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USDGBP
USDGBP 2h Long entry - Fibs and trend line0.5 is holding strong. Also a strong confirmed trendline backing it up. entry at 0.70036 and pt 0.70700 to 0.71100
GBPUSD Bullish DivergenceCable is in a very strong downtrend with a extreme low at target of 1.3835 (confluence of a 5th wave extension + 2 fib extensions of swing highs and lows.
At the same time we have bullish RSI divergence appearing on H3, H4 and H8 charts. With this in mind, longs target;
- TP1 1.4030 3:1 reward risk (1:1 risk reward from current levels)
- TP2 1.4250 6.8:1 reward risk (3.3:1 risk reward from current levels)
Below 1.3900 puts this scenario at risk
Phase in 3x reversals below 1.3830 for moves into 1.3760 for break even and moderate profit
USDGBP tramline trade Possible continued strength of the USD against the GBP.
Fundamentally I can see this happening over the coming weeks. Neither countries are posting outstanding economic results, but the USD has the added bonus that the Fed are currently in a rate hiking cycle.
GBPUSD future development and correlation to other currencies(this is my first multi-chart post, hope all goes well ))
Good morning!
I would like to share my longer term look at USDGBP, understand its future movements and relate the movement in this pair to other currencies and gold.
USDGBP collapsed from 2.11 to 1.35 in 2008 in a large impulsive A wave. What followed after was a multi-year congestion in which we continue to reside today. The whole range of 1.40..1.70 however is a corrective movement and eventually needs to be fully retraced by a larger degree trend (which is still down). The congestion is still incomplete, and today we are in its most recent leg, shooting up from 1.456. This movement should complete the complex fractal of nested flats and zigzags, which should mark the end of B wave.
The impulsive down-looking C wave is still missing, and we need to see another round of GBP collapse once the upward movement is over.
My estimate is that we will reach 1.65 or possibly even 1.70 in B wave, then will move down to 1.23 or lower based in the proportions shown on the chart.
Those movements will happen most likely in correlation to other currencies, so I supplied some comments on the possible levels of other currencies at the turning points on the chart.
Enjoy! And may the golden bars be with you!
