Can we go back, this is the moment
Tonight is the night, we’ll fight ’til it’s over
So we put our hands up like the ceiling can’t hold us
Like the ceiling can’t hold us
— Macklemore, “Can’t Hold Us”
We’ve looked at pound sterling from a couple of different directions so far this week (see here and here for more), but EUR/GBP may offer the most interesting setup, especially with the European Central Bank meeting concluding Thursday. more…
GBPUSD has been trading inside an equidistant channel which supports the uptrend zig zag. The price has been making higher highs and higher lows which is showing us a scholastic example of uptrend. At 78.6 fib – deeper retracement there is a strong confluence with equidistant channel lower trend line so the price might get a bounce in the zone ( 1.5670-85 ) and try another push toward 1.5740 and 1.5780. That being said if the price gets H4 close above cam H4 level ( 1.5780 ) it will target 1.5855 the confluence spot of H5 and upper equidistant channel. more…
As my colleague Kathleen Brooks noted yesterday in her in-depth preview, today is a major day for the British pound (see “Bank of England: Binge Watching the Bank’s Next Move”). In addition to the monetary policy meeting itself, the Bank of England will also release the minutes from its previous meeting and most importantly of all, its Quarterly Inflation Report, which outlines the policymakers’ longer-term views on the economy and monetary policy. It’s no exaggeration to say that the information revealed during “Super Thursday” could impact trade in sterling not just for the day or week, but for months to come. more…
Pound is at new swing high so rally from 1.4584 will be much deeper but still in three waves, thus move can be corrective. Currently we are tracking wave (C) which could retrace to 61.8% Fibo level before we may start look for a new turn to the downside. more…
GBPUSD is dropping lower and approaching the 23,6% fibonacci retracement level. I have forecasted this correction to bottom on this level but it can go lower. After this correction has found its bottom, I am looking for one more wave up before larger corrective decline.
June 19, 2015 @ 9:50 am – GBPUSD has come down a little. I see this as minuette wave 4 correction which has more to go on the downside. Perhaps 23,6% retracement level is enough for this to bottom and turn back up and continue the uptrend for the final 5th wave. more…
GBP/USD broke above May 14th high so looks like that rally since start of June is going to be impulsive. On the updated count we are looking at wave (C) that can rally up to around 1.6000 psychological level in days ahead. But nothing will move in straight line so traders must be aware of a short-term retracement back in wave 4 in the next few sessions, before uptrend will resume. Invalidation level is at 1.5444; as long it will hold trend is up. more…
June 15, 2015 @ 4:33 pm – GBP/JPY on a sideways price action so far today. I am looking for a little more upside before larger reversal can occur. 193.00 or little above that would be plausible target for this ending diagonal pattern to find its peak. This uptrend has been weakening for weeks and can end violently and swiftly. When this reversal takes place I am expecting a multi month bearish trend. more…
Pound made deep and unexpected bounce in the last few weeks but recovery is still in three waves. In fact, we have seen some bearish turn in the last two weeks from highlighted Fibonacci levels. So if we consider that big trend is still down from last year highs, then we should be prepared on more weakness in days ahead, possibly back to the lows. However, it’s not a bad thing to focus on minimum expectations, which in our case means a fall to 1.5070. This is now very close, so a decisive break through that low, will also open door for 1.45 once again. more…
The GBP/USD is up for a third consecutive session, extending its gains from the base of 1.5170 formed on June 1. The upsurge has been primarily driven by a weaker US dollar rather than a stronger pound, with the dollar index now down for a third straight day. But the pound has also gained some ground on the back of some mixed bag UK economic data of late. Today’s numbers showed manufacturing production unexpectedly fell 0.4% in April, wiping out the March increase, while industrial production was up 0.4% over the month when an increase of only 0.1% was expected. more…