Gbp falling/broken the trend line support-200+ pips up for grabs
Right so the charts are showing us that the GBP since the beginning of this month has finally given up the top @ around 1.4760, its touched it 3 times, but the selling/ profit taking zone has proved too strong and now the sellers are in control.
Now if we look further out on the time scale you can see I have highlighted that this has actually been in a range of between 1.3660- 1.4760 so about 1000-1100 pips approx .
It broke trend line support about a week ago due to safe haven plays currently , with all the hostilities between D Trump and North Korea i'm not surprised, anyway its sitting on the 0.618 fib line a definite buying zone, if we break this in my opinion we will naturally fall towards the 0.5 fib line quicker than normal, which is back towards a strong buying zone of around 1.3660-1.37 some 200 plus pips away.
We have due out on the calendar this morning GBP - GDP q/q 2nd estimate and some other important GBP data .
We then have out Friday JPY -CPI y/y .
Both events are very important and the MKT's will be watching, so this pair will get busier in a moment, If GBP data misses then we will be entering short @ MKT for the reasons that:
JPY data has been improving lately, and its expected to tick slightly higher on the revised figs for Friday.
Short @ MKT ( 1.3950) post GBP data release if we get a miss ....
Stop @ 1.4050
TP @ 1.37
Happy trading people and stay tuned ...................
Now if we look further out on the time scale you can see I have highlighted that this has actually been in a range of between 1.3660- 1.4760 so about 1000-1100 pips approx .
It broke trend line support about a week ago due to safe haven plays currently , with all the hostilities between D Trump and North Korea i'm not surprised, anyway its sitting on the 0.618 fib line a definite buying zone, if we break this in my opinion we will naturally fall towards the 0.5 fib line quicker than normal, which is back towards a strong buying zone of around 1.3660-1.37 some 200 plus pips away.
We have due out on the calendar this morning GBP - GDP q/q 2nd estimate and some other important GBP data .
We then have out Friday JPY -CPI y/y .
Both events are very important and the MKT's will be watching, so this pair will get busier in a moment, If GBP data misses then we will be entering short @ MKT for the reasons that:
JPY data has been improving lately, and its expected to tick slightly higher on the revised figs for Friday.
Short @ MKT ( 1.3950) post GBP data release if we get a miss ....
Stop @ 1.4050
TP @ 1.37
Happy trading people and stay tuned ...................
Order cancelled
Forgot to mention this was cancelled after the positive GBP data and JPY data coming in as expected .Stay tuned for more
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.