Cable’s repeated failure to sustain above 1.30 handle despite bullish price divergence on the RSI amid mixed batch of US data indicates increased likelihood of the pair revisiting recent cyclical low of 1.2789, especially if prices fail once again on Monday at 1.30 and/or 5-DMA. On the higher side, we need a convincing break above 1.30 as it would add credence...
Resistance – 1.30, 1.3047, 1.3087-1.3119 Support – 1.2880, 1.2864, 1.2789 Despite pair’s retreat from the high of 1.3046 the odds of the corrective move remain, since the pair is trading well above the latest cyclical low of 1.2789 and has a bullish price-RSI divergence on the 4-hour chart. Hence, another attempt at 1.30 could be made ahead of the...
Resistance – 1.30, 1.3119, 1.3206 Support – 1.2940, 1.2864, 1.2789 Pair’s bullish price RSI divergence on the 4-hour chart on Wednesday, if followed by a break above the hourly 50-MA hurdle today could result in a break above 1.30 levels. An hourly closing above 1.30 would expose 1.3119 (June 25 low). On the other hand, a failure to take out...
Cable's recovery from the 30-year low of 1.2789 hit in Asia confirmed a bullish price RSI divergence on the 4-hour chart. This has opened doors for a corrective rally. However, prices need to break above the daily high of 1.3027 as such a move would add credence to the bullish price RSI divergence and would set in motion a technical correction to 1.3119 - 1.3206...
GBP/USD pair dipped to a low of 1.2791 in Asia; the lowest since June 1985. Cable sell-off triggered a wave of a risk-off trading, pushing treasury yields lower and Japanese Yen higher. As of now, the pair is trading around 1.29 handle. There is very little logic in catching the falling knife. The volumes were very low in Asia and continue to be so. Hence...
Quite obvious that the bears are out to try and slaughter what remains of the pound. Losing politicians, losing football, losing trade....not to mention the shit weather! Here is a simple retrace action trade. Perhaps 1.33 is a little optimistic but we will see a retrace. Check out my SPX500 trades to work out why ;) End of hour, end of day calls on GBPUSD - That's my 50p
GBP/USD pair has dropped to a fresh 30-year low of 1.3055 levels. It seems the markets are pricing-in a Bank of England (BOE) rate cut in August. As of now, there is very little on chart that suggests a possibility of a sharp recovery except the daily RSI which is oversold once again. The pair could find support around 1.30054 which is a trend line support...
Resistance – 1.3303, 1.3341, 1.34 Support – 1.3226, 1.3119, 1.30 The inverted hammer candle formation on the daily chart following a two-day sideways move indicates the pair could head higher to 1.3341 levels. A violation there would expose 1.34 On the other hand, a breakdown of support at 1.3226 (June 24 low) could yield 1.3119 (June 27 low). Day...
Hourly chart Rising bottom formation on the hourly chart coupled with a bullish break in RSI above 50.00 makes us consider the possibility of the air forming a bearish crab pattern. Point D stands at 1.4513 levels. A rally to 1.4513 at the moment appears extremely difficult. However, as long as 1.3205 support is not breached the odds of the pair moving higher...
UK manufacturing PMI data for the month of June due in an hour or so is likely to show the pace of expansion in the manufacturing sector was unchanged at 50.1. The PMI was a market mover till December 2015. Moreover, Cable was the one who was more responsive to the manufacturing PMI release. However, the data lost relevance ever since Brexit fears began...
Resistance – 1.3345 (hourly 100-MA), 1.3392 (hourly 50-MA), 1.3461 Support – 1.3286 (June 29 low), 1.3226 (last Fri’s low), 1.3119 (Mon’s low) Pair’s repeated failure to take out hourly 100-MA in Asia despite bullish crossover between hourly 50-MA and hourly 100-MA coupled with a failure to sustain above 5-DMA indicates the prices could be heading lower to...
Resistance – 1.3407 (hourly 100-MA), 1.35, 1.3567 (23.6% of 1.5019-1.3119) Support – 1.3354, 1.3286, 1.3226 Pair’s retreat from the NY session high of 1.3533 if followed by an hourly closing below the hourly 50-MA would open doors for a re-test of 1.3286 levels. The hourly RSI has dipped below 50.00 and that adds credence to the possible drop to...
Resistance – 1.3567 (23.6% of 1.5019-1.3119), 1.36, 1.3660 Support – 1.3419, 1.3309 (hourly 50-MA), 1.3296-1.3274 Pair’s rebound from the hourly 50-MA has reinforced our view that it could be heading to 1.3567 (23.6% of 1.5019-1.3119). A day end closing above the same would add credence to the technical correction and indicate a short-term bottom is...
Resistance – 1.3419, 1.35, 1.3567 Support – 1.3294, 1.3226, 1.3119 Pair’s break above hourly 50-MA following a bullish break from falling channel and bullish price RSI divergence indicates the spot could be heading higher to 1.3567 (23.6% of 1.5019-1.3119). The bird consolidated just above hourly 50-MA in Asia indicating a base building before...
Pair's breached hourly 50-MA as expected in the London morning update here. The spot clocked a high of 1.3418 and now trades around the hourly 5-MA level of 1.3361 Outlook Pair's break above hourly 50-MA after bullish price-RSI divergence and bullish break from falling channel resistance has left the doors open for an extension of gains to 1.3567, which is...
Resistance - 1.3352, 1.3427, 1.35-1.3567 Support – 1.3296, 1.3226, 1.3119 Pattern – Bullish break from falling channel on 15-min chart & bullish price RSI divergence on hourly Pair’s bullish break from falling channel on 15-min chart coupled with a bullish price RSI divergence indicates a corrective rally may have resumed and prices could test 1.3427...
Resistance – 1.35, 1.3654, 1.3835-1.3867 Support – 1.3304, 1.3226, 1.30 Monthly chart pattern – Head and Shoulder Neckline level – 1.3226 Heightened uncertainty post Brexit is keeping the pair on a weaker footing. Cable is flirting with 1.34 handle in early Europe. Prospects remain for a intraday rebound to 1.35 unless head and shoulder...
Wires are busy reporting the Brexit crash in the financial markets across the globe. On forex markets, the first line is common - Pound slides/Pound drops to 30-year low ...etc. etc. However, Cable hasn't really crashed. The pair traded at 1.40 last Thursday. So at the current price of 1.37, Able is down just 300 pips. Note that rally in Cable from last...