Today we will describe currency pair Great Britain Pounds to US Dollars. You can see this pair online here
GBPUSD Chart Online Current situation on this pair displayed on next some screenshots. Let is started.
Open orders from some brokers show us next ratio:
around 60% open positions on this moment opened in BUY and 40% open positions of GBP/USD opened in Sell. From this pictures we can find upward trend with some corrections, we highlighted by red line this trend. This trend was created after strong movement in four hourly timeframe after big down trend with started from
January and Finished in half March. This big movement was with 1500 pips of distance. Right now in timeframe GBP/USD with hourly timeframe has correction from this downtrend in 38%(64%) from First wave by Elliot. Also we funded some Divergence between Chart of GBP/USD currency pair and Moving Average Convergence/Divergence our custom indicator. All our SMA cross chart of price of pair during correction. This is not good idea for long term trading, because can be wrong open order in the start, and will closed open position by Stop loss command.
GBP/USD H1 Time frame:
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| Current situation on GBP/USd H1 timeframe with technical analisys |
If you want to open position better do it not now, but later. Reason: When correction will stop - can continue down big trend on third wave. We can find in this pair some down signals from Multi SMA on GBP/USD. So, m1 m15 h1 and almost H4 SMA on GBPUSD displayed down direction. And after 1.5190 - 1.5200. We can open order to SELL. Our take profit will be in zone with diapason 1.5120 - 1.5100 But strong psychological level is 1.5200 and after this level direction will be clear. In Down trend From April 12 we did not find any Divergence between chart and indicators. On the H1 timeframe currency pair Great Britain Pounds to US Dollars has ZERO zones by Murray Math indicator and sell`s zone from 1.5100 and lower.
GBP/USD H4 time frame:
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| GBP/USD H4 Daily Outlook with technical analysis. Levels of Fibonacci and MACD indicators |
On the H4 timeframe our uptrend was just correction from
Long Downtrend from January. Correction from This Downtrend was up to 1.5420 and after that can be lower 1.4820 if will be approve some signals from our indicators. The 61% from first Down wave is 1.5420 next level of correction big downtrend ca be 50% it will 1.5600 if price of GBP/USD will cross psychological levels such as 1.5500 and 1.5550. Needs compare technical analysis with Forex Economic calendar.
GBP/USD Daily timeframe:
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| Daily timeframe on the GBP/USD with technical analysis. Current status on Currency pair is upward correction from big down Trend from January. |
Daily timeframe displayed us that GBPUSD has correction from Downtrend in positive zone by Murray Match indicator, but this correction can be cancelled if not cross our second SMA. The value of trading operations also can be changed, because MACD displayed us that price is near zero zone. If zero zone on MACD will be not cross by price correction will be cancelled and Down trend will continue.
Before opening order on long term strategies please check all your and our Forex signals in This currency pair. Take profit in short term strategies on this pair we recommend install on distance equal 150-160 pips. And if you will trade on this pair by
Day Trading strategy - Do not trade more than 11 trading session with one open position.
Forecast FOREX Blog is a personal informational blog with materials for trading on the foreign exchange market.
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