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GBP/USD daily outlook

Jan 24 2017 at 17:45
708 posts
The pound recorded significant increase against the dollar on Monday. The session started at 1.2375 and ended at 1.2533. After steady upward movement the price managed to break the first resistance at 1.2516. If the upward trend continues we can expect a test of the next resistance at 1.2700.

Jan 24 2017 at 17:49
708 posts
Key levels to watch for:
Support: 1.2516; 1.2360; 1.2150;
Resistance: 1.2700.

Jan 24 2017 at 19:49
421 posts
The dollar was trading close to a 7-week low against a basket of other major currencies amid lingering market concerns about the protectionist policies of Donald Trump. The weakness of the dollar reflects concerns about the uncertain economic Trump policy, as well as fears that his protectionist stance can reduce corporate earnings and become a brake on economic growth.
On Monday, Trump has initiated a formal process of US withdrawal from participation in the Trans-Pacific Partnership (TPP). It separates the United States from its Asian allies.
Trump also announced his intention to renegotiate the North American Free Trade Area (NAFTA) with Canada and Mexico to the conditions more favorable for the United States.
The pound fell slightly against the dollar. The pair GBP/USD slipped by 0.34% to 1.2488.

Jan 25 2017 at 01:32
834 posts
Pound's upward trend has suffered shortly, the pair is consolidating after UK Government lost Supreme Court case over Article 50. Next resistance level can be found around 1.2550, break above upward trend might extend further.

Jan 25 2017 at 13:26
1117 posts
GBP/USD finally broke above the (MA)89 indicator on the daily time-frame despite the hanging man candlestick it had formed below it on the same time-frame. The move to the upside continues, next target is likely 1.2600 - 1.2620.

Jan 25 2017 at 15:55
38 posts
Bullish sentiment continues to apply after the short correction attempt this morning. I will watch for the same short-term target resistance zone!

Jan 25 2017 at 16:33
136 posts
On January 19th I posted a major BUY entry signal off the daily chart
with 2 possible entry prices and 3 suggested exits:

(1.2345 + spread + 1 pip)
(1.2417 + spread + 1 pip)

exit 1: near 1.2550
exit 2: near 1.2650
exit 3: near 1.3060

Exit 1 has been reached and prices are headed toward exit 2.

When trading major entry signals on long-term charts like the daily or weekly, it is important not to look at short-term intraday charts, as the temporary counter-trend can be very distracting and often causes a trader to exit much too soon.
Instead, it is better to look at one time frame slower than the one that is traded. In this case it is the weekly chart.
The weekly chart is in congestion with the current bar being nr. 17. which is the first bar to trade out of congestion (congestion = bar 11 through bar 21) in any time frame.
There is a gap open at the high of the measuring bar @ 1.2945
A measuring bar (MB) is a bar, where all following bars have either the open or close price (or both) within the confines of the high and low of it.
In this case, the MB is the bar from October 2nd of last year, counting 17 bars back, starting with the current bar of this week.
Historically, major entry signals on long-term charts have a 90% success rate, and therefore a higher risk can be taken.

"a little bit of knowledge is a dangerous thing"
sukkim (sukkim)
Jan 25 2017 at 17:19
11 posts
Jan 25 2017 at 20:36
774 posts
The GBPUSD breaks above the 1.2600 level, but it may try to pullback a little bit before continuing higher, maybe tyring to visit the 1.2800 level.

Jan 26 2017 at 01:31
834 posts
Best performance for Pound, hit 6 weeks high. Once 1.2650 windows open, next target will be 1.2700/50 zone.

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