GBP/USD Signal - USD Initial Jobless Claims - 7 Oct 2021GBPUSD is trending to the downside today prior to the USD initial jobless claims data, which measures the number of people applying for unemployment claims for the first time. Technically the pair is holding below trendline resistance, and we anticipate continued downside today.
Cable
GBP/USD Signal - USD ADP Employment Change - 6 Oct 2021GBPUSD has bounced out of the ascending wedge pattern prior to the USD ADP employment change data, which predicts NFP. Technically the pair has broken the ascending wedge, which is a bearish price pattern, and the pair is looking to further downside.
When will the Correction start?With that huge drop yesterday we should expect a correction but when? Its clear to see all the imbalance on that drop.
I've explained the process for my trades and what I look at - these are always areas I monitor and don't trade from them blindly.
Although I hit my target yesterday holding on to the trade would have returned great profit - something I need to get better at.
So for today I have these areas as high and lows, will be watching closely to see what the 1hr chart creates then trade from what I see.
GBPUSD 1-day classic patternsQ: What has the highest probability of occurring?
In 2021 cable has also been rotating between $1.42 and $1.37.
There are 2 classic patterns, 1 is validated.
The double top, with a recent breakout of 1.3650 is validated.
This pattern projects 1.3100 as the target.
The double bottom , having recently tested and rejected 1.3600, would need to breakout from 1.4000 to be validated.
This pattern projects 1.4400 as the target.
Objectively cable was in an uptrend from March 2020 through March 2021. Price has been meandering around 1.4000 ever since. There are 2 clean resistance levels at 1.4250 and 1.4000 respectively. Continuing range bound price action about 1.4000 suggests this is the mean.
Since the double top is validated the current position is short with a bias in favour of a throwback continuing. However the breakout has started to form that double bottom. The bias would change quickly if cable bulls decide to validate 1.4000 and ensuing momentum provides a 1.4250 test.
Small push has been madeAreas I'm looking at for 28th September - Price is still in the range of initial push from Daily Demand and retrace below the 50% of that push.
For me the area its in now is showing a lot of selling - I'd like to see the supply areas taken out with candle body closure but ultimately it's the high of initial push that will need to be taken out.
But doesn't mean there wont be opportunities to buy or sell why while this works itself out.
Yesterday a Buy was possible on lower time frames which worked out very well.
Trade Safe
⚡️GBPUSD - UPDATE ON OUR 150 PIP TRADE & WHERE TO NEXT⚡️Hello Traders!!!
⚡️ORIGINAL IDEA LINKED BELOW⚡️
Here’s an update on our trade
We had already collected 80 pips and now we are continuing
I’ve now moved stops to the 1.365 area
Some are at breakeven
So it looks like price wants to complete that head and shoulders and we are going bullish
I am following the pair closely and will give more updates
Slick⚡️
GBP/USD Signal - USD 3 Month Bill Auction - 27 Sep 2021GBPUSD is trading to the upside prior to the USD 3 Month bill auction, which reveals the yield on the bill. Technically the pair is trending to the upside and has broken bearish structure, and we anticipate continued pressure to the 1.3780 level.
2 Levels Of Accumulation Observed On The CableGBPUSD again rejected below 1.37000 with on-going buying pressure observed on H4 on 2 levels (green highlights). Price rejection at either these levels will see the pair re-testing recent swing high at 1.37502 (or above). However, failure to rally above 1.37502 will likely cause cable to continue going further down.
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
Will GBPUSD continue to push lower? These are areas I have marked out for today on GBPUSD - there has been a big reaction the one hour demand zone.
If the highs get beat by price action then there's a chance of some upside movement.
These areas are NOT where I will click buy or sell they are for monitoring when price gets there.
GBPUSD : PRICE ACTION SHORT ALERT!Hi to all,
GBPUSD broke the short term rising trend to downside. Now, it is re-testing the broken structure. I think it could be short from this levels with a certain stop-loss above 1.3855.
Good Luck!
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Cable upd. Sep. 20, 2021The current situation has shifted to paying close attention to support levels.
As you can see it seems that the level of 1.3582 is the key level for future movements.
Key level for 96 percent of traders, but imo it is weak level already to rely on.
Real key levels are a little bit lower...
We are obliged to closely watch the price behavior (for manipulation) around 1.3620 - 1.3582 while keep in mind lower levels.
Trade safe and wise.
GBP/USD Signal - GBO Gross Domestic Product - 10 Sep 2021GBPUSD has bounced from resistance prior to the GBP Gross Domestic Product data, which measures the total value of all goods and services produced domestically. Technically the pair has broken to the downside of the ascending channel and has now done a retest of the trendline and resistance pivot. The RSI has also generated an overextended signal, and we anticipate downside into the 1.3787 level.
GBPUSD: Weekly Forecast 19th September 2021GBPUSD broke out of a minor range and headed south, essentially reversing the course of a short-term bullish trend.
Overall, the market is still seen trading within a range between 1.3960 and 1.3610 and it is most likely to continue heading down towards the bottom.
We can also see a symmetrical triangle forming so the rebound from the bottom may take place a little earlier at 1.3680 which could also be a buying opportunity.
This week, we will focus only selling, awaiting pullback towards at least 1.3770.
MASSIVE DAILY INVERTED HEAD AND SHOULDERS ON GBP/USD!Hello my beauties.
I noticed this massive head and shoulders has formed during the pandemic.It has led the price to break a bearish trendline that had been lasting since November 2007.
Since the pound has been in such a prolonged downtrend, I wouldn't be surprised if it came back down to kiss the trendline, so I'd be wary of opening longs right now.
The ideal scenario would be a drop around the trendline and a price reversal from there. I will be observing this pair as I believe it will be providing multiple opportunities.
Check out my other analysis in the description.
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Peace.
Luca, TrickleDownFX