Correction Wave Incoming! - GU
Here I have GBP/USD on the Daily Chart!
After our New High since August 2023 @ 1.28938 , we've seen Price decline quite drastically!
In fact, we were given a NEW LOWER LOW on Tuesday @ 1.24052!
Now with this Low having been created after our Lower High @ 1.2708 (Point B), this Price Action breaking our previous Low @ 1.25394 CONFIRMS my prediction that we could be looking at a Correction Wave!!
-Will our Support Zone turn RESISTANCE?!?
I will be looking for Price to make a Retracement to our Fibonacci Levels in our Support Zone for a SELL ENTRY @ ( 1.25241 - 1.25394 )
Range Target @ ( 1.21346 - 1.19992 )
SL @ 1.25932
*Levels Subject To Change*
Fundamentally for the remainder of the week,
GBP - Retail Sales (Fri)
USD - Unemployment Claims/Philly Manufacturing Index/Existing Home Sales (Thur)
*Next Week we will be getting PMI numbers so WATCH FOR NEWS!!
After our New High since August 2023 @ 1.28938 , we've seen Price decline quite drastically!
In fact, we were given a NEW LOWER LOW on Tuesday @ 1.24052!
Now with this Low having been created after our Lower High @ 1.2708 (Point B), this Price Action breaking our previous Low @ 1.25394 CONFIRMS my prediction that we could be looking at a Correction Wave!!
-Will our Support Zone turn RESISTANCE?!?
I will be looking for Price to make a Retracement to our Fibonacci Levels in our Support Zone for a SELL ENTRY @ ( 1.25241 - 1.25394 )
Range Target @ ( 1.21346 - 1.19992 )
SL @ 1.25932
*Levels Subject To Change*
Fundamentally for the remainder of the week,
GBP - Retail Sales (Fri)
USD - Unemployment Claims/Philly Manufacturing Index/Existing Home Sales (Thur)
*Next Week we will be getting PMI numbers so WATCH FOR NEWS!!
Trade active:
Price has started to push HIGHER!
I've entered a Buy Entry @ 1.2465 to take up to our Sell Zone @ ( 1.25214 - 1.25394 )
SL @ 1.2448
I've entered a Buy Entry @ 1.2465 to take up to our Sell Zone @ ( 1.25214 - 1.25394 )
SL @ 1.2448
Comment:
www.tradingview.com/...-key-drivers-weaken/
Comment:
GBP PMI Numbers came in!
-Manufacturing came in COLD
-Services came in HOT
Currently we are seeing a rise in price from the LOW @ 1.22992
Based off the HIGH @ 1.28938
I'll be looking for price to make a Retracement to our Target Fib Zone for a SELL ENTRY @ ( 1.25614 - 1.25263 )
SL @ 1.26667
-Manufacturing came in COLD
-Services came in HOT
Currently we are seeing a rise in price from the LOW @ 1.22992
Based off the HIGH @ 1.28938
I'll be looking for price to make a Retracement to our Target Fib Zone for a SELL ENTRY @ ( 1.25614 - 1.25263 )
SL @ 1.26667
Comment:
Negative PMI readings for USD is just what this trade idea needed!!
- With results coming in MUCH COOLER than forecasted showing some significant contractions in both Services and Manufacturing, we are seeing USD lose all strength!
What does this mean for GU?
- Price will be looking to correct to our Targeted Fib Zone!
- With results coming in MUCH COOLER than forecasted showing some significant contractions in both Services and Manufacturing, we are seeing USD lose all strength!
What does this mean for GU?
- Price will be looking to correct to our Targeted Fib Zone!
Trade active:
Upon arrival to our Targeted Fib Zone, price halted at 1.2520 ( 61.8% Fib Level ) before making a strong fall down!
I believe this area is active so I took a Sell Entry @ 1.2520
SL @ 1.2575
-Price may test our Zone multiple times, keep vigilant for another entry and for price to potential pull up further before falling further
I believe this area is active so I took a Sell Entry @ 1.2520
SL @ 1.2575
-Price may test our Zone multiple times, keep vigilant for another entry and for price to potential pull up further before falling further
Comment:
RESULTS ARE IN!!!
Mixed results from COOLER than expected GDP and LOWER Unemployment sees DXY gain a boost!
-Price dropping!
Mixed results from COOLER than expected GDP and LOWER Unemployment sees DXY gain a boost!
-Price dropping!
Comment:
Last weeks analysis stayed well intact all the way up until PCE results came in HOTTER than expected ending the week with a little boost for the DXY!
-We were given 2 solid entries with price coming into our Targeted Fib Zone with a well placed SL!
Next week fundamentally is a big one for DXY being the beginning of the month:
ADP Non-Farm, Manufacturing PMI, JOLTS, Funds Rate (Wed)
Unemployment Claims (Thur)
Average Hourly Earnings, Non-Farm, Unemployment Rate, Services PMI (Fri)
-We were given 2 solid entries with price coming into our Targeted Fib Zone with a well placed SL!
Next week fundamentally is a big one for DXY being the beginning of the month:
ADP Non-Farm, Manufacturing PMI, JOLTS, Funds Rate (Wed)
Unemployment Claims (Thur)
Average Hourly Earnings, Non-Farm, Unemployment Rate, Services PMI (Fri)
