Jump to content

GBP pairs look like have put in a tradeable bottom


Recommended Posts

Hey folks,


Following the BOE decision or non-decision last night I really feel we should be looking at the GBP pairs.


GBPNZD looks the strongest for now.


GBPAUD, GBPCAD, GBPJPY .........they all left gaps following the Brexit result that could well and truly be filled in this next move.


The gaps are still all a fair bit higher than current prices. 


Yesterday's daily reversal on the Pound is sending a strong signal - to me anyway.


I'm long GBPNZD from this morning. It seemed the strongest.





Link to comment

What time frame are you seeing gaps on ?  I only see a gap on GBPUSD on the hourly timeframe, which is likely to provide a resistance zone for the rally.  My big picture view is Bearish so looking for the turn back down rather than a rally.  Are you suggesting the reverse of this or just short term bullish?

Link to comment

Just so I am sure I get you , you are saying the range is 12800 - 13540 unless or until there is a breach right?  And I am forecasting a breach of the upper limit to post a retrace high with gap closure before a resumption of the dominant (I think) trend down.


Are those two incompatible to you?  As in if there is a breach of your upper limit are you then Bullish?



Link to comment

Ok great thanks for that.  Yeah it is comforting that two different approaches can produce a similar result.  I think my small retrace to wave 4 is still happening and might turn back up near the resistance zone (now support) at my wave A.  So my view is that today we will see a continuation of the current rally to stronger resistance zones any any dips are buy opportunities if you like a short term play.  As for me, having ridden the rally up to A I am now content to wait for the Shorting opportunity.

Link to comment
Guest pratt123

 Volatility should be good for a trader I guess! Obviously, only if one gets it right :).


Tricky day today so far on GBP pairings. What do you make of it so far?

Link to comment

Ok  I see where you are coming from and broadly agree.  I only look at GBPUSD and GBPAUD of the crosses you mentioned so can only speak to them, plus AUDUSD of course.


I fully agree on GBPUSD gap relevance, see separate thread on that where I believe the Gap closure will represent the turning point back down on that pair.  I'm only seeking to Short that pair at the right time rather than day trade up as there is always a chance that the gaps are so-called continuation gaps and will not be closed.  If that is the case then it presages a strong drop, which is what some of us are forecasting so that fits and therefore needs to be a scenario that is guarded against in my view.


Regarding GBPAUD I find it hard to believe it will carry far enough to close the gap as that would require a fairly strong rally in GBPUSD and a fall in AUDUSD.  Having said that I am forecasting both of those things, it only depends on timing and strength as to whether this will also result in the required GBPAUD rally to close that gap.  Once again that uncertainty is enough for me to stay out and seek the Short when the situation becomes clearer.

Link to comment
Guest pratt123

So true :) 


GBPUSD back on its way up trying to retest 13400 again. Usual mid afternoon leg up I reckon, ahead of Carney. And then god knows what.


I doubt many would've been long prior to BoE's decision yesterday. But yes, Friday syndrome will always be there. 


Still waiting by the sidelines looking for the next big move either way..

Link to comment


This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 29/11/23 17:02
  • Posts

    • Investing in crypto could be challenging especially the Fear of Missing out Lambo. This mostly affect traders trading strategy and ideology. Predicting the right time to buy is always cumbersome and that is why many analyst advise DCA because it curtails FOMO and gives you a long-term crypto trading mentality. In crypto Dollar Cost Averaging involves investing the same amount of money in a target token at regular intervals over a certain period of time, regardless of price. This will help to control volatility on your portfolios and minimize FOMO For example when you decide to invest $100 on a token and invest $10 daily or weekly or monthly till you fulfilled you $100 target investment on the token irrespective of the price of the token. This strategy helps a crypto trader to build his portfolio over the long term thereby he/she is not bothered by short-term volatility in the broader markets. This strategy mostly favours low-budget traders in building a strong portfolio but the problem most normally encounter is exchange minimum trading amount. One analyst advised on how to mitigate this was to accumulate on exchange that has lower trading fees and later send to where you desire to hold. He also noted that some of this exchanges are good in listing good projects for you to be among the early birds. Do you think DCA is the best method to accumulate token and which exchange offers the lowest tradeable balance and trading fees?
    • DXY   now wait for confirmation or rejection 
    • Messi has written his name in the sands of time. I dare say he is immortal, he has challenged and excelled all limits to the point he is now the new limit. This partnership is GOATED cos it has brought more exposure for the exchange considering MESSI's popularity.    
  • Create New...