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  • GBPUSD drops to lowest in 5 months; outlook still bearish

    From xm.com

    GBPUSD had a deep fall during Monday’s trading period as it dropped below the narrow range of 1.3450 to 1.3600, which had been holding over the previous two weeks. The price plunged to a new five-month low of 1.3389, however, price action is at the moment taking place not far above this trough. In the daily timeframe based on technical indicators, momentum is too weak to provide a sustained move higher. The RSI indicator is flattening in the oversold level near the 30 barrier, while the MACD oscillator is trying to jump above its trigger line to create a bullish cross in the negative territory. If price action ... (full story)

GBPUSD will retest the 1.20 area before the end of the year!
When it was going towards 1.4250, there were lots of calls that it is on it's way to 1.4500, 1.4800

Now you are saying it is going to 1.200 after plunging almost 1,000 pips from 1.4375
Yes, I wouldn't be surprised to see it hovering around 1.30 at this time next week. GBP has nothing going for it at the moment and probably not for a very long time.
Brexit status : Poor. Infighting, and can't even agree on what color wallpaper they want.

British status: No one buys from high street stores any more. Retailers struggling.

Trump status: behaving well, no silly tweets lately.

So...looks grim for GBP and EUR vs USD. I will wait for now.
Quoting Blessed-man
When it was going towards 1.4250, there were lots of calls that it is on it's way to 1.4500, 1.4800 Now you are saying it is going to 1.200 after plunging almost 1,000 pips from 1.4375
GBP went up 6 weeks ago because Mr CARNEY was dangling a carrot, pretending rate rises... again.

That's why they call him the "unreliable boyfriend", always let's you down.
On the tech side just looking at the Daily Chart without any rocket science TA it looks as if it's ripe for another material down leg.
GU is likely ranging for June

There are reversal signs on D1 and W1
Quoting sonyclan
On the tech side just looking at the Daily Chart without any rocket science TA it looks as if it's ripe for another material down leg.
Another bad day for cable, the Daily chart was a dead giveaway!
1000 pips is the target here not going much lower

While it may be too early to call bottom for GU bottom for GU is unlikely to go below 1.305
Quoting DonFF
1000 pips is the target here not going much lower
Breakdown in Brexit talks or a Tory leadership challenge, try 2000 pips!
Quoting sonyclan
{quote} Breakdown in Brexit talks or a Tory leadership challenge, try 2000 pips!
Yes that is always a concern but need to look at the technicals as well EU and GU are preparing for move up in Aug/Sept.

Political events may help to find the bottom but the economic fundamentals will always shift the gears.
Quoting DonFF
{quote} Yes that is always a concern but need to look at the technicals as well EU and GU are preparing for move up in Aug/Sept. Political events may help to find the bottom but the economic fundamentals will always shift the gears.
I'm interested to know why you think the GU tech's show a move up in Aug/Sep.
Quoting sonyclan
{quote} I'm interested to know why you think the GU tech's show a move up in Aug/Sep.
Your forecast was a little off. You never did tell us how you came to that conclusion.
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  • Posted: May 22, 2018 9:29am
  • Submitted by:
     Newsstand
    Category: Technical Analysis
    Comments: 13  /  Views: 2,005