Hello traders good to be back with you on this Friday. I would like to talk about this trade plan for the GBPUSD as you can see we are at support and would like to see some price action. I have placed the Fibonacci tool on the chart as you can see. What i am waiting for is a pullback even if it is a small one and look to sell this pair. I have placed a rectangle on the chart showing the entry levels where it would be nice to short this pair from there. It is very possible that this just might drop and give us no pullback as the GBP is good for that. If that happens enter the trade and use the previous support as resistance and place your stop according to your money management rules. The stop is at the daily pivot point as shown on the chart as well as the take profit at 146.10 area.Expect a bounce at the S2 pivot I do not think this will be a big deal as this pair is strong to sell as the dollar is very strong. Traders enjoy your weekend break and talk with you soon….. William
The EURUSD failed to continue its bullish momentum yesterday bottomed at 1.0658. We might see some more volatility as a result of FOMC but from technical perspective the bearish scenario is now back on track. The bias is bearish in nearest term testing 1.0550 – 1.0500. Immediate resistance is seen around 1.0700 (H1 EMA 200). A clear break above that area could lead price to neutral zone in nearest term testing 1.0750 – 1.0800 area.
The GBPUSD failed to continue its bullish momentum yesterday bottomed at 1.4686. The bias is bearish in nearest term testing 1.4630 area. Immediate resistance is seen around 1.4820 – 1.4850. A clear break above that area could lead price to neutral zone in nearest term but overall I still prefer a bearish scenario at this phase.
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The EURUSD had a strong bullish momentum yesterday on broad US Dollar weakness after FOMC, topped at 1.1039 but closed lower at 1.0859. This fact interrupts the major bearish scenario. The bias is bullish in nearest term retesting 1.1039. Immediate support is seen around 1.0800. A clear break below that area could lead price to neutral zone in nearest term testing 1.0700. I prefer to stand aside for now and wait for further development.