Not understand?better not follow my analyses!doubt clearer first, risks ++
Cable Update (GBPUSD)
- #510,261
- Jan 30, 2020 8:32am Jan 30, 2020 8:32am
- Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts
- #510,264
- Jan 30, 2020 8:45am Jan 30, 2020 8:45am
- | Joined Sep 2016 | Status: Eyes on the big moves :-P | 490 Posts
{quote} All I was saying is that today's GU move have nothing to do with USDX, as you pointed out. Instead of admitting you were wrong, you give this nonsense speech, to distract, like a politician. I was watching USDX, EU and GU all day. Pound was the weakest and not linked to USDX at all, then when BoE did what was expected and GU spiked up, that was what moved the USDX chart, NOT THE OTHER WAY AROUND! Do you see the logic behind what you posted? That USDX moved GU? So it didn't move EU(and any other xU pair), but it moved GU during a BoE meeting?...
Hey buddy, let's grab some Pips!
GBPUSD Extra-Big Picture View
During the last months, the biggest event on the GBP markets was extra-wide price spike on 22th/Dec/2019 amid Exit-Poll news. I don't want to dive into fundamentals and relationships between exit-polls and price. The goal of the current overview is to fit this extra-wide price spike in some existing structures. And what long-term conclusion should be made from this picture.
That is why I switched to BXY (British Pound Currency Index), 1D TF. The scale is extra-wide as you can see. The current chart covers more than 10 years. All price action forms the downward wave-channel. It consists of a main channel 2-3. And two parallel lines (1 - is oversold, 4 - is overbought). All fluctuations fit very well in this structure. You can find a lot of breakouts, tests, rejections, and bounces. These technical movements confirm the validity of the lines.
So, where are we now in this Great British Channel (or Great Bearish Channel)? The December spike tested line 3 and rejected the price down.
Note also SLKT action (fake penetration of the previous high).
What does it mean?
Testing resistance line [3] with SLKT - a good place for bears to organize attack and plot a new leg down. Chances on the bearish side.
The alternative scenario - breakout above line 3 amid Brexit fundamental background. In this case, expect a touching line [4].
During the last months, the biggest event on the GBP markets was extra-wide price spike on 22th/Dec/2019 amid Exit-Poll news. I don't want to dive into fundamentals and relationships between exit-polls and price. The goal of the current overview is to fit this extra-wide price spike in some existing structures. And what long-term conclusion should be made from this picture.
That is why I switched to BXY (British Pound Currency Index), 1D TF. The scale is extra-wide as you can see. The current chart covers more than 10 years. All price action forms the downward wave-channel. It consists of a main channel 2-3. And two parallel lines (1 - is oversold, 4 - is overbought). All fluctuations fit very well in this structure. You can find a lot of breakouts, tests, rejections, and bounces. These technical movements confirm the validity of the lines.
So, where are we now in this Great British Channel (or Great Bearish Channel)? The December spike tested line 3 and rejected the price down.
Note also SLKT action (fake penetration of the previous high).
What does it mean?
Testing resistance line [3] with SLKT - a good place for bears to organize attack and plot a new leg down. Chances on the bearish side.
The alternative scenario - breakout above line 3 amid Brexit fundamental background. In this case, expect a touching line [4].
Oleg Alexandrov, market analyst. Find me in Google
- #510,266
- Jan 30, 2020 8:56am Jan 30, 2020 8:56am
- Joined Oct 2010 | Status: Trader | 21,479 Posts
Intraday only.
- #510,267
- Jan 30, 2020 9:09am Jan 30, 2020 9:09am
- | Joined Sep 2016 | Status: Eyes on the big moves :-P | 490 Posts
{quote} ok but it has target there to try next {image}
It doesn't seem it will go down much more now.
It will come back to retest the breakout on 97.34 at some point.
It's possible to sidewalk until Monday. Then up.
Exact time to touch the bottom line of the crescent channel.
Hey buddy, let's grab some Pips!
- #510,268
- Jan 30, 2020 9:16am Jan 30, 2020 9:16am
- Joined Apr 2012 | Status: Stunning | 6,815 Posts
in wondering about yourself, you forgot what you came here to be part of
- #510,269
- Jan 30, 2020 9:17am Jan 30, 2020 9:17am
- Joined Apr 2012 | Status: Stunning | 6,815 Posts
BUY
3086
3086
in wondering about yourself, you forgot what you came here to be part of
- #510,272
- Jan 30, 2020 9:45am Jan 30, 2020 9:45am
- Joined Apr 2012 | Status: Stunning | 6,815 Posts
in wondering about yourself, you forgot what you came here to be part of
- #510,273
- Jan 30, 2020 10:11am Jan 30, 2020 10:11am
- Joined Oct 2010 | Status: Trader | 4,465 Posts
Follow The Markets Structure - Patience and Discipline
- #510,277
- Jan 30, 2020 10:29am Jan 30, 2020 10:29am
- Joined Dec 2017 | Status: Trader | 30,688 Posts
yes yes yes
- #510,278
- Jan 30, 2020 10:38am Jan 30, 2020 10:38am
GBPUSD has been consolidating and creating harmonic patterns and Fibonacci confluences. Trading consolidation does not have to be boring. All we need is the just the knowledge of Fibonacci ratios and harmonic patterns.
Technical Analyst & Trader @ Vikinsa
- #510,279
- Jan 30, 2020 10:43am Jan 30, 2020 10:43am
GBPUSD has been consolidating and creating harmonic patterns and Fibonacci confluences. Trading consolidation does not have to be boring. All we need is the just the knowledge of Fibonacci ratios and harmonic patterns. {image}
Are you able draw some oh them for future price movement,or just to monitor past?
Whether you think you can, or you think you can't,you're right. H.F.
