Good Evening/Morning Dynamic Traders,

My Apologies for the late update, been busy at work with Christmas fast approaching. My tree is now up (courtesy of my girlfriend) and Christmas shopping almost done.

I hope you all had a good weekend and a good start to your week. We are now half way through the week and I want to have a little cheeky look at the GBPUSD again. In my last update I mentioned the fact that price is climbing and if you look at the day chart below you will see that price had started to fall after the pull back, but the descend has slowed and price is in danger of oscillating. Why is this?

You can see in the day chart that I have marked out a previous support/resistance line, but if you look carefully we do have lower highs, so price is still weakening for the time being. Once price breaks below the support line at the figure of 1.54 I will start to look ready for a shorting position. Currently this chart is definitely on my watch list.

I hope you all have a good rest of week.

Carpe Diem

Richard

Good Evening Dynamic Traders.

The week has finally drawn to an end and I hope a good week it has been too.
With today being NFP, I chose as always to stay away from the markets, however I would like to round off the week by revisiting the GBPUSD.
In the day chart below you can see that price has stopped climbing and changed directions, which is what I was saying might happen in my last update. However price has been known to perform acts random on NFP day, so we will have to see what happens next week.

If price does continue to drop there are 2 very important areas that we should be aware of.  The first area is the support line that saw price start its latest breather which is in close proximity to the figure of 1.54. If price is able to drop below 1.54 then the support line at the figure of 1.53 is next important area, this is also the area that lets us know if a shorting position is or not.

I hope you all have a good weekend.

Carpe Diem

Richard

Good Evening Dynamic Traders.

I hope you all had a great weekend and a good start to the week. We are now half way through the week with a couple of days left, but with only 1 trading day really because of NFP this Friday.
Tonight I want to look at the GBPUSD, because I mentioned in my last update that price seems to be giving us some food for thought. Having said that if you look at the day chart below you will see that price this week has pulling back and climbed since Monday, why?

Price is nearing a major support line, but in the day chart above you can see that price had fallen to a support line just above the major support line, which would also be our shorting signal. This will definitely delay any kind of shorting action, but as always we have to be patient and let price do what it wants. Furthermore I can’t wait to see what the NFP will bring us in regards to price action on other charts, such as the USDTRY and the USDCHF.

I hope you all have a good rest of week.

Carpe Diem

Richard