Trading levels for July 9.
All recommendations are based on the indicator signals of the pivot point and buy/sell levels. On GBPUSD, I think the price will break through the support level at 1.2610. Otherwise, the pair will rise to the level of 1.2760 and above. If the pair breaks through the support and settles below it, then it will move down to 1.2520 or lower.
The Pivot point is set at the level of 1.2579. The trading levels for today are marked with the color lines on the chart (blue lines - for buy levels, red lines - for sell levels).
M15 time frame
The levels given by this indicator are 90% relevant.
Good day to all traders and speculators who are here in the forum!
Let’s talk about the pound/dollar currency pair:
It’s interesting how everything is changing. There were too many losses during the past weeks because of the pound’s decline, but now, there is a reversal movement, from which the pound gives many traders nice profit. A reversal was expected to happen, but the decline, of course, went to the final and daily stage of the trend. A line was drawn, and the growth continues not only on the four-hour (H4) trend, but also on the daily one.
On the other hand, no divergences in the market’s strength indicator was found. Thus, it is unnecessary to fear pullbacks or ascend against the daily trend immediately. The channel demonstrates an upward movement, this indicates that it is not needed to sell from the maximums. In contrast, the upper boundary was broken through and thus, we will only increase. Things in the market are quite chaotic right now, the pound/dollar currency pair will regain its position in the trend soon. We return to the level of 1.260, and we will move at least another 200 points. We will simply update the maximums and break through the level of 1.280 until the reversal signal shows on the RSI. Meanwhile, there is no reversal for sales, since the pound has much strength. There are several traders that didn’t understand why the currency pair was sold, because there is a divergence and real volumes of interested large bears. It is obvious that there is more of a struggle with the euro for power over the market. Here, you can still follow the trend and collect stops at the highs. New bears are coming against the market, and everything is heading towards this.