GBP/USD 28/03/17

Cable faltered just above 1.26...Now that’s not to say we are going to smash lower... Just that we have had a good run and in need of some correction…. that's fine...we expected that….. key levels are 1.2520 to 1.2485…. This s good support and I think this is where we will see buyers coming back into the market.

Now I know we look toppy on the technical indicators...the stochastics have already turned lower... but not yet the RSI... but as we know stochastics are leading indicators... so am watching these closely…. Now Cable can go sideways and ease the overbought conditions…. and as long as we hold above 1.2485 then we are still good to go.

Remember... we have to clear 1.2775 to see a move to 1.36... so bear this in mind…. A correction at this point is good for Cable... it gives traders another chance to get into the market at good levels…. t will not be overbought and is more likely to break the 1.2775 barrier
on the next leg higher.

I do not think given that we are so overbought that we can actually break this 1.2775 area this time…. but the weekly charts remain positive... so as I said... buy weakness.

Now below 1.2470 we see another move lower but 1.2410 looks set to hold it.

GBPUSD

 

GBPUSD Current Trading Positions

 

 

The research provided by Charmer Charts is provided solely to enable clients to make their own investment decisions and does not constitute personal investment recommendations. No recommendations are made directly or indirectly by Technicalanalysisreports.com or Charmer Charts as to the merits or suitability of any investment decision or transaction that may result directly or indirectly from having viewed the technical analysis investment research. Customers are therefore urged to seek independent financial advice if they are in any doubt. The value of investments and the income derived from them can go down as well as up, and you may not get back the full amount you originally invested. Derivatives and foreign exchange trading are particularly high-risk, high-reward investment instruments and an investor may lose some or all of his or her original investment. Also, if you decide to acquire any investment denominated in a different currency you should note that changes in foreign exchange rates may have an adverse effect on the value, price and income of the investment in your own currency. Technicalanalysisreports.com or Charmer Charts shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the technical analysis investment research or any part of the research materials published or otherwise any loss of data on transmission, howsoever caused. Whilst the research material published is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Technicalanalysisreports.com or Charmer Charts, its officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD failed just ahead of the 200-day SMA

AUD/USD failed just ahead of the 200-day SMA

Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.

AUD/USD News

EUR/USD met some decent resistance above 1.0700

EUR/USD met some decent resistance above 1.0700

EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.

EUR/USD News

Gold stays firm amid higher US yields as traders await US GDP data

Gold stays firm amid higher US yields as traders await US GDP data

Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.

Gold News

Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30

Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30

Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.

Read more

Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data

Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data

The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.

Read more

Majors

Cryptocurrencies

Signatures