View RSS Feed

TechnoMeter

GBP/USD: Bullish Ranging

Rate this Entry
by , 09-25-2018 at 11:25 AM (890 Views)
      
   
It's been a climactic past month of price action in the British Pound. As we walked into the final week of August, GBP/USD was continuing to hold on to the sell-off that had driven the currency for much of the prior four months. Prices had just sunk down to find support at the 23.6% Fibonacci retracement of the Brexit-move, and this was a more than 1,500 pips away from where the pair had topped-out at in mid-April. There was little by way of positivity at the time.

Name:  gbpusd-d1-metaquotes-software-corp.png
Views: 155
Size:  22.3 KB

The first half of August was particularly brutal, when a BoE rate hike early in the month served to only hasten the declines. Sellers remained in-charge as a very uncertain future defined the outlook for the British Pound, and there was little apparent hope as Brexit negotiations drew near. We started to look at bullish setups in GBP/USD in mid-August largely on the basis of just how negative everything had become; looking for prices to pullback in the down-trend after oversold readings began to flash on both Daily and Weekly RSI readings.

more...

Submit "GBP/USD: Bullish Ranging" to Google Submit "GBP/USD: Bullish Ranging" to del.icio.us Submit "GBP/USD: Bullish Ranging" to Digg Submit "GBP/USD: Bullish Ranging" to reddit

Comments