[FOREX TIP] GBPUSD Free Forex Trading Signals – 29th March 2017

GBPUSD was bullish on the H4 chart in the last week. However, yesterday the price produced a Double Top at a key level and some consecutive H4 bearish candles. As things stand with the pair, sellers are going to take control of the pair. The sell trend looks stronger than the last buy trend as well. Let us have a look at the GBPUSD H4 chart.

GBPUSD Free Forex Trading Signals – 29th March 2017

As we see on the chart, that there is a Double top at 1.25900 area. Then, those H4 bearish candles breached last week’s up trending line. The price came up to 1.23750. Now it has been on consolidation. If the H4 candles hold the level of 1.24250, then there will be a selling opportunity upon the breakout at 1.23750. An H4 breakout would be the best, but an H1 breakout would do after an H4 reversal candle. Another thing, the price might go further up to have correction than the suggested resistance level here.

Let us have a look at the summary of the trade

• Sell Stop Order: 1.23750
• Stop Loss Level: 1.24250
• Take Profit Target: 1.22515

See how this market changes in few hours. Yesterday, before those H4 candles, GBPUSD had been bullish. Buyers were looking for the opportunity to buy the pair on weakness. All of a sudden, we had those H4 bearish candles. Apparently, they were produced from a Double Top level as well. These two things have changed the scenario on GBPUSD. Now, sellers are in control. They would jump into the pair to drive the price further down whenever there are opportunities.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: GBPUSD Free Forex Trading Signals – 29th March 2017

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[FOREX NEWS] GBP/USD falls as Brexit Day dawns – EU reportedly toughens stance

UK Prime Minister Theresa May signed the letter triggering Article 50 last night. Today the letter will be officially delivered to the European Union.As far as we know so far, the tone has been formal and even conciliatory. More details will be released later on. According to reports, the European Union is focusing on the terms [...]

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[FOREX TIP] AUDUSD Weekly Forex Forecast – 27th to 31st Mar 2017

AUDUSD Weekly Forex Forecast – 27th to 31st Mar 2017

The AUDUSD technical pattern remains in a bullish sequence as the last week sell-off lack momentum and looks corrective in nature. The 0.7600 support level can produce a bounce, however, a break and a close below will expose the big psychological number 0.7500 level. On the upside, we have intraday resistance level at 0.7660 followed by last week opening price 0.7700.

We’re still trading above the 200-day EMA on the daily chart and the stochastic indicator is in oversold territory signaling that we can expect a bounce from current levels. The Australian economic calendar looks mild with no major risk event scheduled. On Thursday we have the RBA assistant governor Debelle is due to speak at the FX Week Australia conference, in Sydney.

Previous AUDUSD Weekly Forex Forecast

AUDUSD Weekly Forex Forecast – 27th to 31st Mar 2017

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[FOREX TIP] USDCAD Weekly Forex Forecast – 27th to 31st March 2017

USDCAD Weekly Forex Forecast – 27th to 31st March 2017

The USDCAD is in the process of establishing a bearish flag formation which warns that the downside might not be over yet. Any rally above resistance level 1.3417 and into the upward channel border should fade away for another attempt to try and challenge the current low 1.3280. A break below the lows will open up the door for a possible retest of the 1.3212. The stochastic indicator is neither in oversold or overbought territory which can indicate that we should expect more ranging activity until we reach one extreme or the other.

Tuesday the BOC Governor Poloz is due to hold a press conference. Wednesday we have the US Crude Oil Inventories which tend to have an impact on the Canadian dollar due to the negative relationship between the Oil prices and the USDCAD exchange rate. Friday the Canadian GDP figures are expected to come flat at 0.3%.

Previous USDCAD Weekly Forex Forecast

USDCAD Weekly Forex Forecast – 20th to 24th March 2017

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[FOREX TIP] GBPUSD Weekly Forex Forecast – 27th to 31st Mar 2017

GBPUSD Weekly Forex Forecast – 27th to 31st Mar 2017

Last two weeks GBPUSD rally has finally reached a climax point from where we can see a pullback. The rejection off of the big psychological number 1.2500 and the unwillingness to post a weekly close above it warns that the cycle from 1.2100 low has finished. There is a possibility for the GBPUSD to retest last week opening price 1.2387 before another upward cycle to be seen.

The stochastic indicator is coming down from overbought territory, so we have a build up in downside momentum behind this move. We also have to keep in mind that an early break and a daily close above the big psychological number can signal that retracements continue to be shallow and the cycle from 1.2100 low is still intact. This will put the focus on the 1.2700 swing high which can act as resistance.

The Article 50 will be triggered on Wednesday, March 29. The UK will inform the EU that they will start the procedures to leave the 28 nation bloc. This is a major risk event that can disrupt the GBPUSD volatility, but we don’t know yet how much of this is already priced in. The UK economic calendar looks mild as the only notable risk event is the UK Trade Balance figures scheduled on Friday. Other than that we have few Fed’s member speeches and the US Final GDP figures for the last quarter of 2016 which are expected to come flat at 2%.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 27th to 31st March 2017

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[FOREX NEWS] US consumer confidence exposes insecure dollar

The US Conference Board Consumer Confidence measure made a huge leap to 125.6 points, far better than 114 that was expected. Also, the figure for February was revised up from 114.8  to 116.1 points. The excellent news implies elevated consumption during the month of March. In theory, confident consumers spend more. The US economy is largely [...]

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[FOREX NEWS] Oil: Confirmed Double Top But S/T Bearish Dynamics Likely Corrective – Citi

Oil prices have tumbled down and remained on the low ground. The recent negotiations between OPEC and non-OPEC members about an extension do little to alleviate the pressure. And what do technical levels tell us? The team at Barclays analyzes the dynamics: Here is their view, courtesy of eFXnews: CitiFX Technical FX Strategy Research notes that [...]

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