Eklavya - GBPUSD
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Thread: Eklavya - GBPUSD

  1. #1
    I am starting this weekly thread so that I can post my weekly analysis of GBPJPY. I will utilize my analysis for creating my prejudice for the subsequent week. Please feel free to comment in my analysis. I guess having another perspective is only going to be better.

  2. #2
    As anticipated, we did have a down week. The last week has a long upper shadow indiing that higher prices have been rejected. On the daily chart it's clear that the price does not wish to go up. However the price is at a service level and it does not seem to want to go lower. I believe we are going to observe that support broken this week plus a down week. GBPJPY is also expected to be down this week. Thus GBP alone is about to have a downward pressure and that will pull this pair this week down.
    Recent times have been very volatile. So I am going to avoid this pair unless this shut below 1.9561. I will look to go short at an appropriate moment.

  3. #3
    Price has broken through the long term support line and is poised to go down. This could prove to be a false breakout in which the event the price ought to make its northward journey. Personally, I think if that happens, we might be looking at a H and S creation together with all the price going down at the long term.

  4. #4
    There's still no clear sense of direction for GBPUSD. This wee it strongly rebounded and has closed above the service amount. It'll be interesting to see what this can this week. There is very low levels of open interest in this pair. What is intriguing is the comercials and speculators are web long and small traders are net short. This being the case, I would tentatively be bullish with this pair for the time being.

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