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Poundsterling

GBPNZD: Key Levels That You MUST Consider hey guys, GBPNZD is currently approaching a strong weekly structure. because the pair is very volatile and can boom and bust very quickly, here are the key levels that you must consider trading this market: Support 1 - 1.905 - 1.915 this structure is based on the current year's low and price action of 2019th. the market is currently testing that area, so look for long opportunities on lower time frames. Support 2 - 1.84 - 1.854 this structure is based on 2018's and 2019's structure lows. though the market dived deeper testing theses levels, weekly candles have perfectly closed within the above-mentioned zone. Resistance 1 - 1.945 - 1.955 this structure is based on 2019's price action. in case if support 1 is respected, it can be the first goal for swing traders Resistance 2 - 2.0 - 2.02 this structure is based on current year's high and 2019's price action major reversals always happen on key levels. so always pay attention to the reaction of the market to these zones.
Long
by VasilyTrader
17
Technical Analysis: It’s a Tough Week for PoundThe past week, 7 – 13 September, has been marked for the British pound with negative developments in Brexit trade deal talks. The British government made unilateral amendments to the deal signed last year by the EU and U.K., which, as it has admitted, ‘breaks international law in a very specific and limited way’. GBP/USD GBP/USD has dropped 483 points or 3.64%, breaking below 1.2800 at the week’s close. The pair looks headed toward 1.2690, where a daily support level lies. The past week began for GBP/USD between 1.3300 and 1.3200, with a slight downward slippage from the previous week’s close. On Monday, the pair reached the daily support level at 1.3127 and lost some 179 points on Tuesday with a daily bear candle with no lower shadow. Then it took one day of consolidation around the 50-day SMA, and the quote fell more on Thursday and Friday, finishing the week at 1.2794. The trend channel’s lower line in couple with the support level at 1.2690 is likely to provide some support for the pair during this week. However, the present downward momentum in the market makes buying orders too risky for now. The more reasonable tactic would be to monitor the price dynamics at the start of the week to see the market’s reaction to the nearing trend channel’s lower line and the daily support level at 1.2690. If the selling momentum dies down there, a buying order at around 1.2790 can be a good mid-term deal. GBP/EUR GBP/EUR has slipped last week to 1.0799, which is 411 points or 3.67% lost. The fall has stopped exactly at the weekly support level at 1.0795. The euro’s relative strength in the present-day global economy is adding to the fundamental weaknesses of the pound in the pair’s sharp fall. The GBP/EUR pair has been in the red the whole week with five bear candles. Whether the weekly support level is going to moderate the downward momentum remains to be seen, though it has already slackened the fall. Quite a lot will depend on Brexit trade deal talks in this respect. If the fall continues, which is a highly probable option, the pair could reach its year’s low registered in March in the middle of the new coronavirus crisis. The interception of the 50-period SMA by the 20-period SMA on the daily timeframe looks almost inevitable now, which will be another confirmation for the downtrend reversal. However, these two moving averages could likewise indicate an uptrend reversal if the price consolidates at around 1.0800. Therefore, those looking for a potential mid-term buying order of the current lows may well benefit from such an indication. If we take a glance at the 4-hour timeframe chart, we will see that a potential consolidation zone is forming already. However, more confirmation will be required to act upon a probable uptrend reversal. Looking at the 4-hour chart from the candlestick-pattern perspective, we may be seeing a forming Adam and Eve uptrend reversal pattern, with the sharp fall already finished and a second milder one with the u-shape bottom to follow after a moderate rebound of the weekly support level. If that happens, it will be a strong indication of a possible uptrend reversal.
by KonstantinAnissimov
EURGBP: Key Weekly Supply Zone Ahead!!! +4.5% growth during the last 10 days on EURGBP . Pound keeps losing its grounds on brexit news. however, based on 3 days chart analysis you can see that the market is facing a crucially important zone of supply. its lower boundary - 0.93 level is based on 2019's structure high (immediate bearish reaction followed and -10% drop ) its upper boundary - 0.95 is based on 2020's structure high (immediate bearish reaction followed and -8% drop ). + the projection of the last bullish impulse from the higher low is lying perfectly within that zone. chances will be high that the underlined area will be respected and we will see a pullback. I will be looking for short opportunities once the market enters that area. have a great weekend!
Short
by VasilyTrader
1
EURGBP: Key Weekly Supply Zone Ahead!!! hey traders, +4.5% growth during the last 10 days on EURGBP. Pound keeps losing its grounds on brexit news. however, based on 3 days chart analysis you can see that the market is facing a crucially important zone of supply. its lower boundary - 0.93 level is based on 2019's structure high (immediate bearish reaction followed and -10% drop) its upper boundary - 0.95 is based on 2020's structure high (immediate bearish reaction followed and -8% drop). + the projection of the last bullish impulse from the higher low is lying perfectly within that zone. chances will be high that the underlined area will be respected and we will see a pullback. I will be looking for short opportunities once the market enters that area. have a great weekend!
Short
by VasilyTrader
33
The Pound In Free Fall as Brexit Negotiations Take a TurnOn 8 September, GBP/USD lost 1.36% or 179 points, owing to the sudden crisis in the Brexit deal talks. With the rumors about the changes made to the Internal Market Bill circulating on the sidelines of Brexit talks on September 7th, it became publicly known that the Boris Johnson Conservative U.K. government was going to issue a new edition of the Internal Market Bill as a backup plan reserved for a no-deal Brexit on Wednesday, September 9th. The British government has even acknowledged that these changes “break international law in a very specific and limited way.” In response, the EU threatened the U.K. with trade sanctions in case the new agreement was not withdrawn. In response to such grim prospects in Brexit talks, GBP/USD continued slipping down through Thursday, 10 September, having fallen as low as 1.2773. With little economic data coming from the U.K. this week, there is limited positivity for sterling to count on; therefore, a further decline to 1.2689 is the likeliest near-term target. As of the start of Friday’s trading day, GBP/USD recovered some of its Thursday’s losses, climbing as high as 1.2763, but then lost most of the gains and descended to 1.2725. On Thursday the pair lost 1.52% or 228 points, which is the largest loss since the 19th of March. The Brexit deal is currently the main focus in the GBP/USD market and will continue to be the most important factor in the pricing of the pair at least until October 15th, which is the last day set by Boris Johnson for signing a trade deal. If the deal is not signed by then, the pound could see further losses against the greenback and other major currencies.
by KonstantinAnissimov
GBPNZD: Long Trade Explained GBPNZD is trading within a key weekly/daily zone of demand. this zone is based on a strong horizontal structure + confluence with 618 retracement of the last major leg and a support line of a falling parallel channel on 4h. on hourly time frame the price stopped falling after a massive selloff and set a higher low forming a double bottom pattern. now I wait for a bullish breakout 1.949 minor resistance to initiate a long position. target levels: 1.956 1.96 in case of a new lower low, lower close, setup will be invalid.
Long
by VasilyTrader
14
GBP Update 9.9.2020GBP has been weaker than the last 2 Star Wars films, but it was due for a correction. How got that correction this morning, but is it enough? I'm bearish on the GBP, but whenever I see this H&S pattern it usually sends the pair up (or down if the pattern is on the top, this one is inverted). We could see more corrections from the GBP pairs tonight. As I mentioned in my USD post, my favorite trade at the moment is the GBPUSD. Currently, the pair is below its intraday range and heading short.
by riffster21
GBPJPY H4, possible 7th hit to trend line.GJ has been in an uptrend for a few months now on the higher time frames and has been respecting a 4 hour trend line. Price is currently going through its pullback phase and approaching this trend line for a possible 7th hit. This area is also in a clear support and resistance zone. Monitor what price decides to do when it gets closer to the trend line. If price slows down and doesn't breakout of the uptrend, look for a bullish entry. However, if price breaks through the trend line, wait for a retest on a lower time frame before entering a sell.
by iamarielle_868
GBPUSD | PERSPECTIVE FOR THE WEEKWith over 100pips against us since my last publication (see link below for reference purposes); The increasing risk of a No-Deal Brexit is beginning to reflect in market structure as momentum remains to the downside which is also aligning with my last week expectations. Breakdown of my Key level @ 1.33000 on Friday with an Engulfing Bearish candle sets the Pound for its first weekly loss in a month with a risk of further decline in the coming week(s) as I look forward to a retest of this zone. Tendency: Downtrend ( Bearish ) Structure: Trendline | Breakdown | Support & Resistance Observation: i. From a holistic perspective, the GBPUSD is sitting on an uptrend prevailing structure considering Bullish Trendline on our Daily chart. ii. Since the price hit peak @ 1.35000 (a psychological level respected since Nov. 2017), we have experienced a downward spiral since the beginning of the month (Sept. 2020). iii. Breakdown of my Key level coupled with a breakdown of the Temporary trendline (1.32000) is a confluence that could signal a decline in the coming week(s). Trading plan: SELL confirmation with a minimum potential profit of 600 pips. Risk/Reward: 1:6 Potential Duration: 4 to 10days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
GBPCHF: How To Catch a Pullback? good morning, guys GBPCHF reached a strong resistance of a rising wedge pattern. taking into consideration oversold rsi with divergence on 8h/4h charts and a double top formation with a confirmed violation of its minor support on 1h, chances are high that the price will retrace. to catch a bearish movement you can sell the retest of broken support or just enter aggressively depending on the desired r/r. targets: 1.2037 1.2017 stop above the tops good luck!
Short
by VasilyTrader
7