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Sterlingdollar

DOUBLE BOTTOM ON DAILY GBPUSDAfter a massive double bottom on the daily chart, we now have seen a flag formation (from 100% to 0% on white). the retest of the @1.24 level would give us a valid entry to go for the 2nd impulse of this new wave. The first target would be the @1.253 zone, confluence with the -27% fib extension and a intraday key level. The second target, would be the +- @1.27 level, being the -61.8% extension and a daily key level. Hope you guys find it useful and if you agree or not, let me know in the comments. Thank you very much for the support on my instagram page @theforexdream Have a great trading week guys.
Long
by lluiszardoya
2
4 REASONS TO SELL GBPUSD!!!I am shorting GBPUSD in the 1.28-1.29 zone because of 4 technical reasons. 1. It broke out of the Brexit channel in October and now is close to testing the previous support of the channel (the red line and green arrows) 2. This zone is also an 618 retracement of the impulse move marked as "1 to 2" 3. The RSI/7 will most likely be overbought once it hits this level (now at 78) 4. And last but not least the it marks the "C" point of a potential Cypher giving it Fibonacci confluence with the 618 rtr. I am not looking for an aggressive sell in the zone but I will watch the price action for a short opportunity.
Short
by MartijnvGameren
GBPUSD 1H Upcoming Plays (Naked Forex)Price is at an interesting point currently on the GBPUSD 1H Chart, sitting at a local support level. A break of the local support level would warrant movement towards TP Zone 1. A bounce off the support level would see price move to the Resistance Level. At the resistance level price may then breakout yet again and travel towards the Long TP Zone. However, we believe it is more likely to bounce back downwards, creating an M pattern and continuing along its downtrend. There are many trading opportunities here.
Short
by Elemont
SHORT GBPUSD @1.34 - BOE MINUTES HIGHLIGHTS - EXPECT AUGUST CUTAs expected BOE stood pat on their rate decision reiterating much of which was said last week by Gov M. Carney, the need for more analysis to be done is/ was key - " "Detailed Analysis" of All Policy Options Required" and "Extent Of Additional Stimulus Will Depend on August Forecasts". IMO the notes were very bearish and almost but 100% chance of some sort of action in August - "Most MPC Members Expect To Loosen Policy In August". Given Brexit, and the Inflation conditions in the UK anyway a cut of the Bank Rate, if only for 12ms, makes sense to ensure a smooth transition - especially as the UK welcomes a new PM & the article 50/ Brexit negotiations are yet to get underway, this will undoubtably put some pressure on the UK economy, where much of which could be smoothed by a 25bps rate cut. The minutes did point out interestingly that ""In the Short Run" Weaker GBP Will Boost Inflation" which makes sense, however they coupled this statement with "BOE Agents Report Some Businesses Delaying Investment", so the net impact of the Brexit event on inflation is yet to be seen. Overall IMO the decision to hold Policy still in July was as expected however, given the median analyst had forecasted a 25bps cut, this "hawkish" response imo has opened up a beter oppourtunity to sell GBP, as in the medium-term/ post the Aug decsion GBP$ is likely to trade below the 1.28 lows, with many analysts forecasting GBP$ somewhere between 1.20-1.25. Trading Strategy: 1. Short 1@1.34/335, sell 2@1.38/9 TP1 1.305; TP2 1.285 TP3 1.25XX. - I personally will not be operating SL on this trade as i believe BOE will cut in August 90%, and/or GBP$ will fall at somepoint on pure speculation, and/or as FOMC rate expectations continue to increase going into the later stages of the year. 2. Shorting any GBP rallies vs USD is also a good strategy from now on into the Aug rate cut, especially above 1.34. *In the unlikely event GBP$ trades higher on the back of this e.g. to 1.38/9 then i still advise shorting, however, given how stable cable was trading into the event (and after the event) i dont expect much short headwinds now - you could tell the market didnt actually believe in the rate cut/ money wasnt behind the rate cut as GBP$ rose to its post brexit highs at 1.33... is that how a cross should react when money is actually backing a cut? BOE Rate Cut/ Minutes Highlights: Bank of England Leaves Bank Rate Unchanged At 0.5% Bank Of England Leaves Bank Rate Unchanged At 0.5% BOE Jul Minutes: MPC Voted 8-1 to Maintain Bank Rate at 0.5% BOE Jul Minutes: 8 Voted to Keep Rate Unchanged BOE Jul Minutes: 1 Members Voted to Increase Rate BOE Vlieghe Voted to Lower Bank Rate to 0.25% BOE: Most MPC Members Expect To Loosen Policy In August BOE: MPC Members Had "Initial Exchange" on "Various Possible Packages" BOE: Extent Of Additional Stimulus Will Depend on August Forecasts BOE: "Detailed Analysis" of All Policy Options Required BOE: "In the Short Run" Weaker GBP Will Boost Inflation BOE: Longer-Term Outlook Depends on Inflation Expectations BOE: Economic Activity Likely to Weaken in Wake of Brexit Vote BOE Agents Report Some Businesses Delaying Investment, Hiring Decisions
Short
by QuantumLogicTrading
3
GBPUSD OPEN - 100 PIPS LOWER; UNDERPRICED RISK = SELL PULL BACKSA disappointing open from cable with a bears perspective. Gapping down 100 pips to 1.435 almost immediately puts my sell limit orders (at 146.5) in "unlikely" territory of being hit this week. On friday following the $ EMP report cable managed to rally to 1.458 - i was hopeful it would tick a few more pips upward before the slew of selling started as we move further into FOMC and Brexit event Uncertainty territory. Reason being, i was looking for better/ safer levels to short at - cable at 1.465 is an almost CERTAIN trade (the ones i like) as the next daily support level isnt until 1.443 which means there was over 200 pips of 0 risk equity upside to be collected. Since we are already trading well below last weeks lows at 1.436, we will likely soon test the daily support level at 1.433 then 1.430. TRADING STRATEGY: SELL/ FADE ANY PULL BACKS IN A PYRAMID e.g. 1@1.450, 2@1.456 & 3@1.464! TPSL is discretionary.. i personally have my stops just above 1.48 (on my current shorts at 1.45as I will be holding until the 23/24th of june (to include the FOMC and BREXIT REF volatility) which at somepoint IMO will yield at least TP1.5x the amount of SL = 250/300pips. FOMC hike = 1.38 or 700pips; FOMC Hawkish = 1.41 or 400 pips; BREXIT uncertainty = 1.40-1 or 400-500pips; BREXIT YES = < 1.345. Thus the risks from 1.45 are certainly skewed to the downside for cable (upside for shorts) in my opinion. Above is my strategy for this week, given it is the last realistic week we will be able to add "risk-cheap" shorts to our portfolios (given FOMC is on the 16th and brexit ref on the 23rd). BUT given we have already started the week lower, I think the market has finally begun to price in the cheap risk hence the 100 pips lower - you will see in my previous articles i said to short cable anything below 1.45 - which is now 150pips of upside and looking good for more!
Short
by QuantumLogicTrading