iggy_ua's Blog
GBP services PMI
In anticipation of GBP fundamental news announcement a quick look at the GBPUSD chart suggests that the pair sits in a triangle on H4 time frame. A further move to the downside is expected if the price breaks 1.33 point. A SL to be placed at 1.335 and TP 1.32 at the bottom of the range.
GBPUSD
Post FOMC no changes occured in the market sentiment. GBP has closed below 1.36. A further decline to 1.35 is expected. Entry at current level 1.361, SL at 1.365, TP 1.35
FOMC expectations
USD has gained strength recently. GBPUSD has reached a strong support level at 1.36. FOMC today will give a boost to a further decline of the pair or rebound. Look for a today's close. If the price falls, the first support is at 1.35, and then 1.33. In case of a rebound look for a move to 1.39
GBP sell-off
Second day in a raw negative news sent GBP sharply down. GBPUSD has reached a trendline to decide on a further move. If the trendline is broken down with a close below the line, a further drop of the pair is to be seen. The first target is 1.4
Pre NFP
Dollar weakness continues into February. Tomorrow NFP could bring a reversal in the USD direction, even though such an event is less probable. In anticipation of NFPs GBPUSD could breakout the rising wedge/triangle and reach a first target at 1.435. A buy stop to be placed at 1.428 and SL at 1.422.
GBPUSD
GBPUSD has broken an ascending wedge on H4 timeframe. Despite neutral news on UK CPI GBPUSD has declined over 80pips. On a daily chart the price is stil in an ascending mode. Trade could be entered long on a further pullback to 1.312 level with SL at 1.31 and TP 1.335
GBPUSD
COnstruction PMI came below expectations on Tuesday. The price action was muted. Tomorrow service PMI and ADP non-farm will define the pair direction. Expectation is the pair to fall to 1.315 from a current level and further to 1.295 if the news will be GBP negative. A stop loss to be placed above 1.33
GBP decision point
GBP is under pressure after yesterdays' spike. GDP is to be published in a few hours. The news will drive the currency move until the week end. Positive outlook will boost GBPUSD to 1.31 and further. A more likely scenario is a break of 1.30 to downside and a move to the lower channel boundary at 1.295 and further to 1.29
GBP weakness
Latest news from UK brought a disappointing inflation. GDP data will be released on Wednesday to define if GBP will hold the current levels or fall further. Until then selling GBP is a preferred scenario. A break of 1.28 is vital for futher downsize. Shorting from current level at 1.30 with SL at 1.305 and TP 1.28 is a viable option.
GBP forecast
GBP has made a big advance in sync with other currencies against USD. This has happened despite neutral or even negative economic news from the UK. Next week the market sentiment can change as more economic data is coming for GBP. Namely, U.K. Inflation on Tuesday has a main impact on the next GBP swing. Technically, GBP has broken out of the range. No visible close resistance is in sight. Monday should see a retracement of GBPUSD to 1.30 in anticipation of the Tuesday news. Trade could be made …