Tag Archives: GBP

GBP/USD Hits New Post-Brexit High As Dollar Extends Drop

Fawad Razaqzada

The big news today is that the dollar’s losses have sharply accelerated, but without any fresh news. The economic calendar is light and US stock markets will be closed in observance of Martin Luther King Day. This hasn’t stopped the Dow futures from melting up another 140 points. It goes to show that in low-volume days like today, it is even harder to resist against a strong trend. The markets simply drift in the trend direction as resting stop orders above (in the case of stock indices) or below the market (in the case of the dollar), attract prices towards them. In dollar’s slipstream, the GBP/USD has hit a new post-Brexit high of more…

GBP/JPY Diving Board Reversal Pattern

Nenad Kerkez

The GBP/JPY has formed a variation of a V-shaped pattern named “Diving Board”. The diving board is a reversal pattern that forms after the price makes a flat base than drops down with a high momentum that is followed by a straight-line run-up. V-shaped reversal is created, and the price proceeds up. At this point, we can see two POC zones. The first POC is 149.00-149.10 (D H3, W H3, Order block). Because of the strong trend that we can spot, the first POC zone could show a rejection if the price retraces. If we see a broader retracement below POC1 than pay attention to POC2 (50.0, EMA89, W L3) 148.35-148.66. Rejections from any of POC zones should target 149.90 and 150.47. more…

GBP/USD Progressive Bearish Channel Formed

Nenad Kerkez

The GBP/USD has rejected perfectly from 1.3440 as seen in my Session Recap webinar analysis of the German election impact and made a U-turn continuing with a bearish progressive channel zigzag. 1.3435-55 is the first POC zone (D L1,W L3 order block 38.2) and 1.3470-85 is the POC2 (D H3, EMA89, 50.0). Both zones could reject the price towards 1.3400 and 1.3379. Break of daily low at 1.3363 could move the price to 1.3353 and below we might expect a breakout towards the 1.3318-00 zone. more…

GBPUSD: BOE Decision Important Levels

Nenad Kerkez

The Bank of England MPC decision is due at 11 PM GMT. Market is expecting that policymakers leave interest rates at 0.25 %. But what traders and investors should be focused at is how many of policymakers will vote for a hike and how many will be against the hike. Technically the GBP/USD is in uptrend but that can easily change after today’s data and MPC official bank rate votes. 1.3270-85 is the important zone (W H3, D H4, ATR projection high) and the price could reject from the zone once the zone is hit. If the price proceeds above the zone 1.3330-1.3365 more…

GBPUSD: More Upside

Daud Bhatti

GBPUSD Short Term Elliott Wave view suggests that the rally from 8/24 low is unfolding as an impulse Elliott Wave structure. Up from 8/24 low (1.2773), Minor wave 1 ended at 1.2979 and Minor wave 2 ended at 1.2851. Minor wave 3 is in progress and the subdivision is unfolding as an impulse Elliott Wave structure. Minute wave ((i)) of 3 ended at 1.2947, Minute wave ((ii)) of 3 ended at 1.2907, Minute wave ((iii)) of 3 ended at 1.3082 and Minute wave ((iv)) of 3 ended at 1.303. Minute wave more…

GBPJPY: Ending Correction

Daud Bhatti

GBPJPY Short Term Elliott Wave suggests that the decline to 8/23 low at 139.27 ended Minor wave W. Minor wave X bounce is currently unfolding as a double three Elliott Wave Structure. Minute wave ((w)) of X ended at 141.47, Minute wave ((x)) of X ended at 139.98, and Minute wave ((y)) of X is subdivided into a FLAT. Minutte wave (a) of ((y)) ended at 141.09 and Minutte wave (b) of ((y)) ended at 140.39. Minute wave ((y)) of X has now reached 1.236 extension of ((w))-((x)) and thus the cycle from 8/23 low (139.27) is mature. Sellers may appear anytime from 142.65 – 143.49 area for an extension lower or at least a 3 waves pullback. We don’t like buying the pair. more…

GBPUSD Weekly L3 And D H4 Confluence In Downtrend

Nenad Kerkez

The GBP/USD broke below 1.2020, the weekly L3 level, thus turning the support into a resistance. After a short breakout that I showed on live trading webinar yesterday, the pair started to retrace towards the POC zone 1.2830-50 (Order block, ATR high, trend line, D H5, EMA89). The price could reject there towards the 1.2880 and 1.2770. Only a break below 1.2768 could spur additional weakness in the pair towards 1.2740 zone. The market is calm at this point but the increased volatility is expected during the 2017 Economic Symposium, “Fostering a Dynamic Global Economy”, which will take place Aug. 24-26, 2017 at Jackson Hole, WY. more…

GBP/JPY MACD Divergence At Monthly Support

Nenad Kerkez

The GBP/JPY has made a temporary bottom at 141.25 and we can see MACD divergence that could push the price to the upside.141.25-50 is the zone where price might spike towards the 142.60-85 where new sellers might be waiting. Only a clear 4h close or h1 momentum above 142.90 should target 143.40. Bearish continuation happens only below 140.90, but at this point, the GBP/JPY is supported by Monthly and Weekly supports and bullish MACD divergence. more…

Elliott Wave Analysis: GBPJPY and USDJPY

Grega Horvat

GBPJPY is making a five-wave bearish structure within blue wave c as part of a three-wave consolidation. We see current intra-day structure unfolding an overlapping movement, which can mean a potential ending diagonal within red wave v) of c can be in progress. If that is the case, then once current red wave v) fully unfolds a sharp and strong reversal to the upside can come in play. more…