Still eyeing shorts below 1.3450...
The GBP/USD failed to sustain upside beyond 1.35 after reports emerged from the BBC stating not to expect a deal from Brexit talks on Monday. May and Juncker who met on Monday confirmed the headlines, which sent the pair tumbling to lows of 1.3413.
As we write, however, the H4 candles appear to be bolstered by a H4 channel resistance-turned support taken from the high 1.3229/H4 mid-level support at 1.3450. The weekly picture remains capped by a weekly channel resistance extended from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this line has proved worthy in the past and, therefore, may suppress buying this week and send the British pound lower. Assuming that the weekly channel resistance holds ground, daily price shows that the unit could trade as far south as the daily support level pegged at 1.3371. To the upside, nevertheless, there’s room for the daily candles to push up to a daily Quasimodo resistance level penciled in at 1.3618 (sited beneath weekly resistance at 1.3683 – the next upside target beyond the current weekly channel resistance).
Suggestions: Buying at current prices is challenging. Not only is the 1.35 lurking above, we also have the weekly channel resistance to contend with!
In much the same fashion as on Monday, rather than buying around 1.3450 we’re still looking for H4 price to close beneath this level. A decisive H4 close lower coupled with a retest and a reasonably sized H4 bearish candle (preferably in the shape of a full or near-full-bodied candle) would, in our view, be enough to suggest shorts. This potentially opens up downside to the 1.34 handle, followed closely by October’s opening level at 1.3367 (sits directly below the daily support mentioned above at 1.3371).
Data points to consider: UK services PMI at 9.30am; US trade balance at 1.30pm; US ISM non-manufacturing PMI at 3pm GMT.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: Watch for H4 price to engulf 1.3450 and then look to trade any retest seen thereafter (waiting for a reasonably sized H4 bearish candle to form following the retest – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s wick).
As we write, however, the H4 candles appear to be bolstered by a H4 channel resistance-turned support taken from the high 1.3229/H4 mid-level support at 1.3450. The weekly picture remains capped by a weekly channel resistance extended from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this line has proved worthy in the past and, therefore, may suppress buying this week and send the British pound lower. Assuming that the weekly channel resistance holds ground, daily price shows that the unit could trade as far south as the daily support level pegged at 1.3371. To the upside, nevertheless, there’s room for the daily candles to push up to a daily Quasimodo resistance level penciled in at 1.3618 (sited beneath weekly resistance at 1.3683 – the next upside target beyond the current weekly channel resistance).
Suggestions: Buying at current prices is challenging. Not only is the 1.35 lurking above, we also have the weekly channel resistance to contend with!
In much the same fashion as on Monday, rather than buying around 1.3450 we’re still looking for H4 price to close beneath this level. A decisive H4 close lower coupled with a retest and a reasonably sized H4 bearish candle (preferably in the shape of a full or near-full-bodied candle) would, in our view, be enough to suggest shorts. This potentially opens up downside to the 1.34 handle, followed closely by October’s opening level at 1.3367 (sits directly below the daily support mentioned above at 1.3371).
Data points to consider: UK services PMI at 9.30am; US trade balance at 1.30pm; US ISM non-manufacturing PMI at 3pm GMT.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: Watch for H4 price to engulf 1.3450 and then look to trade any retest seen thereafter (waiting for a reasonably sized H4 bearish candle to form following the retest – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s wick).
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