GBPUSD Dips Will Be Supported
British Pound is still subjected to headline risk but it looks like until BOE ( Bank of England ) is out of the way on next Thursday, 1.3000 will prevail. Buffeting between 1.3200 and 1.1300 is more likely scenario for next 48 hours. We are not sure whether BOE will cut at this point or not but It is more likely that BOE will be extra dovish and possibly hint at more stimulus with some ballpark figure for market to chew at. With drop from 1.40 to 1.30, some of the things are priced in already so traders will be wary of selling the pound until they hear more. That means, dips are for buying. A kind of rise and repeat – buy near 1.3000 and be quick to book partial profit and managing trailing stop loss. Other than that on Forex front, there is no secret about where JPY pairs are going. We are long USDJPY, AUDJPY and NZDJPY (Technical-Analysis Forex).
GBPUSD Tuesday Planning Chart
1. H1 Planning Charts are VALID FOR ONE SINGLE DAY 2. If H1 and H4 charts collide, then consider trading the H1 chart in the short term until the H4 chart requirements are completed. 3. If you are looking for a higher percentage of accuracy, then wait until both H1 and H4 align.
GBPUSD Bearish Continuation Opportunity
Market testing fib & structure confluence area that is likely to act as resistance in a downtrend -B/C the Market is trading at 20yr lows there is a lack of structure for targets, most logical extended targets would be 1.27 and 1.61 of the most recent bearish leg. -Anywhere within bearish trend continuation zone represents good location for shorts with stops 1atr behind the invalidation area around 1.3620 -BE AWARE: BOE Gov Carney Testifies today 5am Eastern, conservative traders should wait until after testimony before engaging the Market (Technical-Analysis Forex).
GBPUSD Long | Technical-Analysis Forex
Yesterday it was confirmed that the new Prime Minister of the U.K. will be Theresa May, who was the “safe” candidate available for the position. She was pro-Remain but has pledged to unite the party and implement Brexit. This result is fairly pleasing to the market, and we have seen the pound begin to rally a little. Technically, it is significant that we have had not only a sustained break up above 1.3000 but also that the price is now leaning on 1.3050 for support, which was formerly resistance, which is a bullish sign. The next resistance level of 1.3159 looks in sight. It would be very bullish if the price were able to get established above there easily.
GBPUSD Short | Setup Of The Week
Focus for the week will certainly be this Thursday as to whether BoE will cut its Official Bank Rate. COT is showing that many non-commercials are still holding on to short positions and should BoE decides to remain rate in July, we will see a huge short covering, pushing prices on GBP higher. On the other hand, a rate cut this Thursday will potentially send GBP to new low for the remaining of the month. Our approach will be more conservative, adopting a pending sell stop order should price confirm a breakout of the previous low. Technical Analysis: Potential Bearish Breakout setup completing @ 1.2790 (Technical-Analysis Forex)
Spot is advancing for the third consecutive session today, gaining more than three cents since last week’s troughs in sub-1.2800 levels. GBP has seen its upside renewed following a pick up in the risk-on sentiment along with somewhat diminishing fears following the ‘Brexit’ fallout.