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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; Talking Points: GBP/JPY Technical Strategy: Flat Support: 170.66, 169.55, 167.76 Resistance: 171.56, 172.08, 172.45 The British Pound declined as expected ...

      
   
  1. #21
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    GBP/JPY Technical Analysis: Opting Against Entering Short

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 170.66, 169.55, 167.76
    • Resistance: 171.56, 172.08, 172.45

    The British Pound declined as expected against the Japanese Yen after putting in a bearish Evening Star candlestick pattern. Near-term support is at 170.66, the 61.8% Fibonacci retracement, with a break below that on a daily closing exposing the 76.4% level at 169.55. Alternatively, a reversal above the 50% Fib at 171.56 targets rising trend line support-turned-resistance at 172.08.

    We will tactically opt to stand aside for now. While entering a short trade seems compelling, the weekly chart shows prices testing support in play since November 2013. Furthermore, our fundamental outlook leaves room for a GBP recovery this week. On balance, we will stand aside.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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  2. #22
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    GBP/JPY Technical Analysis: Flirting with Upside Breakout

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 171.79, 171.26, 170.61
    • Resistance: 172.64-83, 173.33, 174.01

    The British Pound is attempting to overturn the down trend initiated against the Japanese Yen in early July above the 175.00 figure. Near-term resistance is in the 172.64-83 area, marked by the 38.2% Fibonacci expansion and a falling trend line. A break above that on a daily closing basis exposes the 50% level at 173.33. Alternatively, a turn below the 23.6% Fib at 171.79 opens the door for a test of the 14.6% expansion at 171.26.

    Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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  3. #23
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    GBP/JPY Technical Analysis: Pound Tags One-Month High

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 172.64, 171.79, 171.26
    • Resistance: 173.33, 174.01, 174.87

    The British Pound launched upward against the Japanese Yen as expected, with prices touching the highest level in over a month. Near-term resistance is at 173.33, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 174.01. Alternatively, a turn below the intersection of the 38.2% Fib and trend line resistance-turned-support at 172.64 opens the door for a test of the 23.6% expansion at 171.79.

    Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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  4. #24
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    GBP/JPY Technical Analysis: Testing Key Support Above 172

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 172.39-64, 171.79, 170.64
    • Resistance: 173.33, 174.01, 174.87

    The British Pound pulled back after rebounding as expected against the Japanese Yen, testing the upswing’s guiding trend line. A daily close belowthe 172.39-64 area marked by a horizontal support shelf, a rising trend line and the 50% Fibonacci expansion exposes the 23.6% level at 171.79. Alternatively, a reversal above the 50% Fib at 173.33 clears the way for a challenge of the 61.8% expansion at 174.01.

    Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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  5. #25
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    GBP/JPY Technical Analysis: Three-Week Uptrend Broken

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 171.47, 170.65-89, 170.17
    • Resistance: 172.05, 172.52, 173.28

    The British Pound turned lower anew against the Japanese Yen, overturning the rising trend carved out over the past three weeks. Near-term support is at 171.47, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 170.65-89 area marked by a rising trend line and the 61.8% level. Alternatively, a turn above the 38.2% Fib at 172.05 opens the door for a retest rising trend line support-turned-resistance at 172.52
    The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable setup to present itself.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com




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  6. #26
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    GBP/USD Recovery May Prove Challenging With Bearish Pattern In Tow

    Talking Points

    • GBP/USD Technical Strategy: Sidelines Preferred
    • Dark Cloud Cover Receives Confirmation
    • Bullish Engulfing Pattern Emerges On H4

    GBP/USD remains in a congestion “zone” with a Dark Cloud Cover formation in the rearview mirror. The key reversal candlestick pattern has received confirmation from a successive down-day, which may herald a return to the recent lows near 1.5950. A more convincing close above the 1.6170 barrier would be required to negate the bearish reversal pattern and open the 1.6400 ceiling.

    Recovery Loses Steam As A Bearish Pattern Emerges



    The four hour chart paints a divergent picture to the daily. A Bullish Engulfing formation near the 1.6000 floor signals the potential for an advance over the session ahead. A break above the 1.6130 mark could clear the way for a push towards the recent highs near 1.6210.

    Reversal Signal Offers Hope To The Bulls In Intraday Trade



    By David de Ferranti, Currency Analyst, DailyFX


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  7. #27
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    GBP/JPY Technical Analysis: Clearing a Path Below 170.00

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 169.33, 167.72, 166.00
    • Resistance: 170.50, 171.36, 172.21

    The British Pound remains under pressure, with prices on pace to issue the lowest daily close in five months against the Japanese Yen. Near-term support is in the 169.33-44 area, marked by the September 8 low and the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 167.72. Alternatively, a reversal back above the 170.41-46 zone (August 15 low, 61.8% Fib) clears the way for a challenge of the 50% expansion at 171.36.

    The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now until a more attractive opportunity presents itself.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com




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  8. #28
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    GBP/USD Cautious Advance Continues Following Bullish Pattern

    Talking Points

    • GBP/USD Technical Strategy: Sidelines Preferred
    • Bullish Reversal Signal Finds Confirmation
    • Doji On H4 Signals Indecision In Intraday Trade

    GBP/USD continues its cautious recovery following the appearance of a Piercing Line pattern near its recent lows. Yet recent reversal patterns have seen a limited response from traders. Alongside a core downtrend some skepticism over further advance may be warranted. Selling interest is likely to be renewed at the 1.6170 ceiling. While a daily close below 1.5880 would potentially open the way for a descent towards the mid-September 2013 low near 1.5770.

    Bullish Signal Emerges At Key Support



    The four hour may already be warning of fading upside momentum for the Pound. A Doji formation near 1.6130 suggests reluctance from the bulls to lead the pair higher. Yet an absence of classic reversal signals leaves a pullback as questionable over the session ahead.

    Doji Highlights Hesitation In Intraday Trade



    By David de Ferranti, Currency Analyst, DailyFX

    ===========

    Forming bullish Retracement pattern:

    GBP Technical Analysis-11.png


    Forming bullish ABCD pattern:

    GBP Technical Analysis-22.png


    Forming bullish 3-Draves pattern:

    GBP Technical Analysis-33.png



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  9. #29
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    GBP/USD Harami Formation Awaiting Validation From Close Above 1.5880

    Talking Points

    • GBP/USD Technical Strategy: Shorts Preferred
    • Harami Awaits Confirmation Near 1.5880
    • H4 Chart Offered Early Hint At A Bounce

    GBP/USD is poking above the 1.5880 mark in the wake of a Harami pattern. A close above the barrier would help confirm the key reversal formation and open the prospect of a more sustained recovery. Selling interest would likely be renewed at the 1.6170 ceiling. A slide back below 1.5880 would see the risks skewed towards the Mid-September 2013 low near 1.5770.

    Harami Awaits Confirmation Near Key Barrier



    The four hour chart offered an early bounce signal in the form of a Morning Star formation. With bearish patterns seemingly lacking a push higher over the session ahead may be achievable. Yet it should be monitored closely for signs of exhaustion that could be evidenced by Doji candlesticks.

    Lacking Reversal Signs In Intraday Trade



    By David de Ferranti, Currency Analyst, DailyFX

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  10. #30
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    GBP/USD Doji Suggests Bulls Remain Reluctant To Return

    Talking Points

    • Strategy: Short, Stop: 1.5770 (Close), Target: 1.5450
    • Doji Suggests Bulls Reluctant To Return
    • Short Body Candles Indicate Indecision

    GBP/USD has posted a Doji on the daily, which does little to inspire confidence in the reversal signal offered by a Morning Star pattern. This leaves broader negative technical cues to linger. Further, the presence of a short-term downtrend puts the focus on 1.5585, which if broken may open the 1.5425 floor (the late August ’13 low).

    Doji Does Little To Confirm Morning Star Pattern



    The four hour timeframe paints a similar picture to the daily. A medley of short body candles and Doji formations further indicates a lack of conviction amongst traders.

    Medley Of Short Body Candles Indicates Indecision




    By David de Ferranti, Currency Analyst, DailyFX


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