I think that the price will pass 1.5445 level. After that, the price will go to the level of 1.5315 or further.
I’m having a bid order on gbpusd until the price reaches the level of support at 1.5210.
I’m selling gbp/usd until the 1.5200 mark. After that, I close the deal and look for a new approach.
I think that the price will reach 1.5510 level. After that, the price will return to the level of 1.5240 or further.
In the bigger picture, medium term fall from 1.7190 should have completed at 1.4565. Momentum of the rebound from 1.4565 was relatively weak and the structure is somewhat corrective. Hence, we’d treat price actions from 1.4565 as developing into a consolidation/correction pattern only. Fall from 1.7190 is viewed as resuming the longer term down trend from 2.1161 and would target 1.3503 and below later.
GBPUSD stays below the downward trend line on daily chart, and remains in downtrend from 1.5929. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4700 area. Only a clear break above the trend line resistance could signal completion of the downtrend.
Deeper decline is still expected as long as 1.5508 resistance holds. Below 1.5026 will target a test on 1.4565 low. However, break of 1.5508 will turn focus back to 1.5929 resistance instead.
The GBP/USD pair had a volatile session on Thursday, as we rose towards the 1.5350 level, but found it to be a bit too resistive. We also fell to the 1.52 level as well, and that area proved to be supportive. With this, it looks like the market is going to try to fight as well a bit higher but it is going to be very volatile. We will keep ourselves on the sidelines at the moment, simply because there are easier trades out there to be had, and with this we are simply observing.
I think that the price will reach 1.51550 level. After that, the price will go to the level of 1.50268 or further.
Probably we will see touch of the upper Bollinger band (1.5307), and then downward correction because ADX is turned down. Expectations: finalization of the zone 1.5270-1.5307 and then decline to 1.5176. Trading solutions: sale from 1.53 to 1.5176.
Momentum of the rebound from 1.4565 was relatively weak and the structure is somewhat. Hence, we’d treat price actions from 1.4565 as developing into a consolidation/correction pattern only. Fall from 1.7190 is viewed as resuming the longer term down trend from 2.1161 and would target 1.3503 and below later.
I’d treat price actions from 1.4565 as developing into a consolidation/correction pattern only. Fall from 1.7190 is viewed as resuming the longer term down trend from 2.1161 and would target 1.3503 and below later.
GBPUSD’s downward movement from 1.5929 extended to as low as 1.4865. Near term resistance is at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4700 - 1.4800 area. Key resistance is at 1.5400, only break above this level could signal completion of the downtrend.
I see, we are again in crisis (2k - Dot Com, 2008 - financial and now?)… it’s the best time to have opened short positions.
[QUOTE=“Edmund85;742974”]You see the pattern?[/QUOTE]
Do you think those buyers are still there? And if so are they willing to protect their positions.
I can’t see a favorable opening for a deal right now. Therefore, I’ll wait to see which of the variants is the right one.
