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Pounddollar

GBPUSD short triggered based on Politics, Fibs, ResistanceGU short in play. Several Brexit ministers just resigned. PM May's future is in serious trouble, per many in the know. Brexit Blues just might make a come back here soon. So this a scalp to start, looking for the 4.25 extension of initial move down from the news. The 4.25 extension also aligns with previously established Fib Zone (grey). So my first TP will be just short of the zone and the 4.25. Depending on how things progress (assuming towards TP) I might let some ride for a longer downturn if Political uncertainly in UK remains or increases.
Short
by EuroMotif
GBPUSD H4With similarities to Aussie on the weekly time-frame we saw price form a bullish retracement to retest the downtrend at the back-end of last week. This was off the back of positive fundamentals and price seems to have formed it's lower high, rejecting the trend which is also in line with the refined Fibonacci region. Price has already broken the simple moving average and is testing the exponential moving average as support. Given the overall trend we remain bearish on this pair but we'd require a break back through this area of dynamic support before confirming our next leg to the downside targets at 1.3100, 1.3075 and 1.300. Should price hold at this level we'd require a break of the downward trend and moving average crossover to confirm bullish advancements. There are multiple resistance barriers for price to break through in confluence here so while possible I can't see the upside as a likely scenario.
by INSIDEFX
GBPUSD: Washing & Rinse Bullish SetupLooking at the horizontal support levels (orange line) someone could easily say that price is breaking below current support and selling is our option. In my analysis this is a classic wash and rinse bar which is taking out stops hidden below previous lows before start climbing to the upside. Looking at the slope of price what we can say is that previous support (green sliding parallel) has stepped up - a sign that we do have a bullish context although it seems we are in a clear downtrend. In addition to that we do have an oversold RSI which signals a potential end of current downmove. This setup is one of my favourites and definately I am going long from current level with sl and tp as shown in the chart. In case it looks scary to you just wait for your favourite setup to complete at current level and buy GBPUSD.
Long
by Fxprotrader
6
Horizontal line near 1.32000 works?It seems that it responded to a horizontal line near 1.32000(In my chart,1.32108). The movement is similar to eurusd, but will it respond cleanly? 1) The horizontal line functions as a resistance I choose short aim to before.MPP 1.30760 2) The horizontal line does not function as a resistance I want to consider the long if it goes above the horizontal line and functions as a support, but since it is a phase where the trend seems to be going down, let's observe carefully. ------------------------- -------------------------- Brown thick line: Yearly Pivot Points (YPP in the text) Light blue thick line: Monthly Pivot Points (MPP in the text) Green thin line: Weekly Pivot Points (WePP in the text) Indigo thickLine: Horizontal line or Trend line seen by weekly or monthly Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily Indigo dotted line: outstanding double zero Red curve: EMA 20 close Indigo curve: EMA 200 close Green curve: EMA 800 close Black curve: EMA 1600 close x mark: Line which may not function ------------------------- --------------------------
Short
by fondiea
GBP / USD - Sell traps for Cable - SHORT Over the next few day's we have various reports coming out for this pair, and we have the Brexit negotiations going on which, will almost certainly have a negative impact on Sterling. Interestingly, both economies are performing well when viewed through the prism of reporting metrics but compared with the US$, Sterling is still going to be the underdog, but while the DXY is moving sideways gathering strength to break 94, the Pound may pull ahead for a short while, falling into our sell traps, unless of course Tues 5th US PMI's come up strong, in which case we could be going straight to the Profit zone. We're currently rising on the weekly trend line and we have two sell traps above to be a Bear on this pair. The first and I think primary sell zone is just above 1.35 and below the 200 days EMA and a previous Point of Control, there will be a great deal of resistance at this zone unless various metrics are sufficient to blast straight through to sell zone number two, between 1.36 - 1.37.
Short
by CBMotivation
18
GBPUSD - Is It Ready For A New Rally?!Good evening Traders, Now, after all the FOMC jazz, let’s have a look at the sterling-dollar. GBPUSD is in an intact uptrend from the 2017 lows making higher highs and higher lows. Which is an indication of a bullish trend. However, don’t get fooled. In the weekly chart, the GBPUSD is bearish and every up move you can see in the daily is just a correction. Now, I identified for you 2 very important things. Let's start with the first observation. 1.) First of all the GBPUSD was testing the resistance now acting as new support at around 1.35941. VERY IMPORTANT!! We had a daily close below it which makes it now a little bit complicated because the down move can be a part of a bigger correction lower where the recent move lower was just the first leg followed by a correction higher and another similar leg lower. Obviously, that is a little bit far away to forecast but yes it is a possibility. 2.) The second very important observation is the 200 day moving average. The last time the GBPUSD tested the 200 moving day average was at 2017-06-21. You can see that on that date the GBPUSD retested in a pullback the 200 day moving average bevor a massive rally occurred which took us about 91 days. First of all, I need to mention to you that I am not expecting a similar rally like we had a year ago. However, I am expecting a pullback to the upside in the GBPUSD but it can also be a part of a new rally, which can take us time wise about 91 days if the history repeats itself. I will watch the weekly close this week to evaluate the situation. With NFPs coming on Friday, it could be a catalyst for the dollar to get weak again. Let’s see. I hope you enjoyed this view. Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view presented is not any trading recommendation, just personal view.
Long
by TradeFxTrends
6
GBPUSD: Two Scenarios Possible!!!Two possible scenarios in GU on daily chart. Scenario 1: GU is currently at a support area, if it bounces and rejects the area of support, we can look to long and target 23.6% retracement at 1.37600 and 38.2% at 1.39000. Scenario 2: If GU manages to go lower, it may retest first support at 1.35113 area, further down are 1.34301 and 1.33056 respectively. Assuming price respects the trendline, the downtrend should reverse at 1.3330 area. Look for confirmation and enter. Good luck trading! *Trade at your own risk.
by AngelaFTrading
Pound Against the Dollar...the Tide is Up :-)Financial Markets behave similar to the ocean...it produces waves ...just as much as the ocean doesn't flow smoothly to one direction ...financial markets too have high or low tides...and a high tide in this case a bullish market is a series of lows and highs its not straight highs always :-) this has taken me soo much time hectic days, long nights,,,,,learning learning even more ... am getting there...#thought i should share. Trading is risky not recommended for amateur investors, trade at your own risk, setup ideal for educational purposes. #GBPUSD #POUND sterling #BUcks #Cable
Long
by bree0318