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GBP/USD poised for further gains in the coming weeksGBP/USD continues to extend gains. Focus is now on the 1.2706 0.77% high of February, with rising momentum studies and the improving Tension Indicator (not shown) anticipating a further break towards critical resistance at the 1.2775 high of December. A later close above here will confirm a significant rally, as the October 2016 bull trend gains traction and investors adopt an outright bullish stance Congestion around 1.3000 will then attract. Support is raised to the 1.2375 low of 29 March. Any break beneath here should stabilise above the 1.2109 low of 14 March. Still further slippage, however, would delay higher levels and put focus back on critical support at the 1.1987 -3.75% low of January.
by Michael_Macdonald-XATSUK
UK FTSE remains heavy at current levelsThe UK FTSE100 Index is finding difficulty maintaining higher levels as negative divergence unfolds on weakening momentum studies. The Tension Indicator (not shown) is also showing signs of negative divergence as it, too, turns down. Investors are expected to continue reducing positions. A break below the 7255.78 low of 27 March is highlighted, with the 7192.94 low of 24 February to then attract. Further slippage will open up critical support at the 7093.57 low of February. A break beneath here would turn investor sentiment outright bearish, and confirm a more significant bear trend as the fall from the 7447 high of March gains traction. An unexpected break above 7447 would delay lower levels, but should find difficulty clearing the 7500/11 barrier.
TVC:UKX
by Michael_Macdonald-XATSUK
GBPUSD may extend lower?Good evening Trader, Today we want to share with you the FX:GBPUSD as it seems to react at current level. As market moved higher towards current major reaction zone, market may reacts and extend lower at current trading level. Tomorrow we will expect the UK retail sales which are expected to be higher than previous reading (0.4% vs. -0.3%). If you consider of taking a trade within the GBPUSD please regard this event risk at 09:30GMT. If outcome will be worse than expected this would give the market a fundamental kick. Additionally, Jennet Yellen will speak tomorrow which could lead to some extend of volatility around market. Looking at our inter market indication, we see some movements around our midline, as it seems that investors take their profits from last long move. This could initiate a further extension to the downside towards 1.22 again. If market shows confirmation in lower timeframes, we might take a short. As always trade with care. We wish you much success. Cheers
Short
by secrets2trade
UK FTSE100 coming under selling pressureThe UK FTSE100 Index remains strong, but gains are expected to continue to prove difficult to maintain. Overbought studies and negative divergence on the bearish Tension Indicator (not shown) are adding pressure to bullish sentiment, with any initial tests of the 7500/11 barrier to prove difficult to sustain. Risk/reward is for a short-term corrective pullback, but improving background studies should limit downside tests. Support is at congestion around 7350 and extends to the 7263.62 low of 9 March. Any deeper reactions need to stabilise above the 7192.94 low of 24 February to keep bullish sentiment intact. A close beneath here, if seen, would add extra pressure to price action and open up critical support at the 7093.57 low of February.
TVC:UKX
by Michael_Macdonald-XATSUK
UK FTSE100 to find difficulty sustaining further gainsThe UK FTSE100 Index is regaining higher levels. Prices have posted a close above the 7354.14 high of January, suggesting potential for further gains towards the 7465, (38.2%) Fibonacci projection of the november-January rally. However, studies remain mixed and are beginning to show negative divergence, highlighting continued profit-taking pressure and risk of a corrective pullback. A close below the 7192.94 low of 24 February would add pressure to price action, but a further close below the 7093.57 low of February is needed to turn sentiment negative, and confirm a deeper, more significant fall. A close above psychological resistance at 7500 would further improve price action, as investors continue to increase exposure to UK equities.
TVC:UKX
by Michael_Macdonald-XATSUK
GBPUSD Next Short Opportunity?Hello Traders, Today we will share with you guys the FX_IDC:GBPUSD as it seems to show soon further depreciation towards 1.21. However, it currently seems that we see more inflow of captial as the USD as a whole lost some strengths after Yellen speech on Friday. Market will very closely watch next weeks NFP on Friday next week as key driver for March rate hike. This could be decisive if we see further upwards correction or a turning towards heading south again. Supported by a significant intermarket sign, which points a potential inflow of capital currently! This may underline this setup as it seems that market will correct a little further to the upside. Our intermarket analysis always helps us time our trades better. We see a good timing of a potential short trade as soon as our indication hit outflow levels again. Our measurement is currently the ratio of the GBPUSD vs. INDEX:FTSE and the GBPUSD vs. Bonds. Our inter-markets indication gave good accuracy in the past for timing our trades at price relevant levels. We will be looking for interesting entry levels and keep you updated once we see interesting turning points. As always, trading is a probability game nobody is 100% right and always use a stop-loss when trading. Trade with care. Cheers, Secrets2Trade
Short
by secrets2trade
UK FTSE100 expected to find difficulty sustaining higher levelsThe UK FTSE100 Index is finding difficulty maintaining the bounce from the 7093.57 low of 2 February. Prices are falling back from the 7329.56 high of 20 February, as short-term studies turn bearish and the Tension Indicator (not shown) continues to weaken. A pullback towards 7093.57 is looked for, whilst a close beneath here will signal a deeper reaction, as investors move to a neutral stance. Subsequent focus will turn to the 7016~ Fibonacci retracement and congestion around 7000. An unexpected close above 7354.15 is needed to negate downside tests, and confirm continuation of the broad 2016 rally towards the 7395, (161.8%) Fibonacci projection of the October-November fall.
TVC:UKX
by Michael_Macdonald-XATSUK
GBPUSD: Waiting and watching closelyGBPUSD is really interesting here, with potential upside, together with the dollar, if Brexit ends up being a positive in the long term. It has a lot of shock value, and I'd like to play it like a contrarian once viable. Right now, I think we can have a repeat of the 2009 bottom, and a big sideways range, but first we could see a rapid short squeeze rally, and a retest of the Brexit day range, or even the top of that day's range. I'm looking to go long on dips, for the most part, and perhaps look to short EURGBP when viable, or long GBPCHF. If we do get this scenario, we could see a massive rally shortly after the Brexit votes are out of the way. Lots of potential volatility revolving around French elections and other developments in Europe as well, so I'm watching with keen interest. The daily chart has a downtrend and two potential targets, Range Movement is in a strong downtrend, but also suggests sentiment is at an extreme, in speculative bearishness, so, we could see a rapid squeeze of the shorts soon. I'm vigilant, and monitoring the daily developments to fade the extremes. Good luck, Ivan Labrie.
Long
by IvanLabrie
13
UK FTSE100 gains to prove difficult to sustainThe UK FTSE100 Index is extending the bounce from the 7093.57 low of 2 February. Rising daily studies suggest further short-term gains, but falling weekly stochastics and a weakening Tension Indicator (not shown) suggest any immediate tests of critical resistance at the 7354.15 high of January should be treated with caution. In the coming weeks, risk/reward points to a corrective pullback, with a close below 7093.57 opening up the 7016.50, (50%) Fibonacci retracement of the December-January rally and congestion around 7000. A further break would turn investors neutral once again, as deeper reactions target the 6936.75, (61.8%) Fibonacci retracement. An unexpected close above 7354.15 is needed to negate downside tests, and confirm continuation of the broad 2016 rally towards the 7395 Fibonacci projection.
TVC:UKX
by Michael_Macdonald-XATSUK
GBPUSD POSSIBLE SETUPS As you could see 1.24050 is holding as key support level. We have strong bullish candlesticks sitting on the 200 EMA (Magnetic Support) presented on the 4 Hour timeframe. The UK government is confident with brexit. We can possibly see price reach 1.2700. Our long entries will be triggered on the break above the trendline and the red dashed level (1.25400); entries will be confirmed on bullish PA. If however, the charts project strong bearish PA at this level we may consider setting up a short setup. Our longer term trade setup will be the possible short setup around 1.2700 to our downside targets outlined, 1.23500, 1.22500 then possibly 1.2000. However, the short setup will also be confirmed on bearish PA. Our stops will be places above the Weekly/Daily Resistance zone around 1.29450. ***TRADE AT OWN RISK***
Long
by SERGENAYTUG94