SHORT GBP/USD from 1.2747
Yesterdays daily candle on GBP USDF was a pinbar and as todays candle is currently heavily BEARISH. all the signs are that GBP/USD BUYERS have fled.
Earlier in the week we saw price head north through the WR1 pivot and today has seen price head south back down leaving the WR1 pivot behind.
It needs to be remembered that although GBP/USD has been heading north since 10th May, the entire structure is BEARISH and it looks as if the BEARISH direction has resumed.
Any BEARISH momentum should drive the price back to the Daily 200 EMA which comes in at 1.2568 and this looks a reasonable target if the price continues to decline.
A break of this EMA opens the door to 1.2277 support and beneath that 1.2061.
There's little support beneath 1.2061 but that target is weeks away and much can happen.
All other indicators are BEARISH including (significantly) the DAily Andean Oscillator which has recently moved away from 0.
We may see price head north is spells but these will present further opportunities to SHORT this pair.
Note EUR/USD is similarly BEARISH as is AUD/USD and NZD/USD whilst USD/JPY and USD/CAD are BULLISH.
MY expectation is that we shall see declines in GBP/USD until the raft of economic prints are released out of the USA.
If Prelim GDP, Unemployment Claims and Pending Home SAles come out in red numbers the GBP could easily recover recent lost ground but if the prints are BULLISH then this pair could collapse.
Earlier in the week we saw price head north through the WR1 pivot and today has seen price head south back down leaving the WR1 pivot behind.
It needs to be remembered that although GBP/USD has been heading north since 10th May, the entire structure is BEARISH and it looks as if the BEARISH direction has resumed.
Any BEARISH momentum should drive the price back to the Daily 200 EMA which comes in at 1.2568 and this looks a reasonable target if the price continues to decline.
A break of this EMA opens the door to 1.2277 support and beneath that 1.2061.
There's little support beneath 1.2061 but that target is weeks away and much can happen.
All other indicators are BEARISH including (significantly) the DAily Andean Oscillator which has recently moved away from 0.
We may see price head north is spells but these will present further opportunities to SHORT this pair.
Note EUR/USD is similarly BEARISH as is AUD/USD and NZD/USD whilst USD/JPY and USD/CAD are BULLISH.
MY expectation is that we shall see declines in GBP/USD until the raft of economic prints are released out of the USA.
If Prelim GDP, Unemployment Claims and Pending Home SAles come out in red numbers the GBP could easily recover recent lost ground but if the prints are BULLISH then this pair could collapse.
Trade fermée: cible de profit atteinte
Initial target of 1.2686 (WS1) reached.Price will bounce here so I'm closing and looking to re-enter higher up.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.