Except for the U.S. data-drive spike in the New York session, GBP/USD was a ghost town! It basically chilled around the WO/DO, ending the day just a few pips above its opening price.
After retesting the daily open, GBP/USD broke down the charts, testing the 1.5500 handle. If youâre the type to pick bottoms, you could have tried going long when bullish divergence formed just below 1.5500!
Rather than sending the pound lower, Carneyâs speech saw GBP/USD rally strongly, even as he began with some dovish remarks! It wouldâve been a bit risky, but going long at the 1.5450 MiPs wouldâve allowed you to catch a 100-pip move!
After testing 1.5550, GBP/USD traded within a descending channel over the rest of the day. The 1.5500 handle served as solid support and the pair eventually closed a few pips above that level.
gbpusd next target 1.6250
The publication of the Bank of England is issued today. No one expects surprises in respect of monetary policy.
The upward movement is expected to be continued.
Approach to resistance level 1.6120 was carried out on a fairly small volume.
Thanks!!
Recently, the British economy is showing the signs of recovery, which has a positive effect on the rate of the national currency.
The British pound struck the upper limit of the trading channel on the H4 chart and will likely continue to strengthen. The nearest resistance level is the 1.6240 psychological mark. .
The pair finished the upward movement at the peak last week. at the beginning of the new trading session the pound rose even more, up to the level 1.6240, but then it went south. The pair did not reach the annual maximum 1.6260, this level is still very challenging for âbullsâ to cross.
The upward movement is in progress. The price bounced down from 1.6240, still the bulls are pretty strong. To regain its loses the pair will reach 1.6170, after that it will go to re-test 1.6240.
The pound rose versus the dollar to a maximum in August 2011 after the publication of half-yearly Financial Stability report of the Bank of England, which was presented by CB governor Mark Carney.
The volumes form a small divergence. Therefore, before the price continues to go up, the corrective pullback can occur to a sloping support line 1.6325. If the price does not break below 1.6325 the reverse bounce up is expected. The potential rebound target is 1.6365 and 1.6400.
If you prefer to ride the bull train, it is not wise to chase the train after it leaves the station. Waiting for pullbacks are a much safer way to board the train. There have been 5 multiple attempts in the past to breach 1.6260-1.6300. The breakthrough came last week. In this situation, the pullback most likely would occur at 1.6260-1.6300. Many buy orders would then now be placed at 1.6260-1.6300. We would attempt to place our long positions here, as there would be many institutional buy orders clustering here.
LONG GBPUSD 1.6260-1.6300
SL 40pips
TP final 1.7000
The pound also consolidated into a side corridor versus the dollar. Confidence to the sterling remains quite high due to the ongoing positive information on the economy and the absence of negative political statements.
The volumes of rising growth indicate a clear divergence. Therefore, this increase of the British pound may not be very long. However, the main target is the weekly resistance level 1.6500. Should the pair continue falling the target is 1.6313.
GBP/USD pair began Monday with the correction after Fridayâs growth and reached 1.6350 mark. The UK Manufacturing PMI were published on Monday, the index grew to 58.4 p., reflecting a sharp rise of optimism in the British industry. The data supported the pound and helped to slow down the correction.
It is recommended to open long positions with take-profit in the area 1.6435.
The Pound fell after the announcement that the BO England left interest rates and the asset purchase program unchanged in December.
Statistics showed the maximum industrial production growth in the last 3 years, while the situation at the construction and nonproduction industries showed an improvement.
As the major support levels are punched, the main target of a downward correction is the support level 1.6240 with a possible retest of 16200.
The British pound also rose against the dollar yesterday; the dynamics of the British currency showed more impressive strengthening rate than the euro.
New highs allowed the price to consolidate above the level 1.6430. But as the growth of the pound is not supported by the volumes, the corrective pullback to support 1.6430 is expected.
Bullish cypher harmonic pattern detected. Do be aware of the big spreads for this pair, especially during illiquid hours. Enter long at 78.6% retracement.
LONG GBPNZD 1.9400-10
SL 50pips
TP 1.9600
The pair is on the upward trend for sometime with a bit of pullbacks in the middle, good time to enterâŚ
2013 is a good year for GBPUSD. A new BOE governor, Mark Carney, help to steer the ship in the right direction. The economy turn from doldrums to recovery mode. Most major UK economic indicators, including the PMIs, are on the way up. The growing UK economy has much more legs to run, as boom economies run for several years. 2013 was the first year, so likely barring something catastrophic, we shall see another 2-3 years of economic strength until 2015-16.
I think GBPUSD is ready to challenge 1.7000 in 2014. My plan is to buy big dips, on 1 condition. I need GBPUSD to stay within the rising channel. As long as it stays in the channel, the uptrend to test 1.7000 is highly possible.
LONG GBPUSD 1.6320-30 (38.2% FIB)
SL below 1.6200
TP1 1.6600
TP2 1.7000
LONG GBPUSD 1.6230-40 (if 38.2% fails to hold, long again at 50 FIB)
SL below 1.6200
TP1 1.6600
TP2 1.7000
The pair showed a strong movement in both directions during the holiday week, but closed the week at around 1.6417, with a small loss.
The pair is in the cloud, the market has not made its mind whether to continue or not a decrease. The price is at 1.6410. If the pair continues falling it will go to 1.6313. If the falling is canceled, GBP/USD will grow towards 65 figures.
Despite a slight recovery our short-term expectations are still associated with the support range 1.6180-1.6300. In the future if the pair stays above the lower limit of the range we expect a resumption of a growth with a target to break above 1.6620 testing the key resistance 1.6750.
Volumes near the resistance level 1.6465 indicate purchasing power lowering.
the pair will probably bounce from 1.6465 to 1.6385. The break of 1.6385 will allow sellers to open short orders to a rising trendline 1.6330.
hey, check out this site, theyâve got all kinds of analytical material from various brokers! (Forex Broker Rating and Reviews, Free Forex Signals - on GuruTrade)
The pair left the cloud still its direction is still uncertain. The main trend is directed upwards, if the pair stays above the Cloud it will be contimued.
Volumes near the resistance level 1.6465 indicate purchasing power lowering.
If the pair stays above the cloud the growth will be continued to 1.6555. If the pair returns back below the Cloud the road to 1.6313 will be opened.