British Pound can little correct, after which rise to 1.2715Hello traders, I want share with you my opinion about British Pound. Looking at the chart, we can see how the price some days ago rebounded from the resistance line and declined to the support line, breaking the 1.2550 support level, which coincided with the buyer zone. But soon, GBP turned around and started to rise near this line to the resistance line, after which, the price soon broke the 1.2550 level again and later reached the current support level. Then price tried to break it, but failed and in a short time declined to the buyer zone, thereby breaking the support line and also entering to upward wedge. In this pattern, the price reached the support line and then started to rise near this line to the current support level, which coincided with the support area, but long time it couldn't break this level. Some time ago GBP finally broke the 1.2670 level and rose a little higher than the support area, and at the moment, the British Pound trades near. In my mind, GBP can correct to the support line and then rebound up to the resistance line of the wedge, so for this reason, I set my target at 1.2715 points, which coincides with the resistance line. Please share this idea with your friends and click Boost 🚀
Britishpound
EURGBP: Rejection on the 1D MA50. Sell signal.EURGBP is technically bearish on the 1D timeframe (RSI = 37.174, MACD = 0.000, ADX = 32.150) as it is extending the selling since the December 28th 2023 High near the top of the 1 year Channel Down. For the last 3 days it has failed to cross over the 1D MA50, even though it got too close, and a rejection today can start a bearish wave of minimum -1.78%, much like July 11th 2023. Consequently we are short with TP = 0.84250, even though the long-term extension can even be at -4.04% or even the 2.0 Fibonacci level.
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Massive bullish patternsWe can see here a huge inverted HS and a double bottom (blue arrows) forming. I thinks all of this is going to push up very hard and break out the resistance from 08/2021. I'll wait for a pull back to buy, right now is too close to the resistance. Every time it pulls back to the trendline I'll add.
British Pound can rebound up from buyer zone to 0.8570 levelHello traders, I want share with you my opinion about British pound. Looking at the chart, we can see how the price recently started to decline in a downward channel, where it soon fell to the support line and at once bounced up to the resistance line of the channel. Then GBP turned around and declined to the 0.8570 resistance level, which coincided with the seller zone, some time traded near and later declined lower this level, thereby breaking it. Also then, the price exited from the downward channel and started to trades in the range, where GBP in a short time declined to the 0.8515 support level, which coincided with the buyer zone with the bottom part of the range. After this, the price turned around and soon rose to the top part of the range, which coincided with the resistance level, but a not long time ago, GBP rolled down from this level and declined back to the buyer zone. As well recently price bounced from this area and tried to rise, but failed and now it continues to trades near the buyer zone. So, I think the British Pound can fully decline to the buyer zone, after which the price will turn around and start to move up to the 0.8570 resistance level. For this reason, my target is located at this level. Please share this idea with your friends and click Boost 🚀
GBPCAD Analysis(➡️RR=2.00)🏃♂️ GBPCAD is moving near 🟡 Potential Reversal Zone(PRZ) 🟡and 200_SMA(Daily) .
🌊Regarding Elliott Wave theory , GBPCAD is completing the Expanding Flat(ABC/3-3-5) corrective structure.
💡Also, we can see Regular Divergence(RD+) between two Consecutive Valleys .
🔔I expect GBPCAD to rise to at least the 🔴 Resistance zone(1.715 CAD-1.700 CAD) 🔴 after breaking the Resistance line .
British Pound/Canadian Dollar ( GBPCAD ) 4-hour time frame⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
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British Pound can rebound up from buyer zone to 1.2700Hello traders, I want share with you my opinion about British Pound. Looking at the chart, we can see how the price some days ago rebounded from the support line of the triangle and made a strong upward impulse to the resistance line, thereby breaking the 1.2610 support level, which coincided with the buyer zone. After this, the price bounced from the resistance line and in a short time declined to support line back, breaking the 1.2610 level again, but soon rebounded and made an upward impulse one more time. GBP exited from the triangle and entered to range, where it at once rose to the 1.2785 resistance level, which coincided with the seller zone, but soon rebounded back to the support level. Then GBP repeated movement up and rose to the seller zone, but later in a short time declined back to the 1.2610 level, making a fake breakout of the resistance level. A few moments later price made an upward impulse to the resistance level, then made the correction, after which it tried to rise back to the 1.2785 level, but near this level, GBP turned around and in a short time declined to the support level. At the moment, the price trades near this level and I think the British Pound can fall to the buyer zone, after which the price turn around and start to move up in range, so, for this reason, I set my target at the 1.2700 level. Please share this idea with your friends and click Boost 🚀
GBPJPY - Bearish Scenario 📉Hello Traders !
On The Daily Time Frame, The GBPJPY Reached a Strong Resistance Level (188.816 - 188.301).
The Price Formed Triple TOP Pattern.
Let's Expect The Bearish Scenario:
If The Market Breaks The Higher Low (1.70595 - 1.70440) and Closes Below That,
We Will See a Bearish Move...
TARGET: 184.900🎯
GBPCAD - BEARISH SCENARIO 📉Hello Traders !
On The Daily Time Frame, The GBPCAD Reached a Strong Resistance Level.
The Price Formed an Expanding Triangle Pattern.
Let's Expect The Bearish Scenario:
If The Market Breaks The Higher Low (1.70595 - 1.70440) and Closes Below That,
We Will See a Bearish Move...
TARGET: 1.69320🎯
GBPJPY Medium-term sellThe GBPJPY pair delivered the best sell signal possible on our last bearish call (November 30 2023, see chart below) as it got rejected exactly on the Higher Highs trend-line back to the Support of the Ascending Triangle:
Today's analysis is on the 1D time-frame where you can see that the price then rebounded exactly on the 1D MA200 (orange trend-line) and hit again the Higher Highs trend-line. That makes it again a technical sell opportunity and we can see the price already starting to reverse.
So far it continues to be a symmetrical price action with 2021 and early 2022 and along these lines, we can argue that this is a similar Higher Highs rejection with early January 2022. As a result, we are taking that sell opportunity to target the 1D MA200 at 183.000 as the pair did on January 24 2022. When the 1D RSI hits the 30.00 oversold barrier again, we will take a long-term buy position expecting a break above the Higher Highs trend-line this time. We will update on the Target when that time comes.
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GBPCAD Quadruple top on 1D?The GBPCAD pair delivered a solid buy trade last time we analyzed it (October 05 2023, see chart below), easily hitting the 1.71110 Target, on a structure rise:
The price is now signaling a bearish call as it has been rejected on the Lower Highs trend-line that started on the July 17 2023 High. This is technically a Quadruple Top if it stays that way and naturally there is strong sell potential behind it. The natural support levels are the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line), the latter of which is trading exactly on the Higher Lows trend-line, which is our first Target (1.6950).
If the price closes below the 1D MA200 and Higher Lows trend-line, we will re-short and target the 0.618 Fibonacci retracement level, which is just below Support 1. What makes selling a stronger probability right now is the formation of a 1D MACD Bearish Cross, which has been a sell signal with 100% accuracy for the whole 2023.
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GBPUSD Tight consolidation. Prepare to trade the break-out.The GBPUSD pair has been trading sideways within the very tight range formed by the 1D MA50 (blue trend-line) and the top (Lower Highs trend-line) of an emerging Channel Down pattern. In fact while the 1D MA50 has been holding since January 17, the Lower Highs have since December 28, already with 3 clear rejections on them.
This technical squeeze will naturally break in the coming days and technically the way it first breaks to, that will be the dominant trend for the next 4-6 weeks. If it closes a 1D candle below the 1D MA50, before the 1D MACD forms a Bullish Cross, we will sell and target the bottom of the 1 year Channel Up at 1.2250. If it closes above Resistance 1 (1.2825) while forming a 1D MACD Bullish Cross, we will buy and target the next Resistance at 1.3150.
The reason we use the 1D MACD as a parameter is that every full Bullish Cross it made below the 0.00 barrier, was the start of very aggressive rallies. The times that failed to complete it (e.g. August 22 2023), it extended an already strong downtrend.
Notice also the relevance of the 1D Golden and Death Crosses. The last 1D Death Cross (October 17 2023) formed a market bottom and started a rise, while the 1D Golden Cross before it (January 11 2023), led to a market top and declined, both of which are the opposite of their technical expectations. Currently we are after a 1D Golden Cross (January 05 2024), so if the previous inverse correlation applies again, it should favor a bearish trend.
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GBPJPY: Systemic Top being formed. Sell.GBPJPY is on a bullish 1D technical outlook (RSI = 65.529, MACD = 1.210, ADX = 62.251), which is a natural consequence of the strong 3 week rally since the January 2nd bottom. However this rally appears to have come to an end as not only has the price hit and got rejected twice on the R1 level (188.660) but the 1D RSI has also reach the top of its six month Channel Down and is reversing.
The price action's HH trendline is a little higher, so we can allow some space for a final blow off top before a selloff. The Sine Waves so a clear and very consistent Peak-Bottom pattern and right now the price is exactly on the Peak. Consequently, we consider the current price level as a low risk sell opportunity. We are targeting the 1D MA200 (TP = 182.350).
See how our prior idea has worked out:
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GBPUSD: On the bearish threshold. Be ready to short it.GBPUSD is being rejected repeatedly at the top of the multimonth Channel Down but the 1D MA50 is still supporting it. However the squeeze has gotten to narrow and being on a neutral 1D technical setting (RSI = 50.057, MACD = 0.002, ADX = 25.323), we expect a bearish breakout soon below it. The similarities of the 1D RSI with last August, show that there is significant downside potential. We will short if we do get a 1D candle close under the 1D MA50 and target the S2 level (TP = 1.2230).
See how our prior idea has worked out:
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British Pound can rebound up from support line to 0.8610 pointsHello traders, I want share with you my opinion about British Pound. Looking at the chart, we can see how the price a few days ago started to trades in an upward channel, where it first some time traded near the 0.8570 support level, which coincided with the buyer zone and then bounced up. After this, the price made a correction to the support line, and then it at once rebounded and made an impulse up to the resistance line of the channel. But then, GBP made a correction again to support line, after which the price turned around and made a strong upward impulse to 0.8685 point, thereby breaking the resistance level, which coincided with the seller zone and also exited from the upward channel. A few moments later, the British Pound formed a head and shoulders pattern, after which it in a short time declined below the 0.8645 resistance level, which was a neck of this pattern too, and then continued to fall in a downward channel. At the moment, the price continued to decline in this channel and I think GBP can fall to the support line, which coincided with the support level, and then start to move up to the resistance line of the downward channel. For this case, I set my target at the 0.8610 level. Please share this idea with your friends and click Boost 🚀