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abu85

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GBP/USD analysis for June 05, 2017



Recently, the GBP/USD has been trading sideways at the price of 1.2910. According to the 4H time frame, I found shakeout of the swing low and confirmed double bottom formation, which is a sign that selling looks risky. The projected upward target is set at the price of 1.3000. My advice is to watch for potential buying opportuntiies. Resistance levels: R1: 1.2878 R2: 1.2889 R3: 1.3000 Support levels: S1: 1.2860 S2: 1.2850 S3: 1.2840
Trading recommendations for today: watch for potential buying opportunities.
 
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abu85

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Technical analysis of GBP/USD for June 05, 2017



Overview: The GBP/USD pair moved around the strong resistance at the area of 1.2973 because the double top is set around the spot of 1.3047. Consequently, the strong resistance has already been formed at the level of 1.2973 and the pair is likely to trade around the spot of 1.2973 and 1.2744. However, if the pair fails to pass through the level of 1.3047, the market will indicate a bearish opportunity below the new strong resistance level of 1.2973. Moreover, the RSI starts signaling a downward trend which is still showing strength above the moving averages 100 and 50. Thus, the market is indicating a bearish opportunity below 1.2973, so it will be good to sell at 1.2973 with the first target at 1.2744. It will also call for a downtrend in order to continue towards 1.2582. The daily strong support is seen at 1.2582. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss above the level of 1.2973.

 

abu85

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Daily analysis of GBP/USD for June 08, 2017

GBP/USD is strengthening its bullish structure above the 200 SMA at H1 chart, but gains are being capped by the resistance zone of 1.2962. If a breakout happens over there, then we might expect further advances toward 1.3018 in a first degree, while a pullback should send the pair to test the 200 SMA and possibly to break below 1.2892 in order to test the 1.2845 level.



H1 chart's resistance levels: 1.2962 / 1.3018 H1 chart's support levels: 1.2892 / 1.2845
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2892, take profit is at 1.2845 and stop loss is at 1.2939.
 

abu85

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Daily analysis of GBP/USD for June 28, 2017

The pair gained momentum during Tuesday's session amid weakness seen in the US Dollar across the markets. Currently, GBP/USD is attempting a bullish consolidation above the resistance level of 1.2826, targeting the next key barrier around 1.2881. If the pair manages to retrace, it's possible to see a decline towards 1.2756.



H1 chart's resistance levels: 1.2826 / 1.2881 H1 chart's support levels: 1.2756 / 1.2710
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2756, take profit is at 1.2710 and stop loss is at 1.2802.
 

michael scotfield

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Overview: On the one-hour chart, the GBP/USD pair bullish trend from the support levels of 1.3012 and 1.3020. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.3011, which coincides with a ratio of 23.6% Fibonacci. Consequently, the first support is set at the level of 1.3011. So, the market is likely to show signs of a bullish trend around the spot of 1.3011/1.3020. In other words, buy orders are recommended at the price of 1.3020 with the first target at the level of 1.3100. Furthermore, if the trend is able to breakout through the first resistance level of 1.3100. We should see the pair climbing towards the double top (1.3140) to test it. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 1.2972.

Read more: https://www.instaforex.com/forex_analysis/96062
 
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