Weekly Price Action Setups & Key Levels
Second Skies | Jul 21, 2014 03:04AM ET
GBPUSD – Channel Still Dominates, Slightly Bearish ST
For most of July, the cable has been in a member commentaries . The pair is attempting to find a base between 1.7050, and may need to go all the way to 1.6960/75 before finding bulls to support the price action.
For now, the medium term outlook is still bullish while above 1.6950. Short term the channel dominates so look to play the channel until it creates a more forceful directional move. Note how the last sell-off / 4hr bar was large and closed on the lows, yet immediately reversed, showing some bulls are interested in buying on dips.
daily market commentary , we opined how the GBPJPY was attempting to stabilize above 172.75/60 area, after being hammered due to the event risks in Gaza and Ukraine.
For now, JPY pairs should be under pressure until those geo-political events stabilize, so watch the key support level around 172.50 below. If this folds, then we could see more bearish pressure resume, with a possible test of 171 near term.
profited from in prior commentaries , also forming a pin bar rejection.
For now, the range dominates between 1306 and 1324. If 1324 holds the upside, then look to sell and play the range. If 1306 folds, then watch 1292 carefully. If this folds, we could see a larger unwinding towards 1267 and 1257. If 1324 gets broken to the upside, then 1333 and 1341 will be under pressure.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.