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GBP Technical Analysis

This is a discussion on GBP Technical Analysis within the Forex Trading forums, part of the Trading Forum category; W1 price is located to be below yearly Central Pivot at 1.9586 and above S1 Pivot at 1.6704 in the ...

      
   
  1. #101
    Senior Member mql5's Avatar
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    GBP/NZD - bearish ranging within narrow s/r levels

    W1 price is located to be below yearly Central Pivot at 1.9586 and above S1 Pivot at 1.6704 in the bearish area of the chart. The price is on narrow ranging within 1.7828 resistance level for the secondary rally to be started and 1.6704 first pivot support level for the bearish trend to be resumed.

    GBP Technical Analysis-gbpnzd-w1-alpari-international-limited.png
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  2. #102
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    Forecast for Tomorrow - levels for GBP/AUD

    GBP/AUD: bearish ranging within narrow sa/r levels for direction. This pair was reversed to the primary bearish market condition by breaking Ichimoku cloud to below in the beginning of the january this year. For now, the price is on bearish ranging within narrow support/resistance levels waiting for the rally to be started or for the bearish trend to be resumed.

    GBP Technical Analysis-gbpaud-d1-alpari-international-limited.png


    • if the daily price breaks 1.6267 resistance so we may see the secondary rally within the primary bearish market condition;
    • if the price breaks 1.6591 resistance so the price will be reversed from the primary bearish to the primary bullish condition with the secondary ranging;
    • if the price breaks 1.5991 support level so the primary bearish trend will be resumed ranging up to the new 'bottom' to be formed;
    • if not so the price will be moved within the channel.

    Resistance Support
    1.6267 1.5991
    1.6591 N/A
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  3. #103
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    GBP/USD Technical Analysis: Cable Range Visits Support pre-FOMC, BoE

    For those looking to take a directional stance on the pair, the short-side could continue to present challenges given this long-term zone of support just underneath current price action. The bullish side could be difficult to work with as well, at least until some element of a bullish driver shows up; and given that we’re sitting just ahead of FOMC and then a BoE rate decision tomorrow morning, the potential is certainly there.

    GBP Technical Analysis-gbpusd-h4-metaquotes-software-corp.png


    For those that do want to look at a bullish stance in Cable, a break back-above that key zone around 1.2250 could make the setup a bit more attractive. Let buyers push prices higher above-resistance first to indicate that bulls may be able to continue driving-forward; at which point seeking out a ‘higher low’ at a prior level of resistance could open the door to top-side setups, with the goal of trading the longer-term range in the pair.


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  4. #104
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    GBP/USD Technical Analysis: Pennant Formation Points to Upside Breakout

    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.

    GBP Technical Analysis-gbpusd-d1-alpari-international-limited.png


    Moreover, there is plenty of support for the exchange rate at its current level. It has already held twice this week at the trendline support from that recent low on March 14, while the 50-day and 100-day moving averages both lie just below the current 1.2470 at close to 1.24.

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  5. #105
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    GBP/USD Technical Analysis: Reversal to Gather Pace

    GBP Technical Analysis-gbpusd-d1-metaquotes-software-corp.png


    Cable responded to the 50% retracement of the March advance at 1.2362 this week with the rebound now approaching initial resistance targets. The broader focus remains weighted to the topside while above 1.23 / the lower parallel (blue) with a breach above the monthly open needed to validate a more meaningful reversal targeting confluence resistance at the 200-day moving average at ~1.2630s & key resistance at 1.2675-1.2706.

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  6. #106
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    GBP/USD Technical Analysis: Breakout or Fake-Out?

    Prime Minister Theresa May announced that general elections would be held early, on June 8th of this year. The move was largely applauded as cogent political strategy in the effort of gaining a Conservative super majority to push through Brexit negotiations. And this very much may be the case; but given the volatility seen in global elections over the past year, it would seem that a bit of reservation should be due before any long-term prognostications are built based on early polling numbers.

    GBP Technical Analysis-gbpusd-d1-alpari-international-limited-2.png


    The immediate impact to the British Pound was a quick run of strength that finally sent price action above the 1.2775-level. Prices continued to run in a rather aggressive fashion, all the way up to 1.2903 before sellers came-in. This led many outlets to claim that PM May’s announcement was a ‘game-changer’; and again, this very much may be the case but for traders putting money on the line, this is a leap-of-faith that shouldn’t yet be initiated until more information presents itself.

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  7. #107
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    GBP/USD Preparing for Next Bull Leg

    GBP Technical Analysis-gbpusd-d1-alpari-international-limited.png


    No change to Cable, which has flat-lined since the breakout. A minor reaction following a breakout indicates a strong market. Additional sideways trade can’t be dismissed but realize that the reaction low after the breakout is 1.2755. That low represents a re-test of the December high (former resistance providing support…which is bullish).

    GBP Technical Analysis-gbpusd-m30-alpari-international-limited.png



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  8. #108
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    GBP/CHF - daily bullish; 1.2912 is the key

    Daily price is above 200 SMA in the bullish area of the chart for the resistance level at 1.2912 to be broken for the bullish trend to be continuing.

    GBP Technical Analysis-gbpchf-d1-alpari-international-limited.png
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  9. #109
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    GBP/USD Technical Analysis: Range Break into a Bull Flag

    We looked at the range that had developed in GBP/USD after the aggressive top-side breakout, triggered by PM Theresa May’s surprise announcement of early general elections. And this driver is key – as this happened just two days after the first round of French elections. After market open following the first round of French elections, the risk trade saw a significant shot-higher. Meanwhile, GBP/USD meandered between 1.2500 and 1.2593 but saw no major moves until Theresa May’s surprise announcement the following day.

    GBP Technical Analysis-gbpusd-h4-alpari-international-limited.png


    But after that announcement, price action climbed by almost 400 pips as the six-month prior range yielded to surging prices. As we had written at the time, at least a portion of that move was likely driven by short-cover as bears got squeezed with prices running continuously-higher. That range-bound formation held for a little over a week until bulls were finally able to re-take control; but that bullish move was moderated well-ahead of the vaulted psychological level at 1.3000. Since then, a bearish channel has developed, giving us a bull flag formation, as shown below.

    Given the pair’s inability to set a high above 1.3000 and also given the near-term lower-lows that have begun to show-up with that bull flag formation, and bulls will likely want some additional confirmation before looking to add exposure. This can be done in two ways: by either a) waiting for a longer-term support level to show-up at which point buyer support could open the door to top-side entries with controlled risk. Or by b) letting price action break-above the ‘lower-high’ that substantiates the resistance trend-line of the bull flag, at which point that price could be re-assigned as ‘higher-low’ support with targets set towards 1.3000.

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  10. #110
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    Hello TechnoMeter, I just stumbled on this thread and have read it with interest.
    Do you still trade the GBPJPY or only provide analysis for it?

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