The GBPUSD is trading in a very strong bearish market condition in both, the long and the short term charts:
GBPUSD
As long as the GBPUSD keeps trading below 1.5727 I will be looking for short opportunities. Longs are out of play.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Last week the GBPUSD traded in a very well defined range, in between 1.5222 and 1.5085. Late Friday the GBPUSD gave us some clue that it was about to break the bottom extreme of the range but it was too late, but now it’s out of that range:
GBPUSD
As long as the GBPUSD keeps trading below 1.5085 I will be looking for short opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The GBPUSD is trading in a very well defined ST range:
GBPUSD
In this case, both short and long opportunities are in play in the GBPUSD on either extreme, but once the market breaks the range, I will only look for opportunities in the direction of the breakout.
But as long as the GBPUSD keeps trading in the zone, just play the range.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Since the 16th of June that we posted about a possible breakout in the GBPUSD, it has been trading in a bullish market condition, and it still is in a bullish market condition:
GBPUSD
The GBPUSD is about 100 pips below the next LT resistance level, which is where the market could retrace back.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Although in the daily charts, the GBPUSD looks like it already broke through the resistance level, we need to wait for a breakout of the short term resistance level:
GBPUSD
I’d like to see the GBPUSD trading above 1.4831 to start looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The GBPUSD is trading near a long term resistance level:
GBPUSD
Here is my plan:
If the GBPUSD breaks the green resistance level, it will trigger a bullish market condition and only long opportunities will be in play
If the Pound breaks the green support level, it will trigger a bearish market condition and only short opportunities will be in play.
If the GBPUSD keeps trading in between both green lines, I will do nothing.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
It’s been a slow Monday hasn’t it? Many currency pairs are trading at an important level and we need to wait for the market to break the short term range before looking for trade opportunities.
The GBPUSD is one of the exceptions, the Pound is trading already in a bullish market condition:
GBPUSD
As long as the GBPUSD keeps trading above 1.4432 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The GBPUSD is another pair that is trading at an important LT level (there are plenty today), seems like the market is out of steam:
GBPUSD
We have the possibility to trade the short term range because it is very well defined, but once the GBPUSD breaks either side of the range, only take opportunities in the direction of the breakout.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Yesterday the GBPUSD was trading at an important long term level, but a few hours agothe pound broke through the short term resistance level triggering a bullish market condition:
GBPUSD
And there are plenty of pips before we hit the next LT resistance level, so I’ll be monitoring this one.
My Plan:
As long as the GBPUSD trades above 1.6300 I will be looking for long trades opportunities.
All short opportunities will be ignored
Trade Safe!
Raul Lopez
The GBPUSD traded in a range for a couple of days near an important long term resistance level, but now, it broke through the short term support level and is in a clear bearish market condition:
GBPUSD
My Trading Plan:
As long as the GBPUSD keeps trading below 1.6076 I will be looking for short trade opportunities.
All short signals will be ignored.
Trade Safe
Raul Lopez
The GBPUSD is trading around an important long term support level, and as you already know, when the market trades around an important LT level, it creates a short term range, in this case the pound-dollar’s range is from 1.6202 to 1.6072:
GBPUSD
So basically what I’m waiting for is a breakout of either extreme of the range to start looking for a trade opportunity.
Here is my trading plan:
If the GBPUSD breaks the ST support level, I will be looking for short trade opportunities. My next LT support level is at 1.5806
If the GBPUSD breaks the ST resistance level, I will be looking for long opportunities (my next LT resistance level is too close, so need to make sure the trade has a good Risk-Reward ratio).
If the Pound-dollar keeps trading in between both ST levels I will do nothing.
Trade Safe
Raul Lopez
Even though the GBPUSD has been ranging in the last 4 or 5 trading sessions, we are still in a bullish market condition looking for long trading opportunities. Here is the chart:
GBPUSD
The pound-dollar broke the previous resistance level (now support), this should take it to the next long term resistance level around 1.6658.
My Trading Plan
As long as the Sterling keeps trading above 1.6276, I will be looking for long trading opportunities. All take profit orders will be set below the next resistance level around 1.6658.
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
There has been a few changes in the GBPUSD since last week, the market was rejected from 1.5822 a previous important level, so I decided to move my long term level to that area. Here is what I got:
GBPUSD
Based on this analysis, the GBPUSD (pound-dollar) is in a bullish market condition and we should be looking for long trading opportunities.
My Trading Plan:
As long as the market continues to trade above 1.5911, I will be looking for long trading opportunities and will set all my TP orders below the next long term resistance level around 1.6156
All short trading opportunities will be ignored.
Trade Safe!
Raul Lopez
Last week we did post about the possible bullish market condition in the GBPUSD and the GBPJPY. But we also mentioned that the interest rate announcement from the FED could change the sentiment of the market, and it did.
For pairs like the EURUSD where there was a bullish market condition, the market entered into a consolidation period with a bearish bias, and the same happened to the USDCHF (mirroring the EURUSD) was in a bearish market condition, but now it is in a consolidation period with a bullish bias.
For the GBPUSD and the GBPJPY, both of them were in a bullish market condition, but suddenly after the interest announcement the market condition changed the other way around to a bearish market condition. The good news is that we still have some room before the market hits its next long term support level, hope we are able to open position in these two pairs.
We’ll be updating you about the market condition during the week.
Trade safe
Raul Lopez
The GBPUSD was rejected from the most important long term support level at 1.6156, this creates a bullish market condition. Please take a look at the next chart:
GBPUSD
Remember the market condition is different from the market trend. In this chart for example, the general trend is a “range” 1.6654 – 1.6156, but the market condition is bullish because it has been rejected from the main support level. The market condition tells us the direction for the next hours/days.
My Trading Plan:
Look for long trading opportunities, all take profit levels will be placed below the next resistance level at 1.6654.
All short opportunities will be ignored.
Trade Safe
Raul Lopez