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Comprehensive GBPUSD Analysis Ahead of UK General ElectionThis is a comprehensive analysis of the GBPUSD ahead of the UK General Election scheduled for Thursday, 4th July 2024. The chart has been marked to highlight key levels (Decision-Making Points) on the weekly, daily, and H4 timeframes. Below is a summary based on the price analysis: Weekly: Strong Bearish The wave structure on the weekly chart indicates a bearish expectation. Daily: Bearish Wave Structure The daily chart shows a second bearish wave structure with a lower low. H4: Bearish Wave Structure with Pullback The H4 chart has completed a bearish wave structure and shows a valid pullback. H1: Bearish Momentum This morning, a momentum low was made, and the current pullback aligns with the second bearish wave structure.
by Charts247TradingAcademy
Brace for NFP, ECB Forum, and two major elections This week is set to be a pivotal one for global markets, with significant economic and political events on both sides of the Atlantic. In the United States, the spotlight will be on nonfarm payrolls at the end of the week, with the economy expected to have added 180,000 jobs in June. This would mark a slowdown from the 272,000 jobs added in May and signal a cooling of the labor market. Across the Atlantic, political developments in France and the United Kingdom are likely to dominate market movements. France's Parliamentary Elections: France held the first round of its parliamentary elections on Sunday. The far-right National Rally party, led by Marine Le Pen and Jordan Bardella, has surged to first place, securing 33.5% of votes according to recent polls. The second round of voting is scheduled for July 7. The dissolution of the National Assembly by President Emmanuel Macron earlier this month has already caused volatility in French stocks. However, some see this as a buying opportunity. Eden Bradfield of BlackBull Research commented, "Our preference list includes Kering, LVMH, Richemont, Brunello, and Hermes at the right price." Adding to the busy week, the European Central Bank (ECB) will host its annual forum in Sintra from Monday to Wednesday. The event will gather central bank governors, including Jerome Powell of the U.S. Federal Reserve, Roberto Campos Neto of the Brazilian Central Bank, Andrew Bailey of the Bank of England, and Christine Lagarde of the ECB. On the economic front, Consumer Price Index (CPI) reports for the Eurozone and Germany are due this week. These reports are anticipated to show a slight easing in inflation, which will be closely monitored by investors and policymakers alike. UK General Elections: In the United Kingdom, a major political shift is anticipated on July 4. Polls suggest a landslide victory for Keir Starmer’s Labour Party and a major defeat for Rishi Sunak’s Conservatives, who have been in power for 14 years. For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
by BlackBull_Markets
GBPUSD Is Setting Up to Complete a Bearish Zigzag Pattern.Hi Traders! Happy New Year to you all! GBPUSD is correcting the major rally that started in September 2019. The impulsive move is labelled (i)-(v) in wave A. The correction which seems to be unfolding as a Zigzag in wave B is yet to be completed. I'm looking for price to move higher in the shorter cycle to complete wave (b) of C around 78.6% Fib, then look for a short entry to take advantage of wave (c) of B. Do you like this analysis? Best, Veejahbee.
Short
by Veejahbee
GBPNZD: POTENTIAL BUY OPPORTUNITYFollowing up on the weekly analysis I posted earlier, GBPNZD has broken the daily corrective structure channel, and it's retesting it. The break out is an impulsive move followed by a corrective structure that seems to be unfolding as a zigzag. The correction in wave (ii) of C has retraced 61.8 - 78.6% of wave (i), and it's within a deep Fibonacci extension zone "blue area." Price is expected to resume higher from or near the current market price.
Long
by Veejahbee
3
GBPNZD WEEKLY: Short-term Bullish and Long-term BearishIn the GBPNZD weekly chart above, GBPNZD sell-off impulsively from its August 2015 high. The decline is in five-wave and labeled as 1-2-3-4-5 in wave (A). Sub-wave of wave 1 of (A) is also visible. Since GBPNZD bottomed in November 2017, it has been in a corrective wave, which is expected according to Elliot Wave Principle. A three-wave correction follows every impulse before the price resume in the direction of the trend. In the case of GBPNZD, the correction seems to be unfolding as a triple zigzag "W-X-Y-X-Z" pattern, and it's almost completed. Price is expected to move higher in wave (c) of Z to complete the major correction. The anticipated area for the completion of the correction is the blue zone that lined up with the upper trend channel + 50% retracement of the entire decline. If this count is correct, the dominant trend is bearish, and once the corrective structure is completed, the market should begin a massive decline in wave (C). Wave (C) target lies below the wave (A) low. What's your thought on GBPNZD? Best, Veejahbee.
by Veejahbee
2
The Beginning of The End for Brexit? Prime Minister Boris Johnson won a big victory at yesterday’s general elections with an estimated 360 seats versus the 326 needed for a majority. As result British Pound traded broadly higher, with six out of the seven GBP pairs rallying over 2% in just of a minutes. GBP/JPY was the biggest gainer of course, also because weaker yen, due to talk of a phase 1 trade deal between US and China on the horizon. Intraday bias in GBP/JPY remains neutral and the consolidation from 143.67 could extend. Deeper retreat cannot be ruled out (specially in event if the US tariffs go into effect this weekend). Also the RSI indicator is in its overbought area on the daily chart, as you can see. But we expect the downside pressure should be contained well above 139.32 support to bring rise resumption. On the upside, a clear break of 143.67 on daily basis will resume the rally from 126.67. Sustained break of the resistance trend line (now also at 143.67) will pave the way to 148.87 key level next. Above it is the psychological area 150.00. Regarding EUR/GBP, the pair is trading stable around $0.83 now. Looking ahead, it is quite clear Johnson will be able to pass the withdrawal agreement in Parliament and if that happen we expect EUR/GBP to slide towards even 0.8150.
Long
by ForexTrendline
1
Triangle Pattern Should Send EURCAD HigherAfter a lot of whipsawing price action on EURCAD, and AUDCAD, I could now see the kind of price pattern in the making. When there is a range-bound or contracting price action, it usually tends to be a Triangle. I'm able to label the price action on EURCAD. And if the count is correct, price should resume higher from or near the current market price and the invalidation level should remain intact for the bullish bias to remain valid. What's your thought? Bullish or Bearish?
Long
by Veejahbee
3
GBPCAD Tea PartyEver seen such a big tea party? Life is all above imagination . Canada’s economic data point to the need for monetary stimulus. Analysts believe that BOC Governor Poloz may finally hint about easing today when he gives a speech in Toronto. The pound has been on a roll as the possibility of a no-deal Brexit becomes more unlikely. Labour leader Jeremy Corbyn is set to unveil his party’s election manifesto, which could shake the pound up some. 1.7450 that marks areas of interest on the higher time frames.
by jessi061
2
ORBEX: GBPUSD,EURUSD: Brexit Party Won't Contest Conservatives!In today’s #marketinsights video recording, I talk about #GBPUSD and #EURUSD #FXMajors #Pound surged higher yesterday following headlines that Nigel Farage, Brexit Party's leader, will not contest Conservative seats ahead of the Dec 12 elections! On the economic front, the UK was marginally away from a recession, the latest GDP figures showed. With #employment data on the spotlight, #cable is the intraday pair that traders could find opportunities on. #EURUSD was somewhat supported by a weaker #dollar. The #greenback was seen falling on #Trump's rollback comments, as he denied having agreed on a tariff rollback with China. German #ZEW data will provide clues on #euro's direction. Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice.
by Orbex
ORBEX: GBPJPY, EURGBP - BoJo Wants Election, Adios Draghi!In today's #marketinsights video recording I analyse #GBPJPY and #EURGBP #FXMinors! GBPJPY Supported by: - Increasing expectations EC will grant January extension - BoJo win in case of early election - Weak safe-haven flows - Japan manufacturing to 3yr low EURGBP Under Pressure as: - Investors eye ECB and last Draghi meeting - Disappointing Business Climate (French) - Poor EA Consumer Confidence Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice
by Orbex
GBPJPY short Took a short on GBPJPY at 178.40 after price hit the 200 day MA and the 38.2% fib. We also hit our 4HR trend line. Price reacted nicely & bounced down to close the day with a shooting star, another bearish sign. This trade fits with my fundamental outlook on GBP which should remain under pressure in the near term with Labour now leading most polls over Cameron, and also with the impending stock correction both on the S&P & globally. Stop: 179.60 (above previous highs) Target 1: 175.00 (previous low) Target 2: 173.00 (or bottom of current channel)
Short
by buckleforex