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Gpbusd

[LONGTERM] One potential LONG position on GBPUSDWe have one possible long position on the FX:GBPUSD 1. If price touches the blue area, check if there is divergence on either MACD or stoch . At the moment we can see MACD diverging from the price. If step 1 is fulfilled , continue. 2. If step is 1 fulfilled, we want to see either a double bottom or w/m pattern forming on 4H or 1H . Will demonstrate those patterns when the time comes. If step 2 is fulfilled , continue. 3. TP/SL will be set when necessary price action takes place in those areas. We will always wait for pullback no matter what. No pullback, no trade . If step 3 is fulfilled , continue. 4. Long when PRICE makes higher high . If it doesn't and instead makes lower low , abort this potential LONG. Horizontal line(purple): Big round number
Long
by TAFA94
Cable: Super Thursday and why I believe BOE will not be hawkishWe reach to Super Thursday with all market attention on Bank of England Meeting. In Bristish Pound Super Thursday : - BOE Inflation Report. - BOE Press Conference - BOE Mark Carney Speech - BOE Interest rate decision. What does market expect ?. - Consensus hope there are at least two member of BOE vote for rate hike. - How to BOE deals with low inflation in UK. - And the tone of BOE about current situation: Hawkish or Neutral. - If there is no vote hike, and the vote unchanged are 9, definitely no one wants to hold Cable anymore. As a result, with no vote uchanged, BOE must keep neutral stance and cautious attitude to inflation and wait for more incoming data. Market put much hope on BOE as the next central bank hikes rate following FED. But I think they hope too high, in fact, UK economic data is not good as we think. - Inflation is still very low with CORE CPI is at 0.8% and CPI is pritned at 0%, while labor market didn't improve in recent reports, and yesterday PMI Construction and Market PMI Services were negative. That is the reason I think BOE would be carefull in this meeting. GBPUSD should go down than go up. - Technical Analysis - GBPUSD still hold in wedge pattern : below key resistance level at 1.5675, and above bullish trend line. Any break those levels always goes with a TREND. If I choose BEARISH side, resistance become a stop loss, target I choo se is at SMA100 and strong support at 1.5335
Short
by Sforex
Potential Bat pattern in formationCable has had a pretty good run since mid April but how much more can GBP rise? This is a potential BAT pattern in formation with an entry short at 1.5650 targeting the actual BAT completion area where you could see the price reverse. Sentiment is quite positive on this pair at the moment and I would say any traders that entered long around 1.5450 off the trendline would target the1.5700 area or 1.5800. If the price doesn't reach 1.58 then there may be an increased amount of selling on the way down as traders cover their position. If it manages to break the lower channel trendline then my target would be the parallel trendline I have drawn in which is equal in width to the existing channel, and the 1.53 area looks promising as a completion of the BAT pattern or perhaps before around 1.52, wherever the price touches the lower trendline. This is just one of an infinite ways to view this market! Lets see what happens.
Short
by TomP
Bulls might step in soon on the GBPUSDIf I had to pick one currency to have a long position in ATM, it would be GBP. The EUR is weak, the USD is seeing a much needed pullback, and despite uncertainty in the past couple of months leading up to the elections, the GBP is starting to look like a nice long trade. I think we might see a decent opportunity in the GBPUSD in the next couple of days. The level I am looking for is 1,55. Why?: Around 1,55 heaps of bullish confluence is layered. 1. Bullish momentum since the bottom at 1,46 2. 1,55 was previous resistance, tested at the 29th - 30th of April, and could very well be tested as new support 3. Both 50% and 61,8% fibo levels, will come to play around 1,55 4. The 200 EMA will com into play 5. The ascending trend line will provide further support. A possible target could be 1,625 - 1,66, before the USD bulls will start to run again. Keep an eye on the DXY though. The GBPUSD pullback, coincides with a pullback on the DXY to 95. If the DXY breaks through 95, the GBPUSD will probably depreciate further than 1,55. So look for a rejection of the 95 level on the DXY for extra confluence. Happy Trading! // Mads Brandt
Long
by Laban132