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GBP/USD

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The pair confirmed on Friday a strong closing well above the 200 days line, now again support at 1,5341! The weekly as well as the monthly closings were positive supporting further strength.
The indicators of the daily chart are again well positive as well as those of the weekly one supporting higher levels; only those of the monthly chart remain below the line. The indicators of the s/t charts are still in positive territory supporting further strength; however, in the s/t have overbought conditions while showing potential negative reversals. The hourly RSI went however well above the 75% level, well into the range of a bullish scenery, failing however to form divergences.
I suggest waiting for a possible retracement toward the 200 hours line, now found at 1,5357, to buy!!
 
The pair confirmed a negative closing even below the opening forming a negative day reversal. Only a daily closing tonight below 1,5404 will however confirm a s/t top!!
The indicators of the daily chart are however still well positive for now while those of the s/t charts are showing a mixed picture suggesting some consolidation/ correction. Bearish divergences are still confirming the positive tone. Possible s/t pressure is therefore corrective and a buying opportunity.
I waiting for a possible extension of the correction toward the 200 hours line, still found at 1,5357, to buy!!
 
The pair failed to confirm Mondays’ negative day reversal forming instead a positive one suggesting another test on the upside. A daily closing tonight above 1,5450 will support higher levels!!
The indicators of the daily chart are still well positive for now while those of the s/t charts are however still showing a mixed picture suggesting further consolidation/ correction. Bearish divergences are still confirming the positive tone and since yesterday have now also a potential positive reversal suggesting a s/t target at 1,5572!! A move above 1,5450 will confirm the move up!!
I missed to buy the GBP as it never touched the 200 hours line and wait for a new opportunity!
 
That's disappointing.
You picked the trend, identified the correction and the possible level for a buying opportunity but missed out by a few pips.

You're going to say, that's trading, but I disagree. Your analysis on this occasion was perfect, but no trade was taken. That was an opportunity wasted.

Overall, your chart analysis is quite good and identifies levels for trade opportunities. There's a huge difference between analysis and trading.
 
A rising wedge in a downtrend has manifested. A vote whether the U.K. stays in the European Union due on Thursday 23rd this month. With that vote still 15 days away this rising wedge will have broken one way or another before. My bias is down. Watching.

Untitled.png
 
Zooming in on price now as it nears lower trend line. Low risk long entry with a stop below trend line? Watch those little (or big) spikes through to bust ur ass.

 
That low was a hard pick. 1.5000 level on the stay in EU vote achieved now.

 
We are at 10x the average daily range....
 
anyone else trade the UK PMI?

was good for a quick 1:1, a little bit over 1R actually.
 
Yeah mate you win some and lose some. Looking back on it the follow through was on, it was good for more than 3:1. But we're all geniuses in hindsight.

I expect big moves from AUD CPI coming up next week.
 
The Speculative Sentiment Index (SSI) readings for GBP/USD suggest the pair could be headed lower.

SSI is a contrarian indicator to price action, and the fact that the majority of traders are long cable signals it could have further to drop. The trading crowd has grown further net-long from yesterday and last week.



Past performance is not necessarily indicative of future results.​


The ratio of long to short positions in the GBP/USD stands at 1.56 (or 1.56 long positions for every short position among retail traders) as 61% of traders are long. Yesterday the ratio was 1.52 as 60% of open positions were long.

The combination of current sentiment and recent changes gives a further bearish trading bias.
 
Easy 700 pips pickup. ld: Hypodermic needle for others, :cwm10:

What caused it?
But why has the pound taken another pummelling, more than three months on from the referendum? The simple answer is'Brexit'.
Click to expand...

 
GBP/USD




Today’s Economic Data showed that the Unemployment Rate in the United Kingdom in November remained unchanged, at 4.8%. The Average Earnings over three months including November added 2.8% y/y, which is more than the expected reading of 2.6% y/y. The Claimant Count Change in December was ‑10.1K after being 1.3K in the previous month and against expectations of 4.6K

Yesterday’s growth was caused by the speech of Theresa May, the British Prime Minister. Generally speaking, she didn’t tell much positive information. For instance, she said that the country wouldn’t try to keep access to the EU market and wanted to work out and conclude a free trade agreement instead. May also mentioned the immigration problem. According to her word, the United Kingdom was going to control the number of immigrants better in order to keep the country’s employment market under observation



GBP/USD ANALYSIS

GBP/USD Technical Analysis:
GBP/USD rebound from 1.1980 continues. there is a strong resistance at 1.2470 -1.25530 and after that in 1.2774 to limit upside at 1.31-34 price area. On the downside, below 1.2188 minor support will turn bias to the downside for retesting 1.1946 low

In the big picture There is no sign of bottoming, only break of 1.34-37 resistance will confirm medium term bottoming. Otherwise, outlook will remain bearish.







GBP/USD TECHNICAL ANALYSIS
 
daytradeprofit said:
Otherwise, outlook will remain bearish.
Click to expand...

I reached this conclusion myself but my short position is basically stuck at break even though. Some good data came out of the US last night but the market is stuck in a bit of a range and maybe it's just people being cautious if Trump says something bad. Fundamentally, I think the GBP/USD should be under pressure though but people have gotten caught up in Trump saying the US dollar is too high. I am a little worried about volatility over the inauguration though but I also figure the inauguration is an expected event unlike the election and maybe trump says something silly but that shouldn't cause a knee jerk move upwards so high that it would stop me out. He would have to do something really stupid for me to get stopped out by intra-day volatility. The whole idea of not being a day trader is large intra-day moves should be inconsequential or at worst unfortunate but manageable, but we live in interesting times.
 
For those with a D1 view of GBPUSD. Cheeky short on the basis of 5 waves completing on H4, terminations of corrective B wave on D1 and resistance level. trade out on H4 signals

 
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