GBPUSD intraday trading

It's time to BUY. It is super rare condition, that RSI by Weekly chart shown near to 31 (oversold) for the third time. My target is 1.30000 -1.31000

The pair has been bearish in the daily chart for quite a while. In some charts its oversold. So, the buyers may get ready to go long. However, they may have to wait for the price to produce a very strong bullish reversal pattern such as Double Bottom. Look at the daily chart below, the price headed towards the South by producing consecutive bearish daily candles. It suggests that the Bear is still strong. I assume we should rather be very patient before going long from here.

This pair is a real bottom digger lately.

WELL GBPUSD has just been running to the down side for a few weeks and there is no real sign of when it will stop.

I have marked out 2 areas on the daily I will be watching if we reach there for the turn around of this pair but in till then I will be shorting on an intraday basis and not holding over night.
I can only see a correction in such a move but will have to wait for confirmation of this on the higher timeframes before i look to enter and sort of buy.

What areas are you looking at and why?
Lets see what you all have for the this weeks ideas?

EU is doing the same too. Must be time to buy soon....

im really having a hard time trading the market. always getting kicked out.

Considering the daily chart, I assume that the buyers are to wait for a strong bullish reversal pattern to go long in the pair. The level of 1.23000 seems to hold the price as a level of support. However, unless it produces a strong bullish momentum or a strong reversal pattern, it may not be safe to go long in the pair.

I can only see a correction in such a move but will have to wait for confirmation of this on the higher timeframes before i look to enter and sort of buy.
vidmate

mobdro

Some good bullish move in the daily chart after a long while. Yesterday's candle came out as a bearish inside bar. If today's daily candle closes above it, the buyers may push the price towards the North. Intraday traders may find some good long entries as well.

So yes we dont want to try and pick the bottom as mentioned above.
But we do want to look where price is going and how it my react and why. As mentioned before i had this marked out as a potential turning point on GU and it looks to be holding.
We have seen some good movement on the 4hour and daily breaking to the upside and changing short term BOS.
I will be looking for a retrace move back down in to the big 3 daily candles and then look for the next move to the upside and in to the liquidity void set out by the blue lines.
There is loads of liquidity to the upside of this pair from this year but will only be looking to fill the void area over the next week or so.
the 1.3 level could be the next point to where we just break down again.

Let me know what you think and how you are trading this pair.

kind of true but not always.

The level of 1.26500 seems to be working as a level of resistance in the daily chart. The price make end up making a bullish breakout here. If that happens, it may head towards the North and find its next resistance around 1.29500.

The H4 chart shows that the pair seems to be trapped within a triangle. The price had just one rejection and bounced twice. If the price ranges more within the triangle, traders may keep their eyes in the pair to make a breakout to find their intraday direction.

The price had a bounce at the triangle support. It came down and seems to have adjusted its support a bit. It may get bullish in the intraday charts. Thus, intraday traders may find some opportunities to go long in the pair today.

Hello,

I think Upside shifting risk is on the horizon, weekly building a strong momentum for buyers so caution is needed to sell the pair at this time

Just a reminder :

US CPI figures tobe released today ,so be careful.

Thanks

The pair made a strong bearish breakout at the support. The bearish trendline is going to play a significant role to drive the price towards the South. I assume the Bear is going to dominate in the H4 chart. Thus, intraday traders may be able to find more short opportunities in the pair next week.

Well GBPUSD is just in a downward spiral at the moment.
We took out the low today and looks like we could take the low from May 2020 in this week. there is a lot of GBP and USD news around this week and with the current economic state we could be looking at a recession coming in the not so near future and could have a huge impact on the moving markets.

What are your thoughts on this pair at the moment to be honest i am only day trading and not holding for any period of time in the current market conditions.

Share you ideas.

I assume it may continue its bearish move. However, I do not think it would make that big a bullish correction. As things stand with the pair, it may head towards that last swing low level in a hurry.

without many words: G/U is short. Perhaps we will see a pullback till 1.2675 in the short term. It could also go until 1.15 with the current outbreak. I don't see any reversal (sign) on weekly chart today.....