Will Duxon
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GBPUSD is below my intermediate envelope, as was GBPJPY. Does that mean I will look to go long. (Probably not. The safest thing to do right now is wait until it's back INSIDE the intermediate envelope before looking to go long.)
Plus it rejected 1.2086 TWICE.
So what? Look what happened after it rejected 1.3220 back in June.
And it's...like...gone nowhere in the last three days.
So?
And is...like...practically sitting on the floor of your anticipated day range.
So?
So, it's probably going to pull back somewhat at the beginning of the week right?
The cable has gone insane right now, dude!
Yeah, you're right! You've convinced me to sit on the sidelines and just watch for the time being.
arigoldman
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Bearish on that pair.
The pair has been consolidating sideways above 1.2150 for a while now, and it has formed several spinning top bars on the four-hour time frame, so there might be some retracement in the near future, but I think that the overall trend remains bearish for the moment.
Will Duxon
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I overlooked the inclusion of 4-hour charts in my analyses yesterday, which is why my tables had an extra row at the bottom. So what did they say?
According to my 4-hour GBPUSD chart, this pair might be initiating a reversal to the north, so my inclination would be to buy if price drops back down around the neighborhood of 1.2134.
According to my 4-hour GBPUSD chart, this pair might be initiating a reversal to the north, so my inclination would be to buy if price drops back down around the neighborhood of 1.2134.
Will Duxon
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The Fool: Man! See what you made me do? I could have gone long and picked up a nice little chunk of change today.
Wisdom: Guy, do you see how it just kept waffling back and forth most of the day yesterday? Give me a break! If price climbs above 1.2304, then I'll start to give a tentative long position some serious thought. Until then, I'm just going to be patient. And by the way, I did manage to pick up a little bit of change by shorting the pair when it climbed above 1.2268.
Agree, I am watching for a rejection off the downward-sloping 9EMA on the dailies, last good one was 30/09 and look what happened next.
The US dollar took a break in the Asian session on Tuesday after recent gains, retreating from the seven-month high against a basket of major world currencies, as investors assessed the likelihood of the Fed raising interest rates in the coming months.
The British pound gained 0.35 percent, rising to $ 1.2224.
The British pound gained 0.35 percent, rising to $ 1.2224.
victoriajensen
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GBP/USD bounced off 1.2135 after forming a doji and a spinning top candlestick on the four-hour time-frame. For now it's testing the resistance at 1.2300, but it will likely continue rising.
darktone
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I think you might be better off listening to the fool tbh. 'Conventional' wisdom doesnt translate well in the markets in my experience.
Will Duxon
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Overall this pair is still extremely bearish, but is nonetheless entering what I will consider to be a buy zone until it gets back up in the neighborhood of 1.2686, which is where I would not be surprised to see it turn south again.
Yeah a mighty correction is brewing now, markets are just looking for strong catalysts, I think it may be update with May's plan on immigration toughening which is to be evaluated by parliament, which leaves a chance to see "light" version of it.
The British pound recorded a neutral session against the US dollar on Wednesday. The pair opened at 1.2292 and the price managed to break the resistance at 1.2300 twice. In the end, the pound ended at 1.2283 and if the downward trend continues couple will move to the next support at 1.2120.
