GBPUSD Technical Analysis 2016, 21.08 - 28.08: bearish ranging within narrow s/r levels
GBP/USD Intra-Day Technical Analysis - ranging inside Ichimoku cloud for direction
H4 price is inside Ichimoku cloud for the bullish ranging within the following support/resistance levels:
- 1.3184 resistance located to be above Ichimoku cloud in the bullish area of the chart, and
- 1.3022 support level located near and above Senkou Span line in the beginning of the bearish trend to be started.
Absolute Strength indicator is estimating the ranging market condition to be continuing.
If H4 price breaks 1.3184 resistance level on close bar from below to above so the bullish trend will be resumed.
If not so the price will be on ranging within the levels.
- Recommendation for long: watch close H4 price to break 1.3184 for possible buy trade
- Recommendation
to go short: watch H4 price to break 1.2865 support level for possible sell trade
- Trading Summary: ranging
| Resistance | Support |
|---|---|
| 1.3184 | 1.3022 |
| 1.3145 | 1.2865 |
SUMMARY : ranging
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Sergey Golubev, 2016.08.23 14:48
Technical Targets for GBP/USD by United Overseas Bank (based on the article)
H4 price
is above 100 SMA/200 SMA for the bullish market condition: the
price is breaking 1.3185 resistance to above for 1.3209 target to re-enter.
Daily
price. United Overseas Bank is expecting for GBP/USD to be continuing with the bullish market condition by 1.3186 resistance to be broken with 1.3255 bullish target:
"GBP touched a low of 1.3034 before rebounding strongly. While short-term downward momentum has waned with the strong recovery, we still believe that the current pull-back has scope to extend lower to test the 1.2940 support first. That said, a clear break above last week 1.3186 high could lead to a quick move towards the key 1.3255 resistance."
- If daily price breaks 1.3319 resistance level
on close bar so the local uptrend as the bear market rally will be started.
- If daily price breaks 1.2794 support level on close bar so the primary bearish trend will be resumed.
- If not so the price will be on ranging within the levels.
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Sergey Golubev, 2016.08.25 14:59
Intra-Day Fundamentals - EUR/USD and GBP/USD: Durable Goods Orders
2016-08-25 12:30 GMT | [USD - Durable Goods Orders]
- past data is -3.9%
- forecast data is 3.4%
- actual data is 4.4% according to the latest press release
if actual > forecast (or previous one) = good for currency (for USD in our case)
[USD - Durable Goods Orders] = Change in the total value of new purchase orders placed with manufacturers for durable goods.
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GBP/USD M5: 23 pips range price movement by U.S. Durable Goods Orders news event
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EUR/USD M5: 17 pips range price movement by U.S. Durable Goods Orders news event
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Sergey Golubev, 2016.08.26 10:49
GBP/USD Intra-Day Fundamentals: Second Estimate U.K. Gross Domestic Product and 19 pips range price movement
2016-08-26 08:30 GMT | [GBP - GDP]
- past data is 0.6%
- forecast data is 0.6%
- actual data is 0.6% according to the latest press release
if actual > forecast (or previous one) = good for currency (for GBP in our case)
[GBP - GDP] = Change in the inflation-adjusted value of all goods and services produced by the economy.
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GBP/USD M5: 19 pips range price movement by Second Estimate U.K. Gross Domestic Product news event
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Sergey Golubev, 2016.08.26 16:26
Intra-Day Fundamentals - EUR/USD and GBP/USD: Fed Chair Yellen Speaks
2016-08-26 14:00 GMT | [USD - Fed Chair Yellen Speaks]
- past data is n/a
- forecast data is n/a
- actual data is n/a according to the latest press release
[USD - Fed Chair Yellen Speaks] = Speech titled "The Federal Reserve's Monetary Policy Toolkit" at the Federal Reserve Bank of Kansas City Economic Symposium, in Jackson Hole
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"Although fiscal policies and structural reforms can play an important
role in strengthening the U.S. economy, my primary message today is that
I expect monetary policy will continue to play a vital part in
promoting a stable and healthy economy. New policy tools, which helped
the Federal Reserve respond to the financial crisis and Great Recession,
are likely to remain useful in dealing with future downturns.
Additional tools may be needed and will be the subject of research and
debate. But even if average interest rates remain lower than in the
past, I believe that monetary policy will, under most conditions, be
able to respond effectively."
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GBP/USD M5: 136 pips range price movement by Fed Chair Yellen Speech news event
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EUR/USD M5: 100 pips range price movement by Fed Chair Yellen Speech news event
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Daily price is located below 100 SMA/200 SMA reversal area for the primary bearish market condition within the following narrow support/resistance levels:
- Fibo resistance level at 1.3375 located in the beginning of the secondary bear market rally to be started, and
- Fibo support level at 1.2876 located in the primary bearish area of the chart.
If D1 price breaks Fibo resistance level at 1.3375 to above on close bar so the local uptrend as the bear market rally will be started.If D1 price breaks Fibo support level at 1.2876 from above to below so the the primary bearish trend will be resumed with 1.2795 level as a nearest daily bearish target to re-enter.
If not so the price will be bearish ranging within the levels.
SUMMARY : bearish
TREND : ranging