Short term
/
Sell
Trade view / 07 September 2017 at 7:17 GMT

Evening Doji highlights a top for GBPUSD

Analyst / PIA First
United Kingdom
Instrument: GBPUSD
Price target: 1.2962
Market price: 1.3041
The USD looks like it has completed its mild downward correction. Our bias turns bullish once more...

USD Index 

Daily: Completes a bearish five-wave count (Elliott Wave) with a Doji style candle at the base close to the 261.8% extension level of 91.73 (from 103.85-99.22).
  
USD D
Source: Saxo Bank

Intraday (one-hour): Posted a Bullish Outside Bar at the 76.3% pullback level of 91.97. We now look for the AB-CD corrective formation to be complete. 

USD 60
Source: Saxo Bank

Intraday (15 minutes): Looks to be forming a bullish reverse head-and-shoulders pattern. We look to buy USD (through the majors) close to 92.06 (right shoulder) or a break of 92.29 (neckline).
  
USD  15
Source: Saxo Bank

Summary: Getting long of USD.

GBPUSD

Weekly: We have a mixed picture as far as the Elliott Wave landscape is concerned. We could have a fifth wave compete at 1.1500 with the move higher the first corrective leg or this last move higher could be the fourth wave correction. Whatever the case, we look for the bias to turn negative after rejecting the Ichimoku Cloud top.

GBPUSD W
Source: Saxo Bank

Daily: A corrective AB=CD formation was completed at 1.3252. The pairs posted a Bearish Outside Bar on the 3rd August after a high trade of 1.3268.

GBPUSD D
Source: Saxo Bank

Intraday (four-hours): We broke the wedge to the upside and the target (of 1.3030) was reached. Continued upward pressure yesterday resulted in the pair touching the 61.8% pullback level of 1.3078. Bespoke resistance is seen at 1.3075. The one-hour chart highlights an Evening Doji Star formation, a pattern often seen at the top of a trend.
 
GBPUSD 4

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Source: Saxo Bank

Parameters

Entry: selling GBPUSD at the market and 1.3070.

Stop:1.3100.

Target: 1.2962 and 1.2928.

Time horizon: short- to medium-term.

— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more
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2y
usxau usxau
G'day Ian! It is getting a bit tiring to be a USD bull! What an interesting day with Draghi on the menu a bit later! Certainly will make for some good trading opportunities! ;) Wishing you a great day! ;)
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
GM Sabrina... just going with the flow... (I hope). Out of all the USD crosses, I ca not get a good formation on EURUSD ... think it could break either way
2y
alki alki
Good morning everyone and have a great day both inside and outside of the market...
2y
usxau usxau
Totally agree, however there are high expectations priced in and I wonder if it will not be a sell the news event! I ;)
2y
alki alki
Triggered.
2y
usxau usxau
Ian, if we see euro weakness, I like to sell it against the cad, any insights on it or maybe some signals? :)
2y
usxau usxau
Here are my thoughts, I am placing day orders as I will not be able to be in front of the screens during the presser! :( Wishing all a great ECB day! ;)
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I have 1.4670 then 1.4750 Resistance
2y
Blange Blange
GBP showing true resilience and doesn't want to give in to USD
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
true ... much stronger than I expected
2y
Cesime Cesime
GM Ian, I have resis at 13120
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
1.3112 is my last chance salon
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
saloon even .... lol
2y
Cesime Cesime
well thats trading however I went long at 3044 my system gave me a buy signal on 15 m tf and coincided with the daily.
2y
fred seru fred seru
i think EURUSD is starting to tire with one more high needed before correcting
2y
alki alki
Boy, that was fast ;-)
2y
HaythamSabry HaythamSabry
Ian, did you get any signals for EURUSD?
2y
Andrew Perkins Andrew Perkins
Still here just having to do my day job

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