GBP/USD outlook

What The Hell...?

hi,

looking at my longer term charts,

its seems were in a testing price level whilst price trades around 15750,weekly and daily averaged,certainly for me will look to see if price trades above these levels,15750 and 15780.if so then 16044 the up target,if trades below 15470 area.

certainly not trade calls just looking at the possibilities .

good trading

Hi Dice, yes the Loooonger TF's seem to be the ones to watch for the last 12months or so.

I'm looking at 5920-40 area as first target and 1.6 as 2nd target then follow PA from there.

Damn I hope Ben doesn't lift this thing too much as I would love to see 1.4950 eventually.

Actually Dice, I see your 6040 and can see 6060 also possible, will have to follow my nose on this one.

I'll see how things go at 5920 first if we get there.

I hope you have a great week mate

Maybe I'm just seeing things lol...

I see the Pound breaking progressively south of channels and successfully retesting.

From support and the magenta TL, 1.6 looks to be on the cards for the retest.

PA on the monthly helps also

Or maybe even 6160 for the TL retest.

Why not??

I hope this works

Nope, you greedy bastard IBB

Good morning traders,

as this can be relevant to trading the GBP/USD pair, I am sharing my up to date view on the Dollar Index (daily chart below is from yesterday's mid-week update):

The 79.90 area in the Dollar Index looks strong resistance at the moment and it's very possible it will be able to contain higher price. The sequence of measured moves higher failed on the 4-hour timeframe. The short setup at 79.90 has targets at 78.50 (1st) and then 77.70 (2nd) helping price into that larger weekly setup's target at 77.50s, which started with the resistance at the 81.60s, in November.

These are the two updated scenarios I see going forward (refer to the picture below):

http://www.forexfactory.com/attachme...1&d=1360226968

Scenario 1. Price could start a move lower into the first target at the 78.50 area. It could then continue into the next area of target at 77.70 and into 77.60, after a brief profit taking relief move higher (this is the higher probability scenario).

Scenario 2. After trading down into the 78.50 first area of target price could reverse and start trading higher. This scenario seems less probable at this stage.

Of course we still need further confirmation that the Dollar Index has actually topped in this move. This would coincide with renewed, anticipated strength in the Euro-Dollar cross. Currently the bears are in control of the 15min timeframe and the confirmation of the targets mentioned above and the resistance level would come with price below 79.30. This could take a day or two.

Let me know your thoughts? ty

Have a great day.

Seeing as we closed back into the range off the ascending TL, I think more up next week after we retest support.

Ultimately, would love to see a retest of the broken monthly TL and "V", before all hell breaks loose south.

Some dreams come true

And then again, Condor may get his 64 yet

With the Euro hands down outperforming the Pound recently, it's time for a change I think.

Following the colour codes and very bearish pattern, I think the lower dashed channel line will go and we head to the yellow and red channel line, 1.20 and lower.

It won't be an easy ride with daily and weekly ema's to get through but Down I think, down.

With a bounce off the daily 55ema and retest of the broken daily TL, being a good place to short??

With the B.S mainstream media who either lie or just get it plain wrong nearly everytime (personally I think they lie to serve their masters since even flipping a coin should get better results) telling us to hold the Euro and even to add to our longs on this bearish "pullback" ,

It will be interesting to see how this pans out.

I just had to put this as my avatar

Very choppy, very unfriendly trading conditions until end of this month I think.

Grabbed about 30% of yesterdays move

If I don't get a (4hr close) above 5688, I'll short a (1hr closed) break of 5646 looking for 5584 as 1st target.

Let's see...

C'mon baby...

Going long for a little bit

cancelled that long, it may go up to 5580-90 area but not convinced enough