The GBP/USD pair had a strong showing on Friday as we raced towards the 1.6175 area. This area has been resistance before, but it appears that we are now ready to start breaking out of it. If we can get above the level, we think that a move to 1.63 is all but counted in. A break above the 1.63 level has this pair moving much higher, possibly as high as 1.70 sometime next year.
We are very bullish of this pair, and have been for some time. We have no plans of selling, as we see far too many areas that could provide support. However, a pullback to the 1.610 level would have us buying at the very first signs of support.
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After the pair's recent rally, it looks like the bulls are priming for a short break. For one, Stochastic is still not in the oversold area and is actually indicating downward momentum. We could see price pull back between the 50% and 61.8% Fibonnacci retracement levels and test the rising trend line too. Then again, if support at the 38.2% level holds, GBP/USD could skyrocket back up to 1.6300.
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The GBP/USD pair initially rose during the session on Thursday, but failed at the 1.62 handle as the sellers stepped in. More concerning is the fact that we closed the very bottom of the range, and the candle engulfed the previous session by quite a measure.
With this being said, the 1.60 level is still very crucial for this market, and as long as we’re all that we are not willing to even consider shorting this pair. Even if we break the 1.60 handle, it’s very likely the 1.58 will offer support, and then buyers will step in at that point. It isn’t until we get below the 1.57 handle that we become very comfortable selling as it would be a long-term momentum change. Until that happens, we are looking to buy supportive candles but with the Thursday session happening, it may be a while before we see them.
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After GBP/USD falls to 1.6109 and then rocketed to 1.6176, the pair eventually returned to the place before. Shows that there is a deadlock between buyers and sellers.
UK manufacturing PMI released under 48.4 and it's expected to be lower than earlier expectations which is under.
To this day, Nationwide HPI to be released, and the report is expected to show that housing prices rose 0.1% September pad. Although expectancy is lower than the 1.3% in August, while little but an increase is expected to appear. But if this turns out well below expectations, can be re-triggered a sell-off on this pair.
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The pair GBP/USD is trading on the positive note at 1200GMT after BBA Mortgage approvals rose well above the forecast since investors had hoped this was the beginning of a recovery in the housing market of the United Kingdom.
Building owners are probably some drivers excess profitability on front of euro in the absence of national data. Member of the MPC Fisher has spoken about funding from the Bank of England for the scheme of loans (FLS), which suggests that it will help to mitigate some of the credit crunch which would have expected to occur in his absence. The FLS will provide £ 61bn in Treasury bills to United Kingdom lenders in order to increase the supply of credit while helping to reduce financing costs.
The data released today, shows the efforts of the Bank of England are reaching the public.
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After failing to make a new higher high, GBP / USD is currently approaching its trend line. It looks like the pair will test the trend line and is likely to successfully penetrated.
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Now we can see if the GBP / USD is forming a double top formation, does this mean bulls for this pair has ended? Furthermore, obstacles of resistance in the range of 1:59 and stochastic area will also force the bulls to rest and is likely to test the range of 1575.
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GBP / USD may have found the turning point. A shooting star had formed on the D1 chart with the bearish Marubozu that Followed it, it could mean that the pair's rally has come to an end.
If that pair is falling down, then 1574 will be its support level.
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And it turns out, the tunnel of the GBP / USD is still going well. Only, this time the tunnel would encounter strong resistance line at 1.5736 range.
Is this pair will tunnel broke through its resistance? Or tunnel ends at the resistance?
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Despite chart GBP / USD H4 indicates that there is a rise in the lowest level on a regular basis, but if we look more closely at D1 all be different.
This pair seems to have reached its upper limit and get ready to bounce on the reflection channel that has been happening for so long. However I personally prefer to be a good audience, in this pair.
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GBP / USD pair is trying to form a pattern of rising triangle, seems to have the support of the stochastic. But to pair this one, we should also consider factors other supporters of his breakout candle pattern.
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Wow ... channel turns on the pair GBP / USD is still ongoing. Bounce and bounce. Currently we have a little patience to wait while the pair was trying to penetrate the upper limit for one more.
Will the upper limit of the last time? or it is time for this pair to move to leave this channel?
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If we still remember the
post about the GBPUSD which bounced, the question now is whether the support capable of bouncing back?
But with the lack of support for stochastic, we should wait until the range of 1.5475 and look likely to bounce back at that point.
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After bouncing repeatedly, GBP / USD is currently present in 300-pip area for over a month. Area of support is 1.5450, while the range is the range of 1.5750 resistance area.
After yesterday's strong reflections occur all over, which also makes stochastic entered the overbought area, the pair finally started to make a back-way patterns in candlesticks chart.
It seems that the bears is ready to jump in.
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