Posts

British Pound Extends Slide While Euro Rebounds

/in /by

The worst performer yesterday was the British pound which broke below 1.38 and extended its slide towards 1.3720. While the pound’s recent slide can be attributed to profit-taking and the subsequent drop below crucial technical barriers, traders should bear in mind that the pound’s overall upward trend is still intact. If GBP/USD remains above 1.37, we anticipate a rebound towards 1.3850. However, if the March low at 1.3670 breaks, chances are in favor of further bearish momentum with a next lower target at 1.36.

The euro, on the other side, rebounded against the U.S. dollar and tested the 1.1920-resistance area. Bulls will now wait for a renewed break above 1.19 in order to anticipate further gains. If bulls are unable to push the euro above 1.19, the focus shifts to the 1.1860-50-area and a break below that short-term support could lead to further losses towards 1.18. Breaking further below 1.1780, the euro could resume its downward trend towards 1.16.

The DAX found a short-term support at the 100-Day EMA (15160) from where it gained ground and finally ended the day above 15200. Let’s see what the market has to offer today.

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2021 MaiMarFX.

www.maimar.co

Follow us on social media:

Facebook

Twitter

Instagram

 

GBP/USD And EUR/USD Vulnerable To Further Losses

/in /by

The best performer Tuesday was the U.S. dollar which strengthened against the euro and British pound, providing short traders in both EUR/USD and GBP/USD good profits.

Federal Reserve Chairman Jerome Powell played down the risk that economic growth would spur unwanted inflation in yesterday’s testimony. He noted that policy must remain accommodative for now. Powell and Secretary Janet Yellen will testify together again today in front of the Senate Banking Committee.

GBP/USD: We saw the cable breaking below the lower bound of its recent sideways range and dropping towards 1.37. Now that the pair broke below 1.3750, we anticipate further losses towards 1.3620 and possibly even 1.3570. The area between 1.3870 and 1.39 on the upside could now serve as a lower resistance.

For sterling traders, the focus now turns to U.K. CPI data this morning followed by the PMI report due at 9:30 UTC.

EUR/USD: The pair slid towards 1.1836 but refrained from a sustained break of the March low at 1.1835– at least until now. We expect that losses could be extended towards 1.18 and possibly 1.1770 before we see some rebound. For chances to shift in favor of the bulls we recommend waiting for a break above 1.1920.

DAX: After several days of unprofitable fluctuations, we were finally able to benefit from the index’s volatile swings yesterday. We first booked a profit with the DAX falling towards 14500 while a later buy order towards 14700 has also proved profitable. Remaining between 14670 and 14480 could confirm a bull flag within the DAX’s overall uptrend.

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2021 MaiMarFX.

www.maimar.co

Follow us on social media:

Facebook

Twitter

Instagram

 

GBP/USD: Highly Profitable Trading

/in /by

Dear Traders,

Those of you who traded the GBP/USD recently, were able to achieve a significant profit by trading our daily signal alerts. Yesterday, this was once more the case while our short trade hit the profit target in less than five minutes. The pound slid to a low of 1.2602 after Bank of England Governor Mark Carney said he is still worried about the impact of Brexit on the economy. Carney said in yesterday’s morning statement that now is not the time to hike rates. In short, his view is still very bearish and with Brexit negotiations having just begun it could be a bumpy road for the U.K. in the next months. In case of any bad headlines, the pound will fall but looking at the technical picture, we currently see chances of a, at least short-term, recovery from sterling’s low levels.

GBP/USD

The currency pair stopped its fall at the lower bound of its recent downward channel. While this does not necessarily mean that further losses are unlikely, that halt just increases the likelihood of a potential pullback towards 1.27 and 1.28. Furthermore, the Relative Strength Index (RSI) approaches oversold territory, underpinning the chances of short-term upward movements. If the pound drops however below 1.2590 we expect accelerated bearish momentum towards 1.2550 and 1.25.

The performance of the EUR/USD is lagging behind since price fluctuations narrowed. The euro declined on the back of a slightly stronger U.S. dollar but the decline was limited to a low of 1.1118. We will now pay attention to a break of 1.11. After the 1.1075-level has been breached, we could see the euro tumbling towards 1.1020. Current resistances are however seen at 1.1150 and 1.12.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

Profitable Trading Day For Sterling Bears

/in /by

Dear Traders,

What a trading day – at least for sterling traders that sold pounds on the initial exit polls. Before we start to explain the reason for sterling’s knee-jerk decline let us allow to be enthusiastic about our short trade which has hit the profit target of 140 pips within less than one minute after initial results showed the U.K. faces a hung parliament. We hope that many of you were also able to capture the profitable downward move in the GBP/USD, even though some orders may have got triggered a few pips lower due to high slippage.

In sum, the U.K. vote is a disaster for Theresa May as the ruling Conservative Party is falling short of an overall majority. A hung parliament is considered a nightmare scenario for sterling investors as the U.K.’s course and Brexit path are much more uncertain now. We remember that Prime Minister Theresa May has called this snap election to win a comfortable majority but the opposite happened: the Conservatives are losing seats instead of winning seats. Consequently, May lost her bet. She will now need to resign or try to form a new government.

The pound dropped as much as 2.5 percent on the new round of political uncertainty. The 1.27-level served as a short-term support but if the pound drops below 1.2690 we could see further losses towards 1.26 and 1.24. If the pound climbs back above 1.28, we expect a resistance to come in at 1.2850 and 1.29.

The ECB decision and testimony from former FBI director Comey did little to impact the price action in the euro and U.S. dollar. The EUR/USD traded slightly lower on Comey’s testimony but remained within a narrow trading range between 1.1265 and 1.1180. As long as the euro remains confined to a sideways range of 1.1285 – 1.1150, there is nothing new to report.

With no major risk events being on tap today, the price action could be muted.

Have a good weekend and remember to secure your weekly profits.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

Pound Slides On Narrowing U.K. Polls

/in /by

Dear Traders,

The British pound came under increased selling pressure this morning after a poll showed U.K. Prime Minster Theresa May is losing ground ahead of next month’s election. Recently, the gap between Conservatives and Labour has narrowed, putting May’s Conservatives on 43 percent with Labour on 38 percent. The U.K. general election is scheduled to take place on 8 June 2017.

GBP/USD

The pound depreciated against the U.S. dollar and slid towards 1.2865. From a technical perspective, the cable broke below the recent uptrend channel but may find some halt around 1.2850 now. Below 1.2830 however, it could extend its slide towards the crucial support area between 1.2780 – 1.2750. On the topside, we see current resistances at 1.2980 and 1.3080.

The euro traded little changed on Thursday and remained within a small trading range between 1.1250 – 1.1185. We will pay attention to a sustained break below 1.1160, a level that proved to be an important support in short-term time frames. On the upside, any bullish movements might be limited until 1.1240.

Traders will be watching the U.S. GDP data release at 12:30 UTC. The GDP report is considered a high importance event for dollar traders and in case of any disappointment the greenback may struggle to find a bottom.

We wish you good trades for today and a beautiful weekend.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

Pound Drops On Gloomy Economic Prospects, Will Employment Data Brighten The Mood?

/in /by

Dear Traders,

While the euro still lacked a clear direction the British pound showed some larger moves on Tuesday after U.K. inflation data came in unchanged at 0.6 percent, disappointing analyst forecasts of a rise to 0.7 percent. Sterling fell more than 100 pips from our short-entry after consumer prices held steady in August. The question therefore arises whether the Bank of England believes that there is a need for a further rate cut to stimulate growth and push inflation nearer towards the central bank’s 2 percent target. The BoE is expected to keep interest rates unchanged at tomorrow’s meeting, but policymakers could still cut them further by year-end. The pound therefore remains a sell on rallies.

The U.K. Labor Market report is scheduled for release at 8:30 UTC today and may help paint a clearer picture of the situation of the U.K. economy in the aftermath of Brexit.

GBP/USD

Sterling traders should pay close attention to the next support area at 1.3160/50. A significant break below that level could send sterling towards the next support at 1.31 from where it could bounce back. With sterling trading above 1.3150 we anticipate a slight correction towards 1.3250 and possibly even a renewed test of 1.33.

chart_gbp_usd_4hours_snapshot14-9-16

The euro remained confined to its narrow 60-pip trading range and euro traders must exercise patience. The euro would now need to break below 1.1170 to reinvigorate fresh bearish momentum. With no major economic data scheduled for release from the Eurozone, we expect the pair to continue its sideways trend between 1.1250 and 1.1170. We recommend traders to take profits at smaller targets if there are any.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2016 Maimar-FX.

www.maimar.co