted out to various groups I am part of - It's FREE to subscribe. It's explaining the FX majors for the week ahead, if you're interested - Message privately. I stated GBP above 1.37 you'll get 1.38 coming into play as well as perhaps 1.40 areas...However, for those who have been trying to fade GBP for while, You may just get your chance...Let me explain further! Technical Aspects: Pattern: Channel - At resistance Fib Retracement - Fade Area Support: 1.37830, 1.37580, 1.37370 Resistance: 1.38250, 1.38550, 1.38600, 1.38860 Fundamental events: 1. US CPI 2. BOE Gov Bailey Speaks 3. Fed Chair Powell Speak How could you play this trade: - Following your own trade plan to add further confluence - You could wait for candle formation, candle close, bearish pattern or perhaps an indicator that is on your trade plan - Add orders at certain resistance zone areas Have a great day ahead, Trade Journal (Disclaimer: Just a trade idea, not a recommendation)
by Trade_Journal
12
GBPUSD - Things could take a turn...!!Happy Tuesday...Here's a free Cable trade idea...! I got asked why do I give my trade ideas for free? It's my passion I live and breathe the markets, I know there's so many scammers out there and capital isn't what I am greedy for ever - but giving the community a guidance to help build confidence for your trading journey is the best gift I could give anyone. This will always be free! GBP - You know for ages if you are an active follower of mine - I am bullish GBP you probably even know my target areas longer term perspective and 1.50 it could go to. However, for now I am really keeping an eye on this formation we have built.- Dollar squeeze could be coming soon....! Fundamentally: - BOE Monetary Policy Report (Thursday) - Negative Rates - I highly doubt its needed - Positive vaccine roll out Technical aspect: Wedge has been formed a break to either direction. Support: 1.37570, 1.36585, 1.35520, 1.35240 Resistance: 1.37100, 1.37600, 1.38070, 1.38940 Ways you could the trade GBP: - Wait for the break out and trade the pull back - Add orders either directions - Go to a smaller time frame to get into an early position if you're feeling confident - Follow your own trade plan for further confluence Key tip: Patience & Discipline. If you have any questions, message privately happy to help. All the best, Trade Journal (Just a trade idea, not a recommendation)
by Trade_Journal
2
Rounding bottom Potential gain:65% Reward/Risk:3 Timeframe: 4wks I always try to present the charts in a simple comprehensive format to prevent any confusion. This is just my technical view, neither a fundamental comment,nor a recommendation to trade..! Please review my track record and calculate the odds for yourself..! Don't forget to like, comment, and Follow to encourage me to continue this. You can send TradingView coins to support me publishing high quality ideas..! Stay tuned great live stream and quality content videos coming soon..! I would appreciate if you share my analysis on your own social media with your friends and beloved ones, and help them makes some money in this hard times!
NASDAQ:UKLong
by Moshkelgosha
4
BTC analyse 24.01.221- 24.03.2021hello dear traders its been along time, as we see BTC had made a very massive bullish trade last months, but after hat directly BITC LOSES about 20% of its value, but why ? we all know why, but what its more important is net step of BTC :) AS we see we will have one of those scenario A or B , but both of them they have same end which is to reach +46000e, as possibilities gives 65% that we will have a massive bullish trade, and in my opinion will be the history chance. the entry point will be in 21000e, but we have to wait if price goes down more. and if price didnt goes down more so entry will be in 27000e
CME:BTC1!Long
by elmorabit
3
FTSE100 - UKX - WHERE TO NEXT?FTSE100 UKX - Range Bound - WHERE TO NEXT? Technical View: Resistance: 6782.5, 6823.0, 6900.5 Support: 6677.7, 6627.6, 6610.9, 6535.8 (200EMA) Pattern: Multiple formation Bull Flag / Triangle Formation How to approach this trade idea: - Add alerts at key break out areas - Wait for the break out and trade the pull back - Check the key Fibs matching S&R Areas - Don't forget to gain a good R/R - Add limit orders to break out areas, bit more of risky approach as you don't want be part of fake break out! Go with what you have written on your trade plan overall. It's FRIDAY....! On a Friday - I take day trades, review my journal and get ready for the week ahead. It hasn't been bad week very choppy markets we are in range bound areas in most assets apart from Crypto's great momentum towards down side I always say in life and in the markets - What goes up, comes down eventually. Now it doesn't mean you're going to become profitable trader and come down - NO! What I mean is, your performance isn't going to be straight line there will be days up and down and let be honest with you - I don't always trade everyday because I know when I want to be part of the market, be disciplined! It does depends on way you mange your portfolio. Have a great weekend. Trade Journal (Just a trade idea, not a recommendation)
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by Trade_Journal