Potential longs from 1.30...
Weekly gain/loss: - 331 pips
Weekly closing price: 1.3064
Last week’s sharp run to the downside pushed the British pound into further losses, stripping a whopping 300 pips off its value!
Weekly price, as you can see, recently re-entered the ascending channel formation (1.1986/1.2673), potentially opening up downside to as low as the demand area positioned at 1.2589-1.2759, which happens to merge with the noted channel support.
Meanwhile, daily activity recently crossed swords with a nice-looking support area marked at 1.3058-1.2979 that merges closely with a trendline support etched from the low 1.2108. A violation of this area, as the weekly timeframe suggests, would likely send the pair down to support coming in at 1.2774 – essentially the top edge of the noted weekly demand base.
Friday’s job’s report failed to harvest much of a reaction from the GBP/USD. Both average hourly earnings and the unemployment rate came in hotter than expected, with a negative headline seen in payrolls. As of the week’s close, the pair is seen lurking mid-range between the 1.31 handle and the key 1.30 support/July’s opening level at 1.3003.
Suggestions: A long from 1.30 is interesting. Not only does it have July’s opening level backing it up, it is also positioned within the walls of the aforementioned daily support area and nearby trendline support. The only grumble, of course, is that weekly price portends further selling. Therefore, for anyone considering a buy at 1.30 today/this week, we would strongly advise waiting for a reasonably sized H4 bull candle (preferably in the shape of a full or near-full-bodied candle) to take form, before pulling the trigger. This will not guarantee a winning trade, but what it will do is show buyer intent at a high-probability buy zone.
Data points to consider: No high-impacting news events on the docket – US banks closed in observance of Columbus Day.
Levels to watch/live orders:
• Buys: 1.30 region (waiting for a reasonably sized H4 bullish candle to form – preferably a full, or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s tail).
• Sells: Flat (stop loss: N/A).
Weekly closing price: 1.3064
Last week’s sharp run to the downside pushed the British pound into further losses, stripping a whopping 300 pips off its value!
Weekly price, as you can see, recently re-entered the ascending channel formation (1.1986/1.2673), potentially opening up downside to as low as the demand area positioned at 1.2589-1.2759, which happens to merge with the noted channel support.
Meanwhile, daily activity recently crossed swords with a nice-looking support area marked at 1.3058-1.2979 that merges closely with a trendline support etched from the low 1.2108. A violation of this area, as the weekly timeframe suggests, would likely send the pair down to support coming in at 1.2774 – essentially the top edge of the noted weekly demand base.
Friday’s job’s report failed to harvest much of a reaction from the GBP/USD. Both average hourly earnings and the unemployment rate came in hotter than expected, with a negative headline seen in payrolls. As of the week’s close, the pair is seen lurking mid-range between the 1.31 handle and the key 1.30 support/July’s opening level at 1.3003.
Suggestions: A long from 1.30 is interesting. Not only does it have July’s opening level backing it up, it is also positioned within the walls of the aforementioned daily support area and nearby trendline support. The only grumble, of course, is that weekly price portends further selling. Therefore, for anyone considering a buy at 1.30 today/this week, we would strongly advise waiting for a reasonably sized H4 bull candle (preferably in the shape of a full or near-full-bodied candle) to take form, before pulling the trigger. This will not guarantee a winning trade, but what it will do is show buyer intent at a high-probability buy zone.
Data points to consider: No high-impacting news events on the docket – US banks closed in observance of Columbus Day.
Levels to watch/live orders:
• Buys: 1.30 region (waiting for a reasonably sized H4 bullish candle to form – preferably a full, or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s tail).
• Sells: Flat (stop loss: N/A).
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