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Thread: GBP/USD (part 58)

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    Yesterday, the GBP/USD pair failed to break above the 1.3000 level and returned again to the sales area envelope on the H4 scale under the level 1.2975. Given the fact that the envelope is still directed in the South and is aimed very much, it must now be followed by a decline to the support level of 1.2845, where it will be decided where the pair will move and whether it will try to expand the envelope to the North and return to the non-penetration 1.3000 or go below 1.2845, and then the South will continue at least under 1.2600. In the meantime, I will keep selling the pair to the level of 1.2845.

    Happy trades everyone!

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    2020-10-23   10:37
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    Today, the British pound/US dollar pair is trading in a range slightly below yesterday's closing price levels. The pound sterling has lost part of its gained positions in the middle of the week and now it continues its downward correction. Today's macroeconomic calendar includes some significant releases from the UK. In particular, investors are waiting for the PMI data. Some pressure on the pound sterling is exerted by the stronger US dollar against a basket of major currencies after the recent debate between Biden and Trump.
    Attachment 292696
    In the first half of the day, I expect the pound/dollar pair to continue its downward correction, but in general, I think that the pair will resume its upward trend. The pair is still trading under the control of bulls. A possible pivot point lies at the level of 1.3015.
    Today, I am going to buy the pair above this mark to reach the target levels of 1.3105 and 1.3135. Of course, there is an alternative scenario. The pound/dollar pair may continue to lose ground, break through the level of 1.3015, and consolidate below it. In this case, the way towards the levels of 1.2985 and 1.2965 will open.

    The attachment
    2020-10-28   09:33
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    In the morning session, the pound/dollar pair is trading in the narrow range near the levels from the previous close.The pair has moderately advanced. The British pound is trying to find its direction and has been fluctuating in the flat channel since an early week. The sterling currently remains under pressure due to the uncertainty around the trade deal between the UK and the EU after Brexit. The negotiations are still going on but without any clear result. Besides, the rise of coronavirus cases in the UK can put additional pressure on the pound. At the same time, GBP is in demand among investors amid a weaker US dollar. The greenback is losing ground ahead of the US presidential election next week.
    Attachment 294033
    In the first half of the day, I expect the pair to go through a slight downward correction. However, the uptrend should prevail as the pair is still trading under bullish control. A possible pivot point is seen at 1.2985, and Im going to buy above this mark with the targets at 1.3115 and 1.3165. Under a different scenario, the pound/dollar pair will start to fall and will break below the level of 1.2985. After settling there, it may then test the levels of 1.2965 and 1.2945.

    The attachment
    2020-10-27   13:13
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    Attachment 293776
    Yesterday, the pound was fluctuating sharply throughout the day, and it was hard to determine any particular direction.
    Attachment 293777
    On Tuesday, fluctuations usually become even more rapid, and I think today wont be an exception. High market volatility is largely associated with the upcoming US presidential election. Some fear that the election results will be delayed and legal proceedings and mass unrest will follow as Trump has already said he would challenge the results in case of a defeat. A week before the final presidential debate, everyone was sure that Biden would win. However, current polls showed that the gap between the candidates has narrowed. This adds to the rising uncertainty. Biden and Trump have a completely different approach to the economy and politics. So,the further direction of the global economy may depend on who wins the US election.
    In the Asian trade, GBP/USD edged slightly higher. The pair is now approaching a strong level of resistance at 1.3058. The breakthrough of this level will certainly support the bullish trend and will send the price higher to 1.3176.
    On the H1 time frame, the situation is less clear. The price has broken above the trendline. Yet, the pair is now staying in the overbought area. Here, two scenarios are possible. If the price breaks through the level of 1.3043, then it is set to rise further until it tests the 1.3113 level. On the other hand, the return below the red trendline will likely cause a correctional decline to the mark of 1.2967.

    The attachment
    2020-10-26   10:28
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    Today, I expect bears to take the lead and push the price down again. Last week, the British pound/US dollar pair was trading upwards, but by the late weekly session, bulls gave up. On Friday, sellers turned out to be stronger and started dragging the price down. The pound/dollar pair dropped to the level of 1.3030 on Friday. Currently, the price is moving in this area.
    According to the indicators on the hourly chart, buyers still have the advantage. However, I do not think they will be able to pull the price up today. I suppose that bears will become more active, and the pair will be moving in a downward trend again. Today, I believe that the price will try to test the round level of 1.3000. The fact whether the price will be able to break through this level or not remains in question. I still expect the pair to go down even lower today or tomorrow.
    Today's macroeconomic calendar is bereft of significant statistics. There are only a few news releases from the European Union. Besides, the data on new home sales from the United States is set to be published later. Therefore, I expect the pair's downward movement to be sluggish.

    The attachment
    2020-10-29   09:25
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    Economic data set to be released today, the meeting of the Governing Council of the European Central Bank, and uncertainty over the US presidential elections continue to exert pressure on the market.

    With less than a week left until Election Day, the CBOE Volatility Index rocketed to its highest level since June yesterday. It is important to understand that an increase in the stock market activity implies a rise in volatility in the foreign exchange market. In fact, we were able to observe it yesterday. Against this background, sharp fluctuations are expected to occur in the forex market, including the pound/dollar pair. GBP/USD is still recovering its positions. It has already broken through the level of 1.3015.
    Most likely, the pair will extend its upward movement to the level of 1.3046. However, given the current uncertainty, an alternative scenario may unfold. Thus, in case the price returns below the 1.2977 mark, another long descending wave is likely to occur. In the meantime, bullish sentiment remains a priority. As for the H4 chart, after the quotes return above the level of 1.2989, the pair may rise to the area of 1.3060.

    The attachment
    2020-10-26   09:54
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    Attachment 293427
    The data on business activity in the manufacturing and service sectors were released on Friday. Both purchasing managers' indices turned out to be worse than last month. Well, business activity is declining. Therefore, there is a high probability that the UK economy will slow down again since the country is suffering from the second wave of the coronavirus pandemic. Over the weekend, the news on the negotiations between London and Brussels came out.
    Attachment 293428
    Apparently, there is progress in Brexit talks. Thus, if this information is confirmed, the market will most likely react positively.
    Attachment 293429
    The British pound/US dollar pair is moving in a downward trend as expected. According to the Fibonacci levels, the price is already at the 50.0 mark. The level of 1.29144 acts as a target because the price began to rise from this mark. Later, this level will serve as resistance.
    Attachment 293430
    A rebound from the resistance level and a fall in the pound sterling. The indicator shows the pair's active downward movement. Two red lines as a signal of the price decline.
    My recommendations for today are as follows:
    short positions in the area of 1.30575
    sell stop orders at the level of 1.30140.

    Therefore, the best way to make a profit today is to open short positions.

    The attachment
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    Good morning everyone!

    The pound traded upwards yesterday, so a full bullish candle was formed on the daily chart. Its shadow was able to test the local resistance level of 1.29804, and, if it successfully moves above it today, that is, a price consolidation higher than the resistance level, price will climb up in the market towards the level of 1.31744. But if the quote reverses from 1.271804, GBP/USD will decline to the local support level located at 1.26614.

    Nonetheless, the bullish trend in the pair remains, so priorities are still in favor of long positions. The nearest target may be the local resistance level located at 1.34800.

    Name: GBP USD.png Views: 41 Size: 278.4 KB

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    The pair is currently trading below the opening of the day which is at 1.2960. My analysis for today is that, if the price manages to reach above the level of 1.2948 then the pair will most likely move upward with the target at the level of 1.2990. If this level is broken, the upward trend may continue with the next target of 1.3025. On the other hand, if the price trades below the level of 1.2900, then a downward trend is possible with the target at the level of 1.2860. A breakdown of this level may force further decline to the level of 1.2840.

    At the moment, the pair is trading below the daily pivot level and above the main trend line MA72. So far the indicators on the H1 chart suggest a possible growth. This, I will only look forward to if the price manages to trade above the level of 1.2948. If not, then I expect a downward pullback.

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    In the morning session, the pound/dollar pair is trading moderately lower.

    Name: Screenshot_20200917-081433_2.png Views: 812 Size: 283.8 KB

    The British pound is losing ground following the trajectory of the euro. Besides, the pair is falling on a strengthening US dollar. The American currency is extending gains against all other majors after the Feds meeting was held yesterday. Besides, the pound is pressured by the rising uncertainty around the trade deal between the EU and UK and fears over the second coronavirus wave in the country. The pair is likely to face a moderate upward correction in the first half of the day. However, I expect the downtrend to continue. A possible pivot point is seen at 1.2985, and Im planning to sell below this level with the targets at 1.2865 and 1.2815. As an alternative scenario, the pound/dollar pair may start rising above the mark of 1.2985 and will settle there. After that, the pair may well test the levels of 1.3005 and 1.3035.

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    Euro analysis 17-09-2020

    The single currency, the euro, declined during the Asian session, to witness its lowest level since August 12 against the US dollar, on the cusp of economic developments and data expected today, Thursday, by the economies of the euro area and the US economy, the largest economy in the world.

    At 06:20 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1851 levels, compared to opening levels at 1.1847, after the pair achieved its highest level during the session's trading at 1.18952, while the lowest level was at 1.1829.

    The markets are looking for Italy, the third-largest economy in the eurozone, to release the trade balance index reading, which may reflect a contraction of the surplus to a value of 5.20 billion euros compared to 6.23 billion euros last June, before the release of inflation data for the economies of the euro area with the release of the final reading. The annual consumer price index, which may confirm a 0.2% contraction, unchanged from the initial reading of last month, and compared to 0.4% growth last July. The core annual reading of the same index may also confirm 0.4% growth versus 1.2% growth.



    On the other hand, investors are currently awaiting the American economy for the release of the aid claims index reading for the past week on September 12th, which may reflect a decline of 59,000 requests to 825,000, compared to 884,000 in the previous weekly reading. The continuing aid for the past week, on the fifth of this month, decreased by 385,000 requests to 13.0 million, compared to 13.385 million.



    This comes in conjunction with the disclosure of housing market data, with the release of the housing starts index and the building permit index reading, and amid expectations that the building permits reading will reflect an increase to about 1.51 million permits compared to about 1.50 million permits in July, while the home reading may clarify The start-up decreased to about 1.47 million homes, compared to about 1.50 million homes in July.



    This also comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 15.0 compared to 17.2 last August, and this comes hours after the end of the committee meeting. The Federal Reserve Open Market September 15-16, during which interest rates were kept between zero and 0.25%.



    We would like to point out that the Federal Reserve revealed yesterday, after the meeting, the expectations of the members of the Federal Commission for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, and it is reported that the Federal Reserve previously adopted several stimulus programs until the economy showed signs of recovery, on top of which is a purchase program Treasury bills at $ 80 billion a month and mortgage notes at least $ 40 a month.



    In the same context, we also followed yesterday's press conference held by Federal Reserve Governor Jerome Powell, half an hour after the end of the meeting, to comment on the decisions and directions of the committee, which included expectations to stay the leader at zero levels until 2023, in which he expressed the importance of fiscal policy The stimulus package to support the economy, as it affirmed the Federal Reserves commitment to using all its tools to support the recovery.

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    GBP/USD. 18.September.2020. Friday.

    Hello colleagues in currency trading!

    For those who work on the daily time frame, which means long-term trades, the buy and sell price is 1.3481 up and down at the price of 1.2074.

    Name: Sept-18-2020 Forum 2.1.png Views: 29 Size: 41.3 KB

    Now let's look at the four-hour time frame. There, we will see the level with the mark: 1.3481 - up and down the level with the mark 1.2762.

    Name: Sept-18-2020 Forum 2.2.png Views: 29 Size: 39.2 KB

    For a quick entry, you can watch the hourly time frame. The working levels will be the buy/sell levels of 1.3006 and 1.2790. When the hourly candle closes behind the level, we enter the trade.

    For Buy:
    Stop Loss - 1.2906
    Take Profit - 1.3306

    For Sell:
    Stop Loss - 1.2890
    Take Profit - 1.2490

    Exit the transaction only by TP or SL. With other options, the expenditure part may increase and the profit may decrease.

    Name: Sept-18-2020 Forum 2.3.png Views: 29 Size: 42.8 KB

    Before entering the market, be sure to check the corresponding signal on the Accelerator Oscillator indicator. Green stripes should appear for purchases, while the red stripes appear for sales.

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    Hello everyone!

    The pound was able to trade beneath the low of the previous daily range, but then turned around and moved upwards under the same scale. It resulted in a reversal candle on the daily chart, which, with its shadow, was able to test again the local resistance level located at 1.29804. Today, if it happens to consolidate above the resistance level, GBP/USD will climb even higher in the market, in the direction of the next local resistance level, which is located at 1.31744. A firm breakout and consolidation above this level will then bring the quote to the target price of 1.34800.

    However, if the quote reverses today from 1.29804, GBP/USD will resume its bearish trend, and in this case, the nearest target of the pound will be the local support level located at 1.27614. A breakout and consolidation below this level will advance the quote to more distant targets such as 1.24740. In addition, priorities will be revised in subsequent tradings, especially since the main trend will change from bullish to bearish.

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    A pleasant day to all traders and speculators who are here in the forum!

    Analysis for the pound/dollar currency pair:

    It seems that something is not going well for the GBP/USD pair, because the dollar has started to decline again, and although its just a bit, it still remains. On the other hand, the pound is expected to be pushed down today. Now, on the hourly (H1) time frame, the price is inside the upward correction channel again, as well as above the support line. The indicator on this TF shows that the bulls continue to complete their formation in their final stage, so it can be assumed that the price will be able to reach the range of 1.3060-1.3040 and from there it may head downwards again to its goal located at the level of 1.2640. Meanwhile, on the smaller TF, that is, M15, the indicator also shows that the bulls own the price again and the price is currently getting ready to continue growing in the main stage of the formation of bulls on this TF presumably in the range of 1.3060-1.3040, from where it can be assumed that the bears may be able to send the price in the downward direction.

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    The pair is currently trading below the opening of the day which is at 1.2975. My analysis for today is that, if the price manages to reach above the level of 1.2990, then the pair will most likely move upward with the target at the level of 1.3005. If this level is broken, the upward trend may continue with the next target of 1.3075. On the other hand, if the price trades below the level of 1.2940, then a downward trend is possible with the target at the level of 1.2915. A breakdown of this level may force further decline to the level of 1.2875.

    At the moment, the pair is trading above the daily pivot level and above the main trend line MA72. So far the indicators on the H1 chart suggest a possible growth. This, I will only look forward to if the price manages to trade above the level of 1.2990. If not, then I expect a downward pullback.

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    The pound declined to the level of 1.2940, and at the moment it has returned to the level of 1.2970. At this point, Ill change my forecast for the pair.

    Name: GBPUSDH1.png Views: 2262 Size: 119.7 KB
    Now, I dont expect it to move higher than the level of 1.3000 today.

    In the Asian session, most of the pairs surged to the upside, but then quickly lost all the gains and rolled back to the downside. This surge happened around 3 am, and usually, such kinds of patterns lead to a reversal that can last throughout the day. That is why Ive opened sell positions on the pound and I hope for good luck. The target for today is the fall to the level of 1.2940. The price should break through this level and settle below it. Then, it will probably test the level of 1.2815.

    Though trading on financial markets entails high risk, still it can generate extra income on condition that you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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