GBP / USD
Forex traders should now observe the intra-day low of 1.27882, which represents the lowest level of the pair's first collapse below its resistance zone.
A move below this level is expected to increase selling pressure in the GBP / USD l The next short-term support zone is awaiting price action between 1.25044 and 1.25897 as seen from the gray rectangle.
The long-term uptrend will remain intact if support remains intact. Although this area is likely to stop the correction, the fundamentals will determine whether another collapse will follow.
Or if the GBP / USD pair is able to reverse the uptrend the next long-term support zone l lies between 1.21924 and 1.22910.
Hello! So as presumed, there was an achievement of 1.2800 yesterday and so was BA and Carney’s decision towards the decline. Although, the dollar was hampered which if not, might have triggered a different outcome on Carney’s commentary. However, given that the two voted for a decline, it doesn’t really necessarily mean that it would take place. And a gradual increase in the price rate is planned if given that after the election, they would agree and approve of it. So as it turns out, there has been a decline for the day below 61.8% below the Fibo level which is equivalent to 1.2835 thus, prompts for a continuation. Meanwhile, there has been a formation of a downward trend coinciding with the support level of 1.2750 and reaching fort its lower boundaries. And if there would be any decrease then that means a decrease below last week’s minimum of 1.2805. Stochastic indicates an oversold on the next morning zoom on D1 and a reduction of 1.2750 and then from 1.2835 to take a rebound at the current levels as the week closes seems like a good plan and something to consider.
Welcome to the forum dear traders and speculators!
Forecast for the GBP/USD currency pair:
During the previous day, the pound/dollar currency pair continue moving downwards and was successful in breaking through the e Fibo level - 61.8 (1.2837) from the recent global decline. At present, the price is located at the level of 1.2814. Now here’s our forecast, considering that the pair will not succeed in gaining a foothold today over the Fibo level again, the downward movement will resume towards the goals - 1.2775 - 1.2707. On the contrary, in case that the pair managed to gain a foothold over the level of 1.2838, an opportunity to continue the upward movement to goals such as 1/2859, 1,2879, and 1.2897 will be considered. But unfortunately, the probability of such an increase is less than the probability of continuing the downward movement.
Today, there are two scenarios, although the pound has been doing the same thing for four consecutive days - every day, it hits a new low. However, it may stop.
And today, the balance of the day has fallen below the price for the first time. This means that it is support and shows that we can buy the pair. True, I will buy it at 2770 as well.
For now, the upper level is 2852 where there is an option border of the day strengthened by the mandatory zone. So, we should go there. It is better to move from the current levels and then, according to the standard scenario, hit a new low.
True, we should remember that Friday is the second important trading day and there may be a movement without pullbacks. Therefore, if we go towards the 27th figure right away, we will be able to go back up only in the American session. This will be a sign that the decline has been completed.
My indices, by the way, show that the accumulation area starts at above 2828 and ends at 2862. We should definitely sell there (well, I will fix purchases). The bottom is at 2770. We will hardly break through it. Although we must keep in mind that the trading range for options is up to 2682 today.
Nice thread. It really helps to find out the reaction of market to major events which will definitely help as a catalyst to determine market flow in future against those events.and i think its going down and down and target is 1.2795 and how was going there.
GBP / USD Daily Analysis
Price at the time of analysis 1.2800
GBPUSD is trading negatively near the pivot level. The pivot is trading at 1.2650 so it will remain
… The trend is to the upside unless 1.2650 is breached and stability below
Expected trading range for today is between 1.2420 support and 1.3180 resistance
Expected trend for today: Bullish
GBP / USD remains steady below 1.2840, and we are still waiting for a breach of 1.2800 to confirm the continuation of the bearish trend over the coming sessions, depending on the formation of the double top pattern shown in the chart above, waiting to visit 1.2670 as the next major target, with reference to The continuation of the expected decline requires stability below 1.2840 and 1.2865 levels.
Expected trading range for today is between 1.2720 support and 1.2900 resistance
Hello! Let us discuss an initial notion for the weekly performance of the following; pound/dollar, euro/pound and euro/dollar. Based on the charts, there will be an upsurge on the first instrument while a downfall on the second. Meanwhile, the fall may also take place for the euro/pound pair as paired with the euro/dollar pair this is due to the limited decline in terms of euro/dollar. Thus, the pound grew last week with these recent events. Moreover, it might turn out even better if the pound together with the euro rises against the dollar. If this turn of events happens then it will surely be a wonderful Friday.
Meanwhile, for the day, there is an expected decline of the pound to the lower border of the downward channel in the support zone of 1.2750-30. Now, there will be a price break on Friday from both the main support and the resistance. And though there is an oversold stochastic at D1 it may remain in this zone for another day or two. Meanwhile, H4 has made a slight rise although the downward trend remains. Statistics on GDP will happen today and the results will vary from the Bank of England, which is observed to have a tendency of softening out also with regards to the forecasts above previous values.
Welcome to the forum dear traders and speculators who are here in the forum!
The SNP campaign was launched by Scottish Prime Minister, Nicola Sturgeon, in which she clearly stated that Boris Johnson won’t be able to get her support but at the same time, attempt to gain support for a new referendum on Scottish independence. Despite that, the latest polls from the United Kingdom which was released last weekend showed that the Conservative Party is still in the lead so far. Today, the British calendar will be packed with news and data, since they will be releasing the industrial and manufacturing products for September, the trade balance for the same month and, more significantly, the preliminary estimate of the gross domestic product for the 3rd quarter.
From the point of view of technical analysis, the decline for the pound/dollar currency pair so far appears to be a correction. However, on the daily chart, technical indicators displays that the decline could possibly resume since they continue their bearish support, while the impulse is not close to the negative territory. Now, for the upcoming trading session, the continuation of decline to the SMA 200 line (1.27) should be expected, as it can be observed hat the downward movement is yet to be completed.
The behavior of the pair yesterday was unbearable but let’s try to analyze. An increase crossed the level of support of 1.2782 then continue to a slight resistance level of 1.2860. Despite that, logically, a decline is expected. Nevertheless, the development of the pair still took place following the negative data on the United Kingdom. Therefore, it is believed that this upward movement is just a way of the interested major players to avoid unnecessary bottoms, who will now drop their purchases to decline. Think about it. A player who became a large fund after buying the pound due to speculation, without even having a data about the market. On the other hand, a data was found which can lower the market under the entry, since other major players are not around, you can move to the market as you want. However, this is risky and purchases are required to be dropped as soon as possible. Thus, the most reasonable move would be is to pull out the sellers from the market and then collect the pending orders of the buyers to keep their position. By doing this, a lot of money should be used, although it will pay off. For today, the increase that occurred yesterday cannot be explained further since the support level of 1.2780 was already broken down, but fortunately, something good happened. Let’s observe the rectangle on the chart below which has two peaks- the second one is lower than the first which signals that the buyers are weak. As a result, a decline is expected after looking forward to the news that will be released in the United Kingdom at 9:30 UTC+00.
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