The GBP/USD sideways consolidation continues. That said, the pair has formed a shooting star candlestick on the daily time-frame at 1.3655, so there might be a deeper move to the downside, should the pair break out below 1.3460.
Didn’t realize they had taken over here as well, so maybe a little human input to liven this one up as well.
If I get banned then well and good.
First up a break below 3460 means say 3455 - so that is where to set short order ?.
Why not say what it is, a break below 3450 ( Wed low), and a good one at that is where to set the order, and it’s going to take a decent news item to make it work, something worthy of a break on either currency.
Meantime scalping only?
The British pound was down against the US dollar on Friday. By the close of US trading, GBP / USD was trading at 1.3510, losing 0.53%. I believe that the support is now at the level of 1.3452, the minimum of Wednesday, and the resistance is likely to be at 1.3658 - the maximum of Wednesday.
Apart from the shooting star candlestick on the daily time-frame at 1.3655 GBP/USD also formed a spinning top candlestick at the same level on the weekly time-frame, further confirming that there will likely be a new move to the downside even though the pair is still testing the support at 1.3450.
The British pound recorded a neutral session against the US dollar on Tuesday. The currency pair opened at 1.3462 and after a volatile session the pound lost only 4 pips. If the price goes up, the pair will target the resistance at 1.3600. Otherwise, in the downside, maybe there will be a first support test at 1.3440.
Support: 1.3440; 1.3260; 1.3100;
Resistance: 1.3600;
GBP/USD bounced off from the support at 1.3340 and broke out above 1.3375, which is the (MA)89 indicator on the four-hour time-frame. The rally will probably continue towards 1.3500.
This is perhaps one of the most impressive posts I’ve read in a long time.
There are spinning tops and shooting stars, the fireworks are truly a sight to behold.
It is very important to learn this stuff, apologies for my lack of knowledge.
Thing to note is that since that post this pair has come down 100 pips, and also that a majority of retail traders are short right now (price 3430) price testing 3450 from the underside as mentioned above…
So… thank you robots.
The British pound also posted an increase against the US dollar on Thursday. The session started at 1.3384 and ended at 1.3439. Graphics continued to evolve between creeping averages, while the relative strength index remained neutral. In the short term, prospects remain neutral, and the 1.3260 and 1.3440 levels are indicative of the upcoming direction.
The British pound was down against the US dollar on Friday. By the close of US trading, GBP / USD was trading at 1.3397, losing 0.33%. I believe that the support is now located at the level of 1.3343, the low of Thursday, and resistance is likely at 1.3572 - Monday’s high.
GBP/USD… So much noise with this pair…wait for price to centre roughly in the range on the 5TF and I just throw down a buy for 7-9 pips and a sell for 7-9 pips and wait for the noise to fill both directions, 2 or 3 times a day average 83% profit take. Do the math.
Try it on a demo, see for yourselves, direction is just so irrelevant with this much volatility.
Somehow, I have to agree with you on this pair.
Later this week there will be major fundamentals, GBP/USD will likely continue consolidating until then.
On the first day of the new week, the Pound/Dollar currency pair lost 107 pips. The day was opened at 1.3380, and not long after the bulls recorded a modest peak at 1.3402. For the rest of the day, the bears dominated and took the course only 6 pips to the support at 1.3250. By the end of the session one pound was exchanged for 1.3273 dollars.
Support: 1.3250; 1.3100;
Resistance: 1.3450; 1.3600; 1.3830;
The GBPUSD may find some support around the 1.3200 level, therefore a bullish bounce is possible maybe towards the 1.3300 level.
I agree. GBP/USD found some support at 1.3220 and it will probably climb to 1.3300, which is the (MA)89 indicator on the one-hour time-frame. That said, a breakout above that resistance is unlikely before the fundamentals later this week. Consolidation continues for now.
The GBPUSD fails to break above the 1.3300 level and goes back down to the 1.3200 zone, area which could still act as support, but a breakdown could take the pair to the 1.3000 zone.
Where do you take your resitance and support lines. Are you using some EA or volume indicator? Or figure our them manually?
The pound lost more than a figure against the US currency on Thursday. The last day’s quote was 1.3118 or 128 pips from the opening rate of 1.3246. Extreme values for the day were recorded at 1.3249 and 1.3107 respectively. If the trend remains unchanged, it will soon be the first support breach, which is only 7 pips away.