Week 7 Strategy

In analysing the charts this weekend, everything seems to be at a tipping point. The trick for the coming week will be to watch closely and fight the temptation to jump too soon...

GBPUSD

Srategy...

This pair continues to consolidate in a pennant. Overhead is the previous all-time low.

Tactics...

Whilst the pair is closer to rising support it has made a double bottom on dwindling MACD momentum.

1. A close above the 62 would be a cautious buy, targetting the 800 sma.

2. A 1H close below that rising support would be a sell, targetting the all time low.

USDCHF


This pair has had 6 attempts at overhead resistance !

On a 1H close below that rising support - and, preferably the nearest horizontal support - I'm going to short it, targetting the 1H 800 sma.

EURGBP

... another pair being hemmed in, but signiicant resistance overhead...

...Simple. It's a buy on a 1H close above sloping resistance, tagettign the 1H 800 sma.

... and a sell below rising support, Targetting the recent low.

GBPJPY
This chart looks similar to the other sterling crosses...


... But it is currently consolidating at the 1H 800 sma.

I'm going to put on a small pilot position on a 1H breakout of the consolidation zone, and add to it if the pair can break sloping support or resistance.

GBPCHF


... struck by the similarities ???

This pair isn't tradable until it makes it back to the 1H 800 sma...

... or it closes above the 62 ema AND sloping resistance.