Weekly Analysis on the GBP Pairs
GBPUSD D1 Chart – Right back at Resistance
The pair is right back at the resistance levels again. Horizontal resistance, 200MA and the completion of the Bearish Shark pattern slightly higher. The UK government just announced a 700mil pound spending program to readying the UK borders for Brexit. This could be well accepted as good news as the government will be spending and creating jobs, on the other hand this could mean they are prepared for a no deal Brexit.
Next week will be an event filled week for the GBP. The news expected to impact the GBP will be GDP (Tuesday), CPI (Wednesday), Claimant Count & BOE Credit Condition Survey (Thursday) and BOE Governor Andrew Bailey is scheduled to speak on Monday and Friday.
GBPUSD H4 Chart – Bullish Bat & Bearish Shark
The H4 chart shows a Bearish Shark pattern completing about another 100pips higher. However we seem to be a strong resistance level this moment and a potential double top is presenting itself.
GBPUSD H1 Chart – Double Top
The H1 chart showing us a double top chart pattern at a significant resistance level. A bearish move will be confirmed if price can test the top and get rejected again or if it starts drifting lower and stays in the lower Bollinger Band. Will keep a close watch on this pair next week.
GBPJPY H4 Bullish Bat completing higher
Congratulations to those who held their long positions. The GBPJPY pair continued higher and came close to completing the Bearish Bat pattern. I would be expecting the price to complete the Bat pattern at around 136.00. Then only we could start to consider shorting as we would probably see the bears entering the market for this pair.
GBPCHF H4 Chart Bearish Deep Crab Higher
I never managed to get into the short trade on GBPCHF based on the Bearish Bat last week. Price came directly down without re-testing the PRZ again to hit TP1. Since then it has reversed and gone higher.
Now the pair is potentially forming a Bearish Deep Crab pattern. Expecting this pair to continue higher in this coming trading week.
Good luck everyone. Trade right and trade safe, the profits will come rolling in naturally.
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