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Sterling

ridethepig | GBPA timely update to the cable chart after an annihilation last week... 📍 Taking back control (of support) If we take a closer look at the breakdown we can see that above all it is directed at a lack of confidence in building UK exposure against a no-deal backdrop. What is perhaps even more crucial is the conception of 'track and trace' which is of course difficult to argue against, however if liberty is lost then confidence will follow! If we take into account that the short-term damage from Brexit will relatively speaking demand action from BOE with front loaded cuts and another QE bazooka then sharp speculators can come together and understand the hyper devaluation of Sterling; classical monetary plays to offset the reduction in market access. Euro seemed to lead the way on the leg higher and sterling seems to be leading the legs lower in G10 FX because of its high beta. The 1.35xx highs were rejected in fantastic style; and since the entire scaffolding for the leg higher since July has been reversed. Here eyeballing a move back towards 1.225x and 1.207x, possible extensions towards March lows and $1.10 with no-deal this year. As usual thanks for keeping the feedback coming 👍 or 👎
Short
by ridethepig
7
ridethepig | EURGBP Market Commentary 2020.07.22🔸 An 'ingenious' saving move from Europe and finally they are able to get debt mutualisation through. It will be very bullish for EURUSD in the Medium and Long term horizons, although the ST will become a lot more cloudy via Covid as we enter into the Autumn / Winter for the Northern Hemisphere. I prefer to play EUR on the crosses and vs. GBP is a no-brainer considering that no-deal brexit is still to come and counter any short-lived GBP strength. I am fortunate enough to be dealing with an audience who can take a hint and understand when not to believe politicians. It went: Next came: And now we are entering into a whole game, because EURGBP is a good example of how even in FX both sides can align to the same direction and define the central strategy. Here the following line remains that Brexit is giving up competitiveness and market access (at least in the Short-term we can agree whatever your view is on the matter) which opens up the need for currency devaluation. As long as the UK side makes soft, it makes it difficult to build a constructive view on GBP. The latest ‘track and trace’ systems entering into the picture will weigh heavy on consumer confidence and ensure GBP will remain soft. Actively tracking the same loading zones with 0.905x to add longs in EURGBP and 1.270x to load shorts in GBPUSD. A previous example was last year with the elections, but this is no less imaginative. In a situation where both fundamental sides align, EURGBP will be able to turn the 0.91xx handle into a new base for activity which we can handle in an almost virtuoso fashion. As usual thanks for keeping the feedback coming 👍 or 👎
Long
by ridethepig
4
GBPCHF - Buying dips towards the lower end of the channel GBPCHF is Bullish - We look to Buy at 1.1780 ▪️ Negative overnight flows lead to an expectation of a weaker open this morning. ▪️ Trading within a Bullish Channel formation. ▪️ We have a 78.6% Fibonacci pullback level of 1.1776 from 1.1732 to 1.1937. ▪️ Bespoke support is located at 1.1780. ▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 1.1780, resulting in improved risk/reward. Stop: 1.1745 Target1: 1.1915 Target2: 1.1935
Long
by Signal_Centre
1
EURGBP potential SELLIt is possible that EURGBP will continue its H4 downtrend to the lower support zone (around 0.888). The market is making lower highs and lower lows which is by definition a downtrend. A medium-to-large sized bearish candle closing below 0.89377 will be the signal to place a SELL on this currency pair with a stop loss placed just above the previous high (SL = 0.89718). As always, MANAGE YOUR RISK!! Control your lot size so a stop loss hit will only depreciate your total account size by 1%. Follow me to receive my notifications! Have a good weekend!
Short
by Progression
3
GBPAUD long continuation 200+ pips opportunityPound has been recovering for some time already, but since making double bottom pattern and forming new/old support at key daily confluence level we got that much wanted last swing high breakout. Pair is aiming towards 1.84 level, which is next vital area to look at. GBP is banking some gains since equities and markets cheer risk on sentiment. Aussie seems to slow down a bit, while GBP has more room to go upwards. It's too soon to call some wind change and new dircetion for this pair both due fundamental and performing issues which are stopping GBP for further apprectiation vs risk on currencies in this environment (Brexit, economic outlook), but some positive signs are surely on the way. AUD on the other hand is more exposed to China and it's employement issues which are questioning China's recovery despite industrial and service sector gains. Technicals are corelated with secular and sentiment analysis in short term, so this may be good time to enter longs until we get more confirmation. IDEAS AND LEVELS: Entries above 1.81 with tighter stop loss on momentum ride could be benefitable, but I will wait Monday to see in which direction we will go, so either breakout of 1.82 on momentum or buying the pullback near 1.81 sounds reasonable rather than entering on current levels. If we don't get daily close above 1.81 trade will not be considered. NOTE: Please read info and observations about entires if you consider to go along with the chart. Just like from last ideas I didn't have entries open so some people mistaken analysis with actual trades. Risk reward tool is just visual tool to make chart look more easier to explain in allignment with info written here. Trade at your own risk!
Long
by fxmonarchy
ridethepig | EURGBP Market Commentary 2020.07.08📍 The following position comes after a temporary concession break of 0.90x strong support. After sellers came crumbs away the first time, buyers felt at liberty to allow the breach and trap more on the counterplay. The mysterious trap is coming and buyers wish to occupy the 0.90xx handle rather fast to rule out any cheap entries. At the right moment, we can double down on momentum as price develops . Let me say a few quick words about the birth of this position; it is closely linked to the GBP devaluation via Brexit and the history of protectionism positional plays... First there was the complete control of Downing Street and the Treasury, the "no-deal" hijacking was only possible from this populists. 📌 Then came the stratagem of a covid flank which rendered the first 1.15xx test, sellers could not breakdown without profit taking and loading a second barrel. Moreover, the GBP weakness can be played in the crosses: Admitting the damage of Brexit is worth considering for those still thinking this environment is +ve for GBP. The threat of negative rates would mark the official surrender. Thanks as usual for keeping the feedback coming 👍 or 👎
Long
by ridethepig
14
Still Short on GBPUSD overall structure is still PRESENTShort Opportunity July 7th CONT. Here after review on the higher time frames I have found reason to anticipate a bearish day for the GBPUSD currency pair today July 8th, 2020. As stated on July 7th, I have found a supply/ resistance zone along with price action indicating a significant rally approaching from the 107.500 level. Continued throughout today price retested structure to the upside but failed to hold position, resuming in-line with the price analysis prediction as before. My target today is STILL 1.23600-1.23500
Short
by thecurrencymatrix