GBP

GBP/USD Price Analysis: Inside falling channel underneath 200-bar SMA


1. GBP/USD struggles to hold onto recovery profits beyond the 1.3000 mark.

2. December 23 low stays on the bears’ radar whereas December 31 pinnacle will assignment the customers throughout upside.

GBP/USD trades close to 1.3000 by the clicking time of Tuesday’s Asian session. In doing so, the pair stays inside the month-to-month falling fashion channel at the same time as also remaining below 200-bar SMA.

With this, sellers preserve eyes on December 23 low, close to 1.2900, as close to-time period key support throughout further declines.

In a case in which GBP/USD expenses stay weak underneath 1.2900, November 22 bottom around 1.2820 ought to go back to the chart.

On the upside, 61.8% Fibonacci retracement of the pair’s rise from November 22 to December 12, at 1.3086, can offer immediate resistance in advance of the stated channel’s top line and 200-bar SMA confluence near 1.3100/05.

If buyers manage to go 1.3105, 50% Fibonacci retracement level close to 1.3170 can offer intermediate halt previous to fuelling the pair in the direction of the excessive marked at the stop of 2019, at 1.3285.

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The problem I always encountered with using correlations over the years is that one never knows when they will come to a screeching halt, due to other energetic vectors coming into the equation.

As just one example today the US stocks are up huge, and the Pound down. This strong correlation that was develping with the Pound and US stocks for awhile has had to deal with various UK domestic headlines that can pull it in all kinds of directions.

It is a bit strange that Cable has been able to go this higher when the Brexit fears have not been gone completely and all of the PMI reports this week disappointed.

Where do you think the bears return?

GBP/NZD daily chart - looks like a 3rd gravestone doji formed AND the death cross 50DMA below the 200DMA is confirmed. Look what happened after the last two gravestone dojis... Perhaps they're not perfect "gravestone dojis", but looking close and good. I prefer GBP/NZD short over GBP/AUD short due to less involvement with China and most likely, less interest rate risk involvement. A short to consider! Thoughts???