Gbp.Usd started it’s correction of wave 2. Yesterday rally can be consider as first larger part of wave A, and in smaller timeframe, this can be W. Reason for considering my A-B-C count is primary is the channel. If price break channel with huge volume and heavy price action, I will consider the impulse count. But in same case and having less confidence factor, impulse count is still valid in form of nested count. Invalidation point of nested count is low of wave…Continue
Added by FxMind on May 24, 2013 at 1:12am — No Comments
Added by Usman Pervez on May 23, 2013 at 10:27pm — No Comments
GBP/USD is well followed a path mentioned on my weekly count.
I believe, GBP/USD is now completed it’s pattern and looking for pull back here, I am building my long here. There are few reason for going long which are as follow:
EU GBP Gold and Oil Forecast 21 May 2013
Good afternoon forex,
Nice to see all seven currencies meet or exceed my expectations today as per my trading plan. Support and resistance lines tracked according to my specs and volatility was equally matched. After reviewing today's price action here's my technical blueprint.
USDCAD: Closed at 1.0239. Resistance now at or near 1.0295. Minor support at or near 1.0218 followed by stronger support at or near 1.0150. BIAS: Mildly bearish. Catalysts: CAD…Continue
Added by The Zedder on May 20, 2013 at 10:30pm — No Comments
UBS - "The dollar remains our favoured currency for 2013. The US economy is likely to expand more than its peers. The Federal Reserve is set to exit uncoventional monetary policy before other major central banks. Dollar diversification by central bank reserve managers and sovereign wealth funds is subdued, and America's shale energy revolution is cutting its current account deficit. Our bullish view on the greenback has become more consensus now. But if the dollar does embark on a multi-year…Continue
Added by Francesc Riverola on May 20, 2013 at 5:28pm — No Comments
Royal Bank of Scotland - "On the road seeing clients is always most enlightening, always the best way to take the market pulse. But the road can be a tricky place from which to develop detailed strategy ideas – too much distance from day-to-day detail.
So just a few bullets on broader, thematic, directional, conviction: In three words, keep buying Dollars.
(...) Yen is still your number (1) funding currency as Japanese foreign bond buying begins in semi earnest and on the critical…
Added by Francesc Riverola on May 20, 2013 at 11:02am — No Comments
Bank of Tokyo-Mitsubishi - "The pound has outperformed over the last two months with the trade-weighted index increasing by 3.0% from its recent low point recorded on the 12th March. The pound’s recent outperformance followed a period of heavy selling in early 2013 when the trade-weighted index declined by close to 7.0%. Despite the recent corrective rebound, the trade-weighted pound still remains around 3.9% lower than at the end of last year. The pound’s recent upward momentum now appears…Continue
Added by Francesc Riverola on May 16, 2013 at 7:13pm — No Comments
ANZ - "Slippage from 1.5600 may seem relatively sharp, but the broader profile remains that of defining a trading range after the slump to 1.4830-50 in March. The 1.5125-1.5225 area ought to hold and provide support for a secondary push towards the 1.5750-75 area."…Continue
Added by Francesc Riverola on May 15, 2013 at 10:33am — No Comments
Royal Bank of Scotland - "After a string of better data, we expect some weaker UK data to start coming through over the next week or so. More broadly, data surprises appear to be having a diminishing supportive impact on GBP. While data forecasters may have been slow to adjust, there appears a more widespread market view that data will surprise. Investors can't be surprised by a surprise that everyone expects. The second derivative of surprises already looks to be turning over. GBP/USD…Continue
Added by Francesc Riverola on May 13, 2013 at 6:30pm — No Comments
Deutsche Bank - "Macro conditions for B/Es have improved somewhat with commodities stabilizing and economic data on balance surprising on the upside again. Just like for the US and the euro area, our B/E momentum score appears to have bottomed, while remaining in negative territory. Some further confirmation of these trends will be needed in the coming weeks.
In the UK, an additional headwind for B/Es has been the renewed strengthening in the exchange rate. A sideways trend in…
Added by Francesc Riverola on May 10, 2013 at 3:09pm — No Comments
Royal Bank of Scotland - "As a Top Theme and Trade for 2013 we recommended establishing a short GBP/USD position. We hit our initial 1.5050 within three months. We eventually closed the position on 11th April after spot retraced to hit our revised take-profit stop of 1.5390. The relatively poor structural position of the UK, particularly against the US has remained unchanged and hence the strategy remains compelling. We now believe that short-term risk/reward has once again shifted in favour…Continue
Added by Francesc Riverola on May 10, 2013 at 9:19am — No Comments
GBP/USD is forming the bullish setup as mentioned on my earlier post.So Keeping that in mind, we require to have see 1.5700-1.5750 in coming days. Pair already confirmed the bullish idea by breaking the channel out and can label as described in below image. Any long should have stop loss @ 1.5465
On alternate idea, we can expect a flat correction, but the probability of flat correction is very…Continue
Added by FxMind on May 9, 2013 at 4:39am — No Comments
Westpac - "We have run with a positive bias on GBP for some time now, having chosen to hold this via short EUR/GBP. On Feb 26, we recommended selling EUR/GBP on strength. On March 28 we recommend taking back half of that short position.
On April 11th, we recommended buying GBP outright on the grounds that it was under-owned and was likely to benefit more than most from an improved risk sentiment post the BoJ's QQME announcement. We established long GBP at 1.5333 and added on dips to…
Added by Francesc Riverola on May 8, 2013 at 10:54am — No Comments
Current price is not bearish at all, at least on my primary count. We might see price trading above 1.56 area. On Alternate idea, we might be in wave 1 of first impulse leg down. But that too is not completed, We only can identified 3 waves. So here is the game plan for gbp/usd.
Case 1: Trading for wave 5 (Primary) Bullish Setup
we will wait…Continue
Added by FxMind on May 8, 2013 at 2:54am — No Comments
Gbp/Usd current price might be part of flat correction of wave 4, and expecting another high above 1.5605 before it having sell off. I booked 29 pips profit and decided to see the reaction here. There are chances on which, pound can drop to 1.52 from current price. But on 240 min, chart, there were no impulse action found. and only way I can count is flat correction.
On NFP day, there were sell off happen,…Continue
Added by FxMind on May 7, 2013 at 12:36pm — No Comments
As per last update, we are in the targeted zone. A zone start from 1.5580 to 1.5620 area. 1.5580 is strong resistance on chart while, 1.5616 is a=c in wave y. I am keeping my sell trigger on, and as soon as I can see reversal pattern on 240 min chart / daily chart, short can be initiated with stop at latest high, 1st target can be 1.52, while second target can be well below 1.48.
Also, started looking for…Continue
My primary view is bearish on pound.
Monthly chart showing five down from 1.6380 after broken weekly uptrend line. That wave can be counted as wave A of ZigZag correction or wave 1 of large impulse move. As chart is on monthly bases, I still not prefer to count them into impulsive manner, rather can be counted as a swing. And so, my preferred count would be the zigzag correction. As part of zigzag…Continue
Added by FxMind on April 30, 2013 at 1:00pm — No Comments
Wells Fargo - "The United Kingdom experienced a sharp depreciation of its currency during the GFC. Between its high in July 2007 and its low in March 2009, Britain’s real effective exchange rate fell more than 25 percent (Figure 7).4 Not only did sterling weaken significantly against the U.S. dollar during the GFC as investors moved into the safe-haven of the greenback, but the British pound also depreciated vis-à-vis the euro.5 This real exchange depreciation undoubtedly played a role in…Continue
Added by Francesc Riverola on April 30, 2013 at 12:06pm — No Comments
Royal Bank of Scotland - "The most recent activity indicators in the UK have improved against down-trodden expectations. It avoided the triple dip recession feared last week. With activity indicators deteriorating faster recently in the US, Europe and China, the UK is looking relatively better. There is no BoE meeting this week. And if their was, they would still probably leave policy unchanged.
After GBP's slide in Q1, it has been consolidating recently, retracing over one-third of this…
Added by Francesc Riverola on April 30, 2013 at 10:02am — No Comments