GBPUSD stays in a trading range between 1.5801 and 1.6743. As long as 1.5801 support holds, the price action from 1.6662 is treated as consolidation of uptrend from 1.3654, and further rally is possible to 1.7000-1.7500 area after consolidation. Key support is at 1.5801, a break down below this level will indicate that the uptrend from 1.3654 has completed at 1.6743 level already, then deeper decline could be seen to 1.5500 zone.
For long term analysis, GBPUSD is in correction of the long term downtrend from 2.1161 (2007 high). Rebound to 1.7000-1.7500 area to reach the next cycle top on weekly chart is still possible.
GBPUSD 4 Hour Chart
GBPUSD Daily Chart
Charts as at Sat, Jul 18, 11.00 am(KL time/+8 GMT)
(London 4.00 am)@fxsifu
click pic for enlarge
GBP/USD – After stalling by the 61.8% fib retrace off of the major 1.8670-1.3500 move, the market could be attempting to carve a medium-term top by 1.6745 ahead of a significant drop back towards the 1.5000 level at a minimum. Overbought weekly stochastics are confirming the need for a pullback, with the indicator on the verge of a negative/bearish cross. However, bears might want to wait for confirmation which will be given on a break back below critical support by 1.5800. Only back above 1.6745 ultimately negates. STRATEGY: SIDELINED FOR NOW; LOOK TO SELL
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Simple Strategy 100 EMA vs 200 EMA
Time Frame: 1 min
Indicators:
@ 2 EMA lines: 100 EMA (Yellow)and 200 EMA (Red)
@ Alligator Bill William
Trading Zone:
European and USA Trading Zone (GBPUSD)
Simple Rules:
BUY (LONG) when 100EMA lines crossing UP 200EMA line
SELL (SHORT) when 100EMA lines crossing DOWN 200EMA line
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