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GBP/USD does not succeed to climb above 1.3400GBP/USD does not succeed to climb above 1.3400 Despite adoption of tax reform and release of various macroeconomic data, the British Pound is continuing to trade against the Dollar in a two-week long symmetrical triangle whose upper boundary simultaneously represents the slope of a larger falling wedge pattern. Because of an empty economic calendar as well lower liquidity the cable is expected to remain within the above patterns today. In the meantime, an allocation of pending orders suggests that traders are rather eager to acquire the Sterling, which is contrary to the generally bearish market sentiment. From daily chart perspective, it looks like the pair will make inch higher from the triangle due to support set up by the weekly and monthly PP located around the 1.3370 mark.
by UnknownUnicorn890690
GBP/USD forms new triangleGBP/USD forms new triangle Yesterday’s plunge to the 1.3330 level with the subsequent return to the 1.3400 mark points out that fluctuations of the cable are framed by the minor symmetrical triangle pattern. Theoretically, a combination of the weekly and monthly PP strengthened by the 55-hour SMA should a necessary support for a breakout to the top. However, previous trading session showed that traders are rather neglecting these technical indicators. Accordingly, these ups and downs are likely to continue until the pair an impulse from some fundamental event, such as final adoption of tax reform by the Congress. In support of this assumption, the pending orders in 100-pip range are equally split between buys and sells.
by UnknownUnicorn890690
GBP/USD plunges amid Brexit newsGBP/USD plunges amid Brexit news Due to existence of a strong selling pressure in the area between 1.3440 and 1.3450 marks, the cable could not climb higher and was forced to make a rebound. However, as this turnaround matched with news coming from Brussels, the Pound lost more than 100-pips against the Dollar and ended the week at the psychological 1.3300 support level. Today the pair is expected to resume the upward movement, even though it is unlikely to exceed the 1.3380 mark, as this area is reliably secured by the weekly and monthly PP as well as the slipping 55-, 100- and 200-hour SMA. In other words, without another fundamental impulse the pair will be forced to retreat once again. In larger perspective it looks like the Friday’s plunge led to transformation of a medium descending channel into the falling wedge formation.
by UnknownUnicorn890690
GBP/USD tests 1.3410 GBP/USD tests 1.3410 In first half of Friday’s trading session the Pound was actively appreciating against the Dollar being fuelled by reports about progress made on Brexit divorce bill. However, once this anxiety ran out and the US posted another set of positive employment data the pair returned back to the monthly PP located at the 1.3372 mark. At the moment, the cable is testing combined resistance level set up by the 55-, 100- and 200-hour SMAs as well as the weekly PP at 1.3415. Unless the rate receives a proper impulse from some news, a rebound is expected to happen. Such scenario also looks more plausible from fundamental perspective due to expectations of the upcoming interest rate hike and adoption of tax bill. However, today a deep plunge is unlikely to happen, as the above monthly PP still represents strong support barrier.
by UnknownUnicorn890690
GBP/USD struggles to bypass monthly PPGBP/USD struggles to bypass monthly PP In line with expectations, the overall optimism related to progress made on tax reform and decreased probability of a government shutdown continued to push the cable downwards. Although the pair has crossed the 200-hour SMA, the further plunge was temporarily stopped by the monthly PP at located at the 1.3372 level. But since information background remains positive and the currency rate is located within junior descending channel, it is expected to continue moving to the bottom towards the 1.3340 mark. In any case, an active surge is unlikely as northern side became protected by a combination of the weekly PP, the 55- and 200-hour SMAs. The only factor that might break the above resistance would be political news especially the one that are related to Brexit.
by UnknownUnicorn890690
GBP/USD reaches two month maximum at 1.3550GBP/USD reaches two month maximum at 1.3550 As it appears from hourly chart, the 1.3550 mark signified the two month maximum that the cable could not surpass. In result of a rebound, a new junior descending channel has been formed. The pattern is expected to stay in force at least until the rate will reach support set up by the 100-hour SMA and the weekly PP near 1.3420. If this barrier becomes broken, a more mature support zone should be formed by the 200-hour SMA and the monthly PP at 1.3371. However, there is an assumption about formation of two other medium ascending channels whose lower boundaries might intersect with the 23.6% Fibonacci retracement level located at 11.3256 and the monthly S1 at 1.3195. In that case, bears are likely to take the lead for the upcoming two-three weeks.
by UnknownUnicorn890690
GBP/USD jumps by 1.1% amid progress in UK and EU talksGBP/USD jumps by 1.1% amid progress in UK and EU talks As it was warned yesterday, publication of encouraging news from the United States one after another led to notable appreciation of the buck whose surge was stopped only is support zone located around the weekly S1 at 1.3231. Since the rebound was based on reports that Britain has finally managed to reach a deal with the European Union, the Pound advanced by 1.1% just in three hour and ended the day at previously mentioned 1.3380 resistance level. Although volatility was high, it did not lead to dissolution of the channel. In contrast, it forced only to adjust its boundaries. As a result, during this session bulls are expected to continue trying to push the cable to the weekly R1 at 1.3406. But as this indicator crosses upper trend-line of the pattern, a new rebound is expected to follow.
by UnknownUnicorn890690
GBP/USD surges to 1.3360 but then retreats GBP/USD surges to 1.3360 but then retreats On hourly chart the British Pound is continuing to gain value against the Dollar in a two-week long ascending channel. Generally, the cable is projected to continue heading to the top in the above pattern using support continuously provided by the rising 55- and 100-hour SMAs. The ultimate goal is located near the 1.3430 level and presents location of the upper boundary of a long-term dominant descending channel. However, before that the surge of the currency rate is likely to be stopped in the 1.3370-1.3380 resistance area. In case of retreat, strengthening of the buck in unlikely to exceed the 1.3300 mark, as this support zone is backed up by the updated weekly PP and the above 100-hour SMA. Finally, the only macro release, which might cause notable volatility will the US Prelim GDP.
by UnknownUnicorn890690
GBP/USD trades at crossroad of two channelsGBP/USD trades at crossroad of two channels On Friday, after reaching the 1.3250 mark the cable made a sharp turnaround and slipped back to the 1.3180 level. From fundamental point of view, this movement matched with release of better than expected American housing data. But from technical perspective it signified a rebound from an intersection of upper boundaries of two large descending and ascending channels. In this way bears have outlined strong resistance area through which the pair is unlikely to climb without proper upside momentum. For this reason, the currency rate is expected to make another reversal even though the bottom trend-line of a junior ascending channel provides perfect support for gradual soar. The upcoming movement to the south is additionally supported by the aggregate market sentiment, which is 51% bearish.
by UnknownUnicorn890690
GBP/USD ready for another attempt to jump to 1.3230GBP/USD ready for another attempt to jump to 1.3230 As release of British employment and earnings data, generally, was perceived positively, the Pound expectedly climbed to the 1.3200 level. Nevertheless, a subsequent release of the American retail sales and inflation data neutralized this achievement by returning the pair back to combined support area formed by the 55-, 100- and 200-hour SMAs near the 1.3135 mark. After making a rebound the cable resumed the surge. Second day in a row bulls are hoping to use macroeconomic data release to push the rate to the pre-fall 1.3230 level. Whether they succeed or not will mainly depend on the UK retail sales growth rate. There just a need to take into account that the pair is unlikely to climb above a combination of the monthly PP and upper edge of dominant channel from the north and the above MAs from the south.
by UnknownUnicorn890690
GBP/USD spikes to 1.3230 but then dropsGBP/USD spikes to 1.3230 but then drops A release of better than expected growth rate of the UK Manufacturing Production created an upside momentum that enabled the pair to return back to the 1.3228 level. However, then fears of growing political risk in Britain and Trump’s participation in the ASEAN summit strengthen the buck and dragged the exchange rate to support area near the 1.3120 mark. On the one hand, the further road to the bottom is obstructed by the lower support line and the 23.6% Fibonacci retracement level. However, if the current bearish pressure continues this barrier may not sustain. In that case, the cable is going to test the next support zone lying around the weekly S1 at 1.3090. It should be noted that recovery of the Pound also looks unlikely, due to pressure from the falling 55-, 100- and 200-hour SMAs.
by UnknownUnicorn890690
GBP/USD forms ascending triangle patternGBP/USD forms ascending triangle pattern During the previous trading session the currency rate expectedly returned back to the 1.3110 mark, which represents location of the 23.6% Fibonacci retracement level. As this barrier was additionally backed up by the 55-hour SMAs, it made a rebound. However, the fact that the cable failed to climb above the 50% retracement level at 1.3180 two times in a row as well existence of a slope that lies along rising 55-hour SMA indicates on existence of a minor ascending triangle pattern. If this assumption is true, then the pair is likely to make a breakout to the top already by the end of the day due to existence of combined support barrier formed by above 55- and 100-hour SMAs, the 38.2% retracement level and the weekly PP at 1.3150.
by UnknownUnicorn890690
GBP/USD stuck at monthly S1 at 1.3073GBP/USD stuck at monthly S1 at 1.3073 Initially, the Pound tried to restore some and even used a momentum provided by release of better than expected UK Services PMI to climb to the 1.3107 mark. However, the subsequent release of positive American data neutralized this attempt and returned the pair back to the monthly S1 at 1.3073. Unless traders receive some clear signal the currency rate might continue moving in such indecisive manner for some while. Nevertheless, a pressure from the 100-day SMA on a daily chart is likely to push the pair down even further. Although an attempt to surge to the 55-hour SMA is possible, but eventually it is still expected to slip to support area near the 1.3030 mark.
by UnknownUnicorn890690
GBP/USD approaches weekly PP at 1.3160GBP/USD approaches weekly PP at 1.3160 Friday’s trading session was significant for two reasons. On the one hand, the cable managed to break through the lower trend-line of the senior ascending channel. On the other hand, it failed to slip below the 1.3090 mark, which correlates with location of the bottom boundary of an alleged larger, dominant ascending channel. Such outcome allows assuming that this pattern will be strong enough to block another attempt of the pair to fall below the 1.3100 mark, following the general strengthening of the Dollar. At the same time, rapid recovery of the Pounds seems unlikely as well due to presence of a combined resistance set up by the weekly PP, the 55-, 100- and 200-hour SMAs. However, a release of better than expected fundamental data through the week might provide a necessary impulse to elevate the rate at least back to the 1.3200 level.
by UnknownUnicorn890690
GBP/USD inches higher amid GDP reportMorning outlook - GBP/USD inches higher amid GDP report According to the Office for National Statistics, the temps of growth of British economy spiked to 0.4% in the third quarter. This news gave the cable an upside momentum, which it used to break through the upper trend-line of a dominant descending channel. As there are no significant UK or US data releases planned for today, bulls might use this lull to elevate the pair to the weekly R1 at 1.3306. In support of this assumption, there is need to take into account that some of the Pound traders are simultaneously following the ECB meeting and are trying to push the Sterling in parallel with the Euro. On the other hand, bears might use an area between the 1.3285 and 1.3290 marks to either halt or even turnaround the pair.
by UnknownUnicorn890690
GBP/USD returns to 1.3200Morning outlook - GBP/USD returns to 1.3200 Despite a sharp fall after release of worse than expected data about the UK retail sales, the cable managed to bounce off from the bottom trend-line of a large ascending channel and by Monday morning restore lost positions returning back to the 1.32 level. However, the pair is not expected to climb higher this day, as the further road to the north is obstructed by a combination of the 200-hour SMA and the upper edge of a dominant descending channel, which has already managed to neutralize the surge couple of times. But even in the case of a breakthrough in weekly perspective the Pound is likely to lose value against the Dollar because of release of information on the UK Preliminary GDP, which might appear to be below the 0.3% growth rate.
by UnknownUnicorn890690
GBP/USD loses 100 points Morning outlook - GBP/USD loses 100 points Although inflation report matched with forecasts and Governor Carney once again admitted possibility of interest rate hike, the Pound lost almost 100 points against the Dollar just in couple of hours. Such keen reaction shows that the main investors’ concern is related to success of the Brexit talks. From technical perspective, the cable passed through the 200-hour SMA and now is facing to other support barriers on its way up until the 38.2% Fibonacci retracement level at 1.3145. In this sense, the pair is expected to continue to slip to the bottom. However, there is a need to take into account that after such sharp falls traders usually tend to restore lost positions, which means that an area near 1.326 might become a target once again (as long as market sentiment remains predominantly bullish).
by UnknownUnicorn890690
GBP/USD fails to surge above 1.3320Morning outlook - GBP/USD fails to surge above 1.3320 Although the US data release, in general, appeared to be worse than expected, the upside momentum was not strong enough to push the pair above the monthly PP at 1.3322. The presence of a recently formed ascending channel whose bottom boundary is backed up by the rising 55-, 100-, 200-hour SMAs suggests that the currency rate most probably is going to break through that resistance and continue to move to the north. On the other hand, there are two large unconfirmed channels who boundaries are located near the 1.3330 mark and that might turnaround the pair. Finally, there is a need to take into account that this week will be full of the UK data releases, including inflation and retail sales, that are expected to have a notable impact on further direction of the pair.
by UnknownUnicorn890690
GBP/USD tries to cross 55-hour SMAMorning outlook - GBP/USD tries to cross 55-hour SMA Despite the release of better that expected American income data, the Greenback failed to exploit this fundamental background and eventually depreciated against the Pound. At the moment, the pair is going to start testing a combined resistance set up by the upper trend-line of a recently formed descending channel and the 55-hour SMA. As majority of traders remain bullish, the rate might briefly sneak to the top, trying to reach the 38.2% Fibonacci retracement level at 1.3145. However, an aggregate of technical indicators points out on the further downfall of the rate via sending strong sell signal. This direction seems evident also from larger perspective, as a couple of weeks ago the pair made a rebound from the upper boundary of a long-term descending channel.
by UnknownUnicorn890690
GBP/USD trades around 55-hour SMAMorning outlook - GBP/USD trades around 55-hour SMA The British Pound is continuing to trade lose value against the American Dollar in a one-month-long descending channel. Despite a bunch of important macroeconomic data releases, the pair did not make any substantial advances yesterday. One of the reasons for that was the 55-hour SMA, which traders continuously used as a support and resistance. As a result, the pair ended previous trading session in the centre of the channel. Because of the bullish sentiment, traders are likely to try to push the rate to the upper edge of the pattern. However, the above 55-hour SMA once again might turnaround the pair and force it to slip to the weekly S1, which is located at the 1.3210.
by UnknownUnicorn890690
GBP/USD fails to break above 55- and 100-hour SMAsMorning outlook - GBP/USD fails to break above 55- and 100-hour SMAs In accordance with expectations, a combination of the 55- and 100-hour SMAs as well as the former monthly R2 did not let the pair to make any notable advances on Friday. In fact, they continued to push it to the bottom, simultaneously forcing to form a minor symmetrical triangle. Due to release of a whole bunch of various fundamental data during this week, it is difficult to project how the pair is going to move. The only thing that can be said for sure is that the northern path is secured by numerous technical indicators, such as the 200-hour SMA and the 50% Fibonacci retracement level at 1.3503. In addition to that, the pair has recently made a rebound from the upper boundary of a long-term descending channel. Hence, the gradual slip to the bottom remains a more plausible scenario.
by UnknownUnicorn890690
GBP/USD about to leave the falling wedgeMorning outlook - GBP/USD about to leave the falling wedge Contrary to expectations, the currency exchange rate did not make any significant moves yesterday and, for this reason, stayed in a falling wedge for additional day. However, the fact that the first four hours of this trading session were dominated by bears suggests that the pair is likely to leave the pattern in the southern direction. Such outcome is supported not only by the weekly S1 located at the 1.3412 level but also by the 55-hour SMA, which is moving precisely along the resistance line of the wedge. Although the pair might face a strong support in the area between the 1.3350 and 1.3328 marks, from a larger perspective the Greenback should continue to gain value against the Pound. In this sense, the medium-term target for the rate most probably will become an area near the 1.3208 level, which contains the monthly R1 and the weekly S3. In addition to that, it also represents a point, from which the pair started its rapid surge two weeks ago.
by UnknownUnicorn890690
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GBP/USD tries to restore lost positionsMorning outlook - GBP/USD tries to restore lost positions The speech delivered by Theresa May about post-Brexit relationship with the EU on Friday, indeed affected value of the Pound. Unfortunately, the effect was negative and the British currency just in one hour lost 79 points against the Dollar. Probably the best description of this situation was made by the German Foreign Minister who noted that the speech was vague and did not contain any concrete proposals. Accordingly, the rectangle pattern that formed in the beginning of previous week sustained and is likely to sustain today as well. On the one hand, the rate feels pressure from the 55- and 100-hour SMAs together with the weekly PP at 1.3536 that pushes it to the top. However, the expected target for today would be an area around 1.3585, but not the upper edge of the formation.
by UnknownUnicorn890690