Our Tables Turn Our Attention To GBP
Thurs 20th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- GBPCHF (Covered In Video)
- GBPCAD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| GBPAUD Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.9050 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 1.9210 | -160 pips | |
| Profit 1 | 1.8600 | +450 pips | 1: 2.8 |
| Profit 2 |
Details:
Our live forex strength vs weakness tables points us in the direction of GBP as it tops the day traders table as the weakest currency.
AUD currently ranks third strongest offering us opportunities on GBPAUD.
Our GBPAUD daily chart shows us that price has formed a head and shoulders pattern, which can often lead to a price trend reversal.
Price has failed to trade and hold above the key resistance level at 1.9150, this has given sellers the opportunity to drive prices lower.
If price continues lower it could target weekly lows of 1.8525.
Traders looking to sell this market could watch for a pullback into minor resistance at 1.9050.
Technical Observations:
- Price has formed a head and shoulders reversal pattern.
- Price could move back to weekly lows of 1.8525.
- GBP weakness highlighted on the day traders table.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
