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GBPJPY LONG TRADE SETUPHi everyone: Looks like we might get a long trade opportunity on GBPJPY in the up coming days. WE can see that the 4 hr chart has broken out of the resistance trend line, and made a new high. If the price action can pullback and form a higher low, it would be a nice risk:reward entry up to the next resistance area. Wait for a nice rejection, confirming the higher low and trend change before entering the long position. Thank you for your support and feedback.
Long
by jojofang0901
2
GBPUSD - Don't Rush Into ItAfter a sell off in the UK Pound from the election last week, we saw a hawkish BOE this week. Well... another flip flop in the market that might have left traders confused. Here's my perspective on GBPUSD - I believe we still have more down side for this pair, perhaps towards the 1.2510 area. Technical analysis wise - 1) We have a bearish impulse formed, and price seems to be in a correction now; 2) US Dollar Index (DXY) as shared earlier this week was previously in a reversal area, and bounced off strongly - Fundamental analysis wise - 1) The FED is hawkish and potential rate hike is still very much on the table; 2) The BOE is looking to push for a rate hike, but the current rise in inflation is very much due to the short term depreciation of the Pound - fundamentally and economic wise, not as strong a case as compared to the US. **However, the downside risk on this still hinges on Trump and Yellen. There are still uncertainties in the US economy and political scene. Taking into account all these, I believe there is still some small upside potential for GBPUSD to move, perhaps towards 1.2870 area, to complete the correction before we might see another drop in GBPUSD. Again, I would like to emphasise that we are not saying it's gonna fall for sure, but just a higher probability of it falling then rising impulsively - at least from what we are seeing now.
by KarYong
4
GBPUSD decreased 0.0024 or 0.19%Overnight data showed that UK’s Rightmove house prices rose on a monthly basis in April. The pair witnessed a high of 1.2832 and a low of 1.2772 during the session. GBP/USD remains neutral for consolidation below 1.2903 temporary top. With 1.2614 resistance turned support intact, further rally is expected. Firm break of 100% projection of 1.2108 to 1.2614 from 1.2365 at 1.2871 will target 161.8% retracement at 1.3184. Still, price actions from 1.1946 are seen as a correction. Hence we'd expect strong resistance below 1.3444 to bring larger down trend resumption. On the downside, break of 1.2614 resistance turned support will turn bias back to the downside for 1.2365 support first.
by Jadtecnic
UK FTSE100 coming under pressureThe anticipated pullback is unfolding, with the UK FTSE100 Index falling sharply to the 7093.57 low of February. A short-term bounce is possible, as oversold daily studies unwind. Weakening momentum studies and the bearish Tension Indicator (not shown) should limit scope. In the coming weeks, further downside tests are looked for, as investors adopt a cautious stance. A break below 7093.57 will target psychological support at 7000 and the 6972.20 Fibonacci retracement. Still lower is the 6860 Fibonacci retracement. Resistance is lowered to the 7255.78 break level from 27 March, and should cap any immediate bounce as investor sentiment weakens. If broken, however, focus will turn back to critical resistance at the 7447 high of March. An unexpected break above here would delay lower levels, but should find difficulty clearing the 7500/11 barrier as background readings also begin to turn down. The full report, covering the US, UK, Germany, Europe, Japan, Hong Kong and China indexes can be found at our website.
TVC:UKX
by Michael_Macdonald-XATSUK