Hi all its been a while since I’ve posted last post was in 2013 
Whats the sentiment for GBP/USD pair for week commencing 29th July 2019
I am stuck in a buy at an entry of 1.25326, I am willing to hold out and have plenty of margin on the trade.
currently -1523 points.
Whats your forecast or advice?
The pound falls for the second consecutive session. This price action takes place after the economic data of the United States exacerbates a negative dynamic established by the chaos of Brexit. Technically speaking, the pound is on the verge of collapsing to the minimums established after Brexit.
Looking ahead, the focus will be on comments from the Fed regarding the path of monetary policy. If the need to loosen the cost of money is not further corroborated, this could accelerate the declines in GBP / USD. In addition, the Bank of England will also present monetary policy decisions, although as we know, this institution is bound by Brexit and, therefore, probably will not have much weight in the price of the pair.
From the technical point of view, as we mentioned earlier, if the Fib recoil of 78.6% (1.23515) is broken, this would leave the GBP / USD without additional support and, therefore, embark the pair to a drop to the Brexit lows. in the 1.18.
According to Alphahavoc’s Strong Weak rankings, the pound maintained its third position, and the momentum index weakened from -0.4 to -3.0, indicating a bearish momentum. As for the US dollar, although the momentum index fell from 1.4 to 1.2, the dollar still tops the list. Therefore, the pound against the dollar may continue to be bearish in the directional bias.
Base on Friday’s High, Low, Open, Close price, DAILY Floor pivot are calclated as follow,
https://www.babypips.com/tools/pivot-point-calculator
R3 1.25204
R2 1.24901
R1 1.24368
PP 1.24065
S1 1.23532
S2 1.23229
S3 1.22696
Technically, the price level of the pound against the dollar is trading WAY below the Ichimoku cloud level, showing strong bearish momentum. At present, it seems that mean reversion may just be on the horizon. However, I do not think the price will break out above the Floor pivot R1 level. My personal opinion is for the price to test floor pivot S2 level.
Maybe this week we got bullish weekly candle
But if not 1.2111 is nearest buy zone
Last week im also has bullish prediction for GU and GJ
Lucky closed my trade at right time
Well, if price closed up above Ichimoku cloud on Monday, a bullish weekly GBPUSD candle cannot be ruled out. At present, immediate daily momentum is still a bearish one. Anyhow, that’s not a scenario i would like to see on Monday.
Thankyou i survived today, still in a buy since last week, not sure if my margin will hold any longer
Following!
Double, hold up to 3-months or so and clear out at 1.25 to refresh your equity.
