GBP/USD
Key levels to watch for:
Support: 1.3460; 1.3300;
Resistance: 1.3655; 1.3850; 1.4015;
Pound/dollar resumed momentum down yesterday, making the bottom at 1.3554. I think the price convincingly breaks the trendline of support, which not only resolves the main bullish trend, but may be a sign of a downward reversal. Expectations remain down for testing at 1.3500 - 1.3460 in a near perspective. Immediate resistance is at 1.3625, whose breakthrough can take the price to a neutral zone for testing of 1.3660. But while the pair remains below 1.3710, I still prefer the bearish scenario and any upward pressure should be considered a good opportunity for short positions.
The pair is lack of directional strength and consolidating on the low. BoE this week and unsettled Brexit strategy within May’s cabinet will probably add more pressure on the pair.
Pound/dollar did not make a substantial move yesterday. Signals remain neutral, but overall I still prefer the bearish scenario at this stage. Intraday support is 1.3480/60. A clear breakthrough and daily closure under it can open the doors to 1.3300. Immediate resistance is 1.3600, whose breakthrough can lead to future upward pressure. But the longer the pair remains below 1.3710, each upward pressure should be seen as a good sales opportunity as part of the bearish scenario following the breakthrough trend line.
The British pound fell only slightly against the US dollar on Wednesday. The currency pair opened at 1.3546 and ended at 1.3545. The pound during the US session reached a peak of 6 days to 1.3606, after which the price dropped to 1.3540. In case the downward movement persists, the pair will focus on support at 1.3458.
GBP/USD
Key levels to watch for:
Support: 1.3458; 1.3300;
Resistance: 1.3710; 1.3931;
The pair is showing very little changes, short-term has no clear directions. Near-term resistance can be found at 1.3617, on the downside, important support lies at 1.3500 and followed by 1.3457.
The pound fell against the dollar on Tuesday. The British currency did not meet the positive expectations and lost positions. So the pair broke the first support at 1.3458, but the final was placed above these levels. The session was opened at 1.3555, and the bearish moods dominated from the start. The bottom of the day was hit at 1.3450 and the closing price was 53 pips higher.
GBP/USD
Key levels to watch for:
Support: 1.3458; 1.3426;
Resistance: 1.3616; 1.3664;
Pound / dollar had momentum down yesterday, sliding under strong support of 1.3480, but closed higher at 1.3506. Expectations are downward so far, especially if the price can make a convincing move below 1.3480 for testing 1.3330. Immediate resistance is at 1.3525, whose breakthrough can take the price to a neutral zone with testing at 1.3600. I remind, however, that the longer the pair remains below 1.3710, I stay bearish and every bullish pressure should be considered a good opportunity to place short positions.
Reemerging Brexit concerns keep putting pressure on the pair, bearish trend stay unchanged. Immediate support can be found at 1.3380.
Right now, the price is at possible temporary support of uptrend since October 2016.
I decide to buy GBP this time because of some reasons:
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Price is at trendline which is possible support.
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Price is still near Moving Average 50 so the pairs is still bullish.
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Possible support at Fibonacci 38.2.
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RSI indicators show oversold.
The good entry price is around 1.3400, and the stop is 1.2900 for thing goes bad. The profit is previous top which is 1.4000 or 1.4300 if possible.
check out plan at my blog:
GBP/USD remains developing within the latest range, but leans towards the downside. The price is below its bearish SMAs and indicators are looking for direction below their mid-lines. First support is provided by the lower range bound at 1.3390, which will be tested again in the short-term.
GBPUSD Elliott wave view in short-term cycle suggests that the decline from 4/17/2018 high (1.4377) is unfolding as an impulse Elliott wave structure where bounce to 1.3607 high ended Intermediate wave (4). Down from there, intermediate wave (5) remains in progress as Elliott Wave ending diagonal structure. Ending diagonal usually appears in the sub-division of wave (5) of impulse or wave © of a Zigzag correction with internal distribution of 3-3-3-3-3 corrective structure. It also commonly shows a wedge shape and has overlap between wave 1 & 4 when wave 4 may or may not enter the territory of wave 1.
In the case of GBPUSD, the decline from 1.3607 high to 1.3450 ended Minor wave 1 of (5) as a zigzag structure. Then the bounce to 1.3569 high ended Minor wave 2 of (5) in 3 swings as a zigzag structure. Down from there, the decline to 1.3389 low ended Minor wave 3 of (5) as Elliott wave double three structure. Above from there, the bounce to 1.3492 high ended Minor wave 4 of (5) which shows the overlap with Minor wave 1. Near-term, below from 1.3492 high, Minor wave 5 of (5) remains in progress which can extend to 1.3333-1.3295. This area is where Minor wave 5 = Minor wave 1 or 100%-123.6% Fibonacci extension area to end the cycle from 4/17/2018 peak. Afterwards, the pair is expected to do a bounce in 3 swings at least. We don’t like buying it into proposed bounces.
GBPUSD Elliott wave 1 Hour Chart
GBP/USD leaped to 1.34 today but is unstable at this level. Bears are eyeing the support at 1.33.
GBP/USD
Key levels to watch for:
Support: 1.3300;
Resistance: 1.3460; 1.3655; 1.3850;
The rate of the single currency at the beginning of the session on Thursday managed to rise against the US currency to 1.1746 against the background of the general weakening of the US dollar and the growing crosses with the euro. With the maximum reached, the price dropped to 1,1705. Pressure on it could provide news that former Prime Minister and leader of the party “Forward, Italy” Silvio Berlusconi on a vote of confidence will vote against the new government.
The British pound was down against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.3296, losing 0.63%. I believe that support is now at around 1.3295, the low of Friday’s trading, and resistance is likely at 1.3491 - Tuesday’s high.
Dovish comments from BoE’s Governor Carney that the central bank could cut interest rate again in the event of a ‘disorderly’ Brexit, would push Pound even further on the downside.
Pound/dollar expanded its bearish move yesterday, making the bottom of 1.3204. Signals remain bearish for testing 1.3150 in short terms. The closest resistance is at 1.3285. A clear break above this level can take the price to a neutral zone with testing 1.3350. I’m basically down and every bullish pressure should be considered as a good sales opportunity. On the downside, a clear breakthrough and daily closure below 1.3150 could open the doors to the psychological level of 1.3000 this week.