Trade view /
14 September 2017 at 7:20 GMT
We have the UK interest rate decision at 1100 GMT and technically we are expecting further losses in GBP
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.
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.
Daily: An AB=CD corrective formation was completed at 1.3252. Levels above this price continue to attract sellers.
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.
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.
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.
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Source: Saxo Bank
Entry: selling at 1.3223 (before BoE).
Time horizon: today only.
— Edited by Michael McKenna
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