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Despite the FOMC's hawkish outing Wednesday, the USD rally has failed to find purchase in the major pairs. Today, news of a possible North Korean H-bomb test has markets on edge with gold finding strong support, yields wilting, and UK PM May preparing to talk Brexit in Florence.
Day trade
/
Sell
Trade view / 14 September 2017 at 7:20 GMT

Further losses expected in GBPUSD

Analyst / PIA First
United Kingdom
Instrument: GBPUSD
Price target: 1.3130
Market price: 1.3223
Background

We have the UK interest rate decision at 1100 GMT and technically we are expecting further losses in GBP

GBPUSD

Monthly: We have been grinding higher with mixed and volatile trading. The next substantial resistance to the upside is 1.3500, which was support from January 2009 and now becomes resistance. 

GBPUSD M
Source: Saxo Bank

Weekly: From an Elliott Wave perspective, it is unclear if this is a fourth wave correction or the AB corrective leg higher. What we do know is that levels close to the Ichimoku Cloud top continue to cap buying. 

GBPUSD W
Source: Saxo Bank

Daily: An AB=CD corrective formation was completed at 1.3252. Levels above this price continue to attract sellers. 

GBPUSD D
Source: Saxo Bank

Daily, part two: Another way to look at this timeframe is the possibility of an Ending Wedge with levels close to the trend of higher highs being rejected yesterday. A break of 1.2860 and the measured move target is 1.2110.

GBPUSD 2
Source: Saxo Bank

Intraday (four-hours): Prices close to the 261.8% extension level of 1.3309 have been strongly rejected. We should now expect at least a sustained correction to the downside.

GBPUSD 4
Source: Saxo Bank
 
Intraday (15 minutes): The intraday chart suggests that we are consolidating in a fourth wave before the next leg lower. We have bespoke resistance at 1.3223. The most interesting fact here is the 261.8% extension seen at 1.3128. Bespoke support is at 1.3127. This is our intraday target.  
GBPUSD 15

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Source: Saxo Bank

Parameters

Entry: selling at 1.3223 (before BoE).

Stop: 1.3253.

Target: 1.3130.

Time horizon: today only.

— Edited by Michael McKenna

For more on forex click here.

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
14 September
Cat Cat
Good Morning Ian. Hope all is well. Good luck today!
14 September
usxau usxau
G'day Ian. Hope all is well at your end. I am not game to take a cable trade just before the BoE, as it could fall either way IMO. But after Carney is out of the way, I am game to join the masses! LOL
14 September
alki alki
Good day everyone. Lovely autumn day, warm sun - just perfect for the proper trading mood :-)
14 September
Junaid6003 Junaid6003
SL sir GBP/USD?
14 September
alki alki
Lowered the stop a little bit as it went south 25 pips and BoE is coming up :-)
14 September
Joe Neighbour Joe Neighbour
Morning all, Joe here from First 4 Trading. Ian is travelling at present but has moved the stop to 1.3227. Good luck all!
14 September
alki alki
Joe, thanks for the kind reply.
14 September
Gbpaud Gbpaud
È andata male!

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