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15.10.202102: 05 Forex Analytical Reviews: Forecast and Trading Signals for GBP / USD on October 15. Detailed analysis of the movement of the pair and trade transactions. Perfect pound sterling.
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Analysis of GBP / USD 5m.
Currency pair GBP / USD traded on October 14 just fine. However, it should be clearly understood why we make such a conclusion. The movement of the pair during the day was average according to strength, volatility was a little more than 80 points. However, the movement itself was very good – with a minimum of kickbacks and just one important reversal during the day. Unfortunately, the morning movement could not be caught, since no important line or level was crossed. But closer to the American trading session, the price reached an extreme level of 1.3732 and rebounded from it just perfectly, pointedly. Thus, short positions should have been opened in this place. After the formation of this signal and until the evening, the pair went down about 40 points, but at the same time failed to work out a single important level or line. Therefore, sales orders should have been closed manually closer to evening in the profit of 40 points. With regard to macroeconomic statistics… she was not in the UK or the USA on Thursday. Thus, a rather good movement happened just when nothing prevented the markets from trading in accordance with the technical picture. And two days before this movement, on the contrary, were very strange, although in America, and in Britain there were quite a lot of important publications. One can only hope that next the pound will continue moves that enable traders to make good money.
Analysis of GBP/USD. 1N
On the hourly timeframe, a pound/dollar pair is trying to maintain an upward trend and while it succeeds! Today, after the 1.3732 level was perfectly worked out, the price began to adjust to the upward trend line, but it is still very far away to expect a change in trend. Also, the pair continues to be located above the critical line and above the Senkou Span B line. Therefore, the trend remains ascending 100%. On older timeframes, the upward trend is also clearly visible and, unlike the euro/dollar pair, there is no doubt about this. Thus, sterling can continue its growth, which is much more logical and expect than the growth of the euro currency. Markets continue to ignore most macroeconomic statistics, but seem tired of waiting for the Fed to announce the beginning of the curtailment of the quantitative stimulus program. What could be the reason for the current fall of the American currency. As of October 15, we highlight the following important levels: 1.3570, 1.3601 – 1.3607, 1.3732, 1.3785 – 1.3794. The Senkou Span B (1,3542) and Kijun-sen (1,3650) lines can also be signal sources. The Stop Loss level is recommended to be put at no loss when passing the price in the correct direction of 20 points. The lines of the Ishimoku indicator can move during the day, which should be taken into account when looking for trade signals. On Friday, there will not be a single important event in the UK during the day, and in the States – only two not the most significant reports: retail and consumer mood index. However, this can only be in the hands of a pair of pounds/dollar, since it shows the best movements precisely when there is no “macroeconomics” or “foundation.”
We recommend you to read:
Overview of EUR/USD pair. October 15th. US Federal Reserve Protocol: November or December? We haven’t decided yet! Overview of GBP/USD pair. October 15th. No gasoline, no food, but you hold on! Forecast and trading signals for EUR/USD on October 15. Detailed analysis of pair movement and trade transactions.
Report Analysis COT.
During the last reporting week (September 28 – October 4), the mood of professional traders again became much more “bearish.” “Again” – not because it has been constantly increasing in recent weeks, but because in recent weeks traders could not decide what to do with the British pound. Therefore, their mood became “bullish,” then returned to “bearish.” The last change was again towards the bears. Professional traders opened 12,000 Sell contracts in a week and closed 10,000 Buy contracts. Thus, the net position of the Non-commercial group decreased immediately by 22 thousand contracts. The illustration above perfectly shows how the green line of the first indicator fell down. We see the same effect with the second indicator, which shows changes in the net position of only non-profit traders, who are considered the most important and trend-forming group. Thus, the bearish mood now prevails, as in the case of the European currency. “Technique” is also talking about very likely resumption of downward movement. However, looking at price changes over the past year and comparing them with COT reports, it becomes clear that not everything is so unambiguous. Simply because sterling has still adjusted very weakly against the global uptrend. For example, the peak value of the net Non-commercial item over the past year was approximately 40 thousand. At the moment, we have a peak minimum value of -20 thousand. And the price is still in the same weak downward correction in the global plan.
Illustrations:
Price levels of support and resistance (resistance/support) – levels that are targets for opening purchases or sales. You can place Take Profit levels near them. Kijun-sen and Senkou Span B lines – Ishimoku indicator lines transferred to the hourly timeframe from the 4-hour. Support and resistance areas are areas from which the price has repeatedly bounced. Yellow lines – trend lines, trend channels and any other technical patterns. Indicator 1 in COT charts is the net position size of each trader category. Indicator 2 in the COT charts is the net item size for the Non-commercial group. * The presented market analysis is informative and is not a guide to the transaction. Respectfully, Analyst InsaForex Stanislav Polyansky © 2007-2021