GBP/USD

[Josh7]

Good support level on the short term at 1.2720. Possibly it's worth thinking about a long position with a tight stop.

 

[hatemypips]

Good support level on the short term at 1.2720. Possibly it's worth thinking about a long position with a tight stop.

Brexit fallout? Yes I also believe for the worst end for Britain so holding short on GBPUSD.

 

[Poppyseed]

The downside is not over just yet, I set my target at 1.2785.

 

[fxstrategist]

Double top on the GBPUSD

The GBPUSD has completed a double top formation on the daily chart, from the 200 day EMA, around the 1.3224 level. The neckline or confirmation line of the double top pattern is at the 1.2917 level, which was broken today to the downside by the GBPUSD. If the price continues falling, then the low at the 1.2785 zone may act as support. A longer term support is at the 1.2662 low. On the other hand, if the price goes back above the 1.2917 level, its next resistance could be the 200 day EMA, around the 1.3224 level. Another possible scenario is that the price may consolidate around the 1.2917 level without taking a clear direction.

 

[Poppyseed]

Brexit uncertainty continues to weight in on the Pound, there are might be consolidation but the bearish potential remains strong, my target remains in sight.

 

[fxstrategist]

Double Top confirmed on the GBPUSD

It did it! The Pound confirms the double top formation at the 200 day EMA and drops to the 1.2800 level, beware now of the pullback. The 1.2900 level may act as resistance, but if it continues falling, the low at the 1.2660 level could act as support.

 

[Pat494]

The above daily chart is an absolute classic double tops but more importantly where will it fall to ?

 

[Poppyseed]

GBP/Usd pressure remains on the downside, it seems the pair would continue consolidating within the range between 1.2846 to 1.2750.

 

[tomorton]

Interesting analysis of the various Brexit negotiation outcomes and impact on GBP and UK equities -
https://www.dailyfx.com/forex/funda...ocks-Might-React-to-Alternative-Outcomes.html

 

[Poppyseed]

Interesting analysis of the various Brexit negotiation outcomes and impact on GBP and UK equities -
https://www.dailyfx.com/forex/funda...ocks-Might-React-to-Alternative-Outcomes.html

I will check that out, thanks.

 

[Josh7]

The GBP/USD pair broke the support at the double bottom of 1.2786 and is now trading at 1.2770. Let's see if it breaks further below 1.2660.

 

[Pat494]

This pair definitely look bearish.

 

[Pat494]

This pair definitely look bearish.

Got that one right !

 

[Poppyseed]

The pair is oversold but bearish movements showing no stop sign, the next critical support handle can be found at 1.2700.

 

[Pat494]

Sideways for a while

 

[Poppyseed]

The pair took a sharp reversal up today, but upside seems capped under 1.2800 level. 1.28 is a critical resistance level, as long as the pair has been kept below this level, the bearish trend would be still intact.

 

[fxstrategist]

Retracement on the GBP/USD

The GBPUSD retraces to the 1.2800 level where it finds a resistance and tries to fall back down. The bearish trend is still in place, the pair may visit the low at the 1.2660 level.

 

[Josh7]

The Sterling shot up yesterday without any fundamentals to back it up afaik. Today's data can boost the rally.

 

[Pat494]

The Sterling shot up yesterday without any fundamentals to back it up afaik. Today's data can boost the rally.

Perhaps you can elaborate ?
Imho it looks like a buying opportunity and I am in for a long.

 

[Josh7]

Perhaps you can elaborate ?
Imho it looks like a buying opportunity and I am in for a long.

I guess it's a reaction from positive brexit news. Current press conference is also looking optimistic. The Sterling seems eager to go higher.