Pound Sterling Price News and Forecast: GBP/USD – Could this be the start of a move lower? [Video]
|GBP/USD: Bulls in a strong position now to use weakness as an opportunity [Video]
There are key breaks across so many major pairs at the moment, and with Cable, that key break is the upside move above $1.2670 and the big seven month downtrend. Coming with improving momentum (RSI into the mid-60s, Stochastics strongly configured and MACD lines rising, this looks to be a move progressing for a test of $1.2810 now. There has been a slight stalling of the move initially this morning, but the bulls are in a strong position now to use weakness as an opportunity, rather than a threat. Read more...
GBP/USD Price Analysis: Could this be the start of a move lower?
GBP/USD has spent most of the session in the red but recovered from the low of 1.2643 to trade at 1.2730 at the time of writing. It was yesterdays UK press reports that the UK Government is considering abandoning Brexit talks that sent the pair lower. Since the EU session opened up the greenback selling kicked in and cable pulled right back up.
Looking closer at the chart, there is now a potential reversal situation. Elliott Wave and Dow analysts look at the first lower high as an important step. The wave 1-2 could be setting up as the pair rejected the 76.4% retracement. The only way this could be confirmed is if the wave low at the red support zone gets broken to the downside. If the wave high of 1.2767 gets broken then the theory would be invalid. Read more...
GBP/USD lifted as HFT algorithms start buying
The analysis of GBPUSD in today's trading session shows that the price reached the light HFT buying pressure zone that is noted at 1.2662 and below.
The reaction was strong as soon as GBPUSD entered the HFT area, and a bullish engulfing candle pattern now appears on the 1-hour timeframe. The highly accurate FxTR divergence indicator also gave a bullish signal before the bounce (see blue cross marks on the chart). The predominant trend here on the hourly chart is also bullish, which may be an additional tailwind for GBPUSD to continue higher from here. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.