GBP

Discussion in 'Forex' started by JSSPMK, Mar 30, 2017.

  1. downtrend still intact though, it is going to have to chop through serious wood to break 1.35
     
    #21     May 23, 2017
  2. JSSPMK

    JSSPMK

    I am backing treble bottom, whether trend will or will not change can only be a 50/50 shot. Bottom formations that do work can provide a trader with a huge reward vs risk (I was bit late, as didn't spot it in time), there will always be failures & there will be successes.
     
    #22     May 24, 2017
  3. JSSPMK

    JSSPMK

    50% retracement targets taken from various ranges (Hi/Lo). I only bother looking at 50% retracement zones. 1.35 current 50% retracement zone confluence with 2008 reaction Lo, IMO that is the primary target at the moment. I am gunning for 1.4 if I see rejections of 1.35 I may have to pull the trigger prior to 1.4 is reached.



    Screen Shot 2017-05-24 at 10.18.43.png
     
    #23     May 24, 2017
  4. At this point I don't think we can say anything for certain before the results of the general election in the UK. The pair is very undecided.
     
    #24     May 25, 2017
  5. JSSPMK

    JSSPMK

    Election will be won by the Conservatives, there just isn't any solid opposition this time.
     
    #25     May 25, 2017
  6. JSSPMK

    JSSPMK

    The other main reason boils down to USD, is it just a retracement or will USD continue falling.
     
    #26     May 25, 2017
  7. And that depends on the political situation in the States, which has been quite unpredictable lately.
     
    #27     May 26, 2017
  8. JSSPMK

    JSSPMK

    As well as interest rate & overall state of economy, which according to stock markets is very very healthy.
     
    #28     May 26, 2017
    mlawson71 likes this.
  9. True.
    Either way, for now the pair is bearish. I think it will likely continue falling to 1.2700 - 1.2680.
     
    #29     May 28, 2017
  10. doggyfx

    doggyfx

    Nah, major forces are waiting for the results on elections. This will definitely be the trigger. But I think some of long will be unwound 1-2 days before the day of the event.
     
    #30     Jun 3, 2017