Bulls of GBP/USD will be encouraged by a well-defined pennant formation on the daily chart (see below), a continuation pattern that points to further strength after the pair’s climb from 1.2113 on March 14 to 1.2613 on March 27. If the formation works as it should in theory, a break to the upside above 1.2465 in a few days’ time could lead to an advance equivalent to the height of the “flagpole” – that five-big-figure advance between March 14 and March 27 – taking it to 1.2965. ...
EUR/USD Weekly EUR/USD continues to trade on a long term parallel and the weekly wicks (key reversal this week) denote active support. I don’t like being a bear in the face of active support at a well-defined parallel… As always, define your risk points (read more about traits of successful traders here). GBP/USD Weekly GBP/USD needs to take ...
“The gap to open trading post-Brexit is thus far of the breakaway variety. The current level (slope line near 1.2800) and/or 1.2500 could inspire a ‘squeeze’ as part of consolidation before another leg lower. 1.2500 relates the 2009-2014 range (127.2% of that range from the 2014 high) and decline from 2007 (decline from 2014 = .618% of 2007-2008 decline).” 1.2800 is still the low and the outside week (last week) suggests that Cable is ...
GBP/USD Weekly -FXTW has maintained that “GBP/USD trade remains constructive for a run at trendline resistance (about 1.4900) but watch for support at the internal trendline that crosses through inflection points since September. FXTW would like to see support register at that line in order to maintain a constructive view. Remember, there is a 96 month (8 year) cycle low count.” Support registered near (a few ticks above) the mentioned ...
EUR/USD EUR/USD broke below the 78.6% retracement of the late-March range yesterdayWhile below 1.0830 our near-term trend bias is lower in the euroThe 127% extension of the 2005-2008 adavance around 1.0440 looks to be the next major pivot for the rateA minor turn window is eyed around the end of the weekInterim resistance is seen around 1.0685, but only a move through 1.0830 would turn us positive on the single currency ...
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