GBPUSD DAILY

Market Update 4/27 – Extreme Momentum Readings in GBPUSD

ByJamie Saettele

EURUSD DAILY

I have USD strength fatigue.  I can point out how ‘extreme’ the move is or the myriad headlines that indicate ‘extreme’ sentiment but it hasn’t mattered…yet.  Today’s low is right at the lower parallel of the bearish fork that originates at the 2021 high.  This is clearly an important horizontal level too (note the highlighted zone on the left side of the chart).  EURUSD is set up for a violent reversal in my opinion…an up day would be a good start.

GBPUSD DAILY

GBPUSD is nearing the 61.8% retrace of the rally from the 2020 low at 1.2495.  The top side of the trendline that originates at the 2015 high (blue line) is just below this level near 1.2415.  The next 3 charts highlight when daily RSI is below 21 over the last 20 years.  All instances led to at least interim lows EXCEPT during the financial crisis.  So, unless this is the financial crisis, we should be on the lookout for a reversal.

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GBPUSD DAILY

GBPUSD DAILY

GBPUSD DAILY

USDMXN DAILY

USDMXN has reached and reacted to noted resistance from the underside of former trendline support and the 200 day average.  Today’s high is also right at the year open price (20.51).  I favor the downside from the current level.

4/14 – USDMXN reversed sharply higher today in what could be the start of a move into 20.40 resistance.  That level includes the 50 and 200 day averages along with the underside of former trendline support.Market 

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Market Update 6/21 – Tracking USD Support Slightly Lower

Market Update 6/21 – Tracking USD Support Slightly Lower

ByJamie Saettele

GBPUSD turned up prior to the proposed 1.3740 but 1.4000 remains in line for resistance. Besides being ‘clean’ horizontal resistance, the level is also defined by the 25 line of the Schiff fork from the March 2020 low. This line was support in December and April…so watch for support to turn into resistance.

Market Update: December 28

Market Update: December 28

ByJamie Saettele

GBPUSD continues to oscillate around the critical 1.3500. A gap higher on perceived positive Brexit news was followed by weakness throughout the day…a classic ‘sell the news’ dynamic. 1.3500/25 remains proposed resistance. The top of this zone is a high volume level. Near term focus remains towards 1.3100ish. The level is defined by trendlines and is just under the 12/11 low.

Market Update 3/29 – Short GBPUSD Setup

Market Update 3/29 – Short GBPUSD Setup

ByScandinavian Capital Markets

GBPUSD spiked up to 1.3840s today before pulling back. Interestingly, 1.3840 was the level I was looking for resistance last week because that was last week’s open. Better defined resistance is 1.3880 but the rally from the low is in 3 waves and the drop from today’s high is impulsive. I like shorts into 1.3812. Given the failed break above long term trendline resistance last month, downside may be significant. Another reason to favor downside against today’s high is the fact that the rally failed near VWAP from February FOMC.