Cable Update (GBPUSD)

Good morning @ 15:33pm

hope you all took it...

new TP added...

There is a major weekly support, 1.21157

lol

Did you check the date of the post you quoted?

Hi,

This is my forecast for GBP/USD for the week ahead. Basically what I'm expecting is more range but the risk remains skewed to the downside so I'll not be surprised to see a new marginal low.




Regards,
1GoodTrade
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GBPUSD H4 (12-16 JUN 2017)

such a nice color set lol

Overall Charts:
Monthly slightly down
Weekly down
Daily slightly up

Strategy: Trend trade (anywhere from a couple of days to a couple of months)

Not much to glean there, however when a currency pair does a continuous climb for three months, you have to expect some kind of retracement. Of course, it was speeded up by the British elections, but the drop was inevitable. The bottom graph shows the RSI almost hitting the 30% line. I don't even consider positioning until that takes place. It doesn't always hit the 30% and then heads back up. To each his/her own. For me, it has to break and then I'll start positioning. I expect it to go against me so I keep positioning. Don't get me wrong, Every time I position I believe I'm at the top or bottom but I'm often proved wrong--does anyone have an app that con find the absolute top or bottom? Part of my problem is I jump in too early but as long as I can ride it out, I'll do ok. I know the prevailing wisdom is to just make one large position and hope it works the way you want it. If you are doing short term or day trading, one position is perhaps the best. I've done both and this is what I prefer since I open and close positions by the indicators. When I close GU last time I had about 24 positions. It works for me--well, most of the time. I did get margined out on a couple positions before it went my way but that's the way it is.

http://www.independent.co.uk/voices/...-a7780831.html

Fundamental Analysis & Market Sentiment
The major element affecting market sentiment at present are the expectation of a rate hike by the FOMC of 0.25%, which had been assumed but is now in increasing doubt as disappointing U.S. economic data releases and the political difficulties of President Trump call into question whether the environment remains appropriate for a rate rise. Another big item is the result of the British General Election which produced no overall winner and the prospect of a Labour Party led by its hard-left faction coming into power in the near term. Prime Minister May can continue with a very fragile coalition with a minor party from Northern Ireland, but she will almost certainly be forced to resign by her party, and such a fragile coalition is unlikely to last more than 2 or 3 years at most. This is very likely to drag the British Pound down, which will probably also negatively impact the Euro to some extent.
Technical Analysis
USDX
The U.S. Dollar printed a slightly bullish candle this week. It is a near-pin candle of normal size closing not far from its open following an inside candle. The rhythm of the pattern is bearish but the last two candles are hinting at a possible upwards move, although this hint is still only a hint. The bullish trend line is broken and has been rejected bearishly from the broken side, with a resistance level at 12289. The price has broken convincingly below the formerly supportive level at 12203. The price is now below its historic levels from 3 months and 6 months, so has a long-term bearish trend. The signs are mixed.
The GBP/USD currency pair printed a strongly bearish candle this week. It is a large-sized bearish outside candle, although it closed a long way off its low. Although still technically in a bullish trend, the topping near a key psychological level at 1.3000 and the prospect of political turmoil and the possible accession of a British government led by the far left, make it very likely that this pair will see a continued downward movement towards the 1.2500 area at least.

I'm expecting a bullish move to pre-election levels.

Gann Square of 144

If you are tracking GBPNZD this week, here's a technical perspective you may wish to consider.

On the H4 time frame, price action since mid-May produced one descending price wave and then went into a consolidation and ranging pattern for much of late May and early June, apparently in anticipation of the British election. This was followed by a strong bearish drop last week Thursday (British election shockwave), from an area (around 1.79075) which had served as a strong demand zone on April 18, 2017. We should expect price action to retest this zone in the coming days. The most recent price action on the H4 time frame was a bullish move which may be a corrective one as price action has moved too far from the mean value.

I may be wrong. Trade safe and prosper.

KP

I must admit, it looks very bearish to me now also.

Considering everything political, 2115 looks fair enough with a stop above 2977 or 3047

Pound seems stabilise around 1.274 level after sharp drop from Friday, but with political uncertainty and the UK's weaken position in soon-to-start Brexit negotiation, the pair will likely to continue its downward trend.

How about this
History Repeat Again

nothing changes, may hold limits down to continue bull to top or up but against big bear candle now ^ if so then also some plays at down or limits perhaps . if broken the limits then no nearest support before 1.2400, may further bo to 1.2360 to 1.2100 / bottom again. anyway now should correct up signals 1.2779,2802,2826 for about 1.2900 target first.Take care , fontu

17/06/12 MONDAY 08:48+1GMT (UPDATED UNTILL 9:30)
WEEKLY REPORT

Hello traders and investors,

I have decided to get a new confirmation for the candle 3 or the group of the candle 3, by another indicator, the TDI. And it works very well as expected.

My chart is below with the explanations.

Have a nice week and many green pips,

Ioan