Weekly reviews

GBPUSD

Analysis method - “Gann Swings + Price Action” November 3, 2018

GBPUSD

Development of downswing continues, which is aimed at the structure’s low 1.2661. According to actuality of mid-term downtrend, there is a high probability of further quotes’ decline.

GBPUSD

Bulls are incapable of doing something so far, market again closed very low, that may drive either to flat continuation in the range of last swing (1.2935-1.3300) or to decline of the current swing low (1.2935).

GBPUSD

Development of upswing continued. The structure’s high 1.3297 is located very close. In case of break above, an upward reversal of the trend will be performed, that will create premises for more intensive recovery of the pound in direction of the 1.3500 area.

GBPUSD

Sharp cut of the swing tells about high probability of trend upward reversal and, correspondingly, start of new upswing, which target will be the high 1.3300.

GBPUSD

Scenario of decline is coming true within downswing that was triggered by pinbar at the edge of upswing (that we covered in the previous weekly report). Thus, we can expect further slide in direction of the structure’s last low (1.2661).

GBPUSD

Close of the week showed not ideal (close price should be lower for good signal forming), but, anyway, pinbar at the edge of upswing. This can quite be the cause of new downswing in direction of the low 1.2661.

GBPUSD

Development of upswing continues in direction 1.3268 and 1.3440. Last week bulls successfully neutralized “the cross”, that might be a signal of downswing start, and it’s a sign of upward movement continuation.

GBPUSD

 After forming of a short upswing, a new downswing was launched. Obvious target of bears is the structure’s low 1.2661.

GBPUSD

Upswing is completed, that, formally, allows the new downswing to start within long-term downward structure. But, since there was no direct signal of stopping or reversal of the upward movement, the opportunity to renew the current swing highs in direction of the areas 1.31 and 1.32 exists.