empty
 
 
09.09.2020 04:12 AM
Hot forecast and trading signals for GBP/USD on September 9. COT report. Pound fell to the psychological level of $1.30. Bears need to overcome this level

GBP/USD 1H

This image is no longer relevant

The GBP/USD currency pair, unlike EUR/USD, does not waste time on the flat and continued to sharply fall on September 8, which resulted in reaching the support area of 1.3004-1.3024. Rebounding from this area can provoke an upward correction. However, the trend is likely to remain on the downside in the near future, as the downward channel signals this, and the price even managed to go below it, which fuels the descending movement. Actually, it does not take long to look for reasons why the pound should fall. Unlike the euro, the pound sterling has plenty of them. Therefore, the question now stands as follows: how long do traders intend to get rid of the pound this time, given that the final talks on a trade deal is almost a failure? In case the 1.3004-1.3024 area has been overcome, the next target for the fall will be the 1.2833 level.

GBP/USD 15M

This image is no longer relevant

Both linear regression channels are still directed to the downside on the 15-minute timeframe, so we can conclude that the downward trend will continue. The latest Commitments of Traders (COT) report for the British pound was more unexpected than the euro's report. If non-commercial traders already shorted the euro currency, the same category of traders continued to buy the pound sterling. In total, professional traders opened 5,500 new Buy-contracts and 3,000 new Sell-contracts during the reporting week (August 26 – September 1), so their net position even increased by 2,500, according to a new COT report. In principle, these data perfectly characterize what is happening in the foreign exchange market, since the pound continued to grow during all five trading days included in the report. The pound has been getting cheaper on September 1 to this day, but there is no hint that professional traders have stopped buying the pound in the latest COT report. But the new COT report may show a serious decrease in the net position for the "non-commercial" category.

The fundamental backdrop of Tuesday, September 8th, boiled down to Brexit-related topics. In principle, there wasn't any news on it. Market participants continued to sell the British currency, as the chances of a successful outcome of negotiations with Brussels became even less. And if anyone has forgotten, the absence of a deal with the EU is extremely unprofitable for the UK and its economy. However, Prime Minister Boris Johnson continues to pretend that he is ready to trade with the European Union according to the WTO rules. He may be ready, but what will millions of Brits say when delays begin in the supply of certain goods, especially when it comes to essential goods? Prices for goods imported from the EU will rise, and it will be more difficult for British manufacturers to market their products to EU countries. Thus, the current drop in the pound, from our point of view, is fully justified. Now, only the United States can prevent it if their leader starts a new round of discouraging statements or, even worse, actions on the domestic and international arena. This can bring back interest to the British currency. No major macroeconomic releases from the UK or the US are scheduled for Wednesday.

We have two trading ideas for September 9:

1) Buyers are out of the market, bears rule the show. Thus, you are advised to consider buying the pound when the price settles above the descending channel with the first target being the Senkou Span B line (1.3266). Take Profit in this case will be about 70 points.

2) Sellers continue to pull down the pair, therefore, short positions remain relevant with the target of the support level of 1.2833, but it is recommended to resume trading downward if the price manages to overcome the support area 1.3004-1.3024, which was already reached yesterday. Take Profit in this case will be about 150 points.

Explanations for illustrations:

Support and Resistance Levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Kijun-sen and Senkou Span B lines are lines of the Ichimoku indicator transferred to the hourly timeframe from the 4-hour one.

Support and resistance areas are areas from which the price has repeatedly rebounded off.

Yellow lines are trend lines, trend channels and any other technical patterns.

Paolo Greco,
Chuyên gia phân tích của InstaForex
© 2007-2024
Kiếm lợi nhuận từ những biến đổi giá của tiền điện tử với InstaForex.
Tải MetaTrader 4 và mở giao dịch đầu tiên của bạn.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    THAM GIA CUỘC THI
  • Tiền gửi lần truy cập
    Ký quỹ tài khoản của bạn với $3000 và nhận được $8000 nhiều hơn!
    Trong Tháng 3 chúng tôi xổ $8000 trong chiến dịch Chancy Deposit!
    Có được một cơ hội giành chiến thắng bằng việc ký quỹ $3000 vào một tài khoản giao dịch. Đáp ứng được điều kiện này, bạn trở thành một người tham gia chiến dịch.
    THAM GIA CUỘC THI
  • Giao dịch khôn ngoan, thành công
    Nạp tiền vào tài khoản của bạn với ít nhất $ 500, đăng ký cuộc thi và có cơ hội giành được các thiết bị di động.
    THAM GIA CUỘC THI
  • 100% tiền thưởng
    Cơ hội duy nhất của bạn để nhận 100% tiền thưởng khi gửi tiền
    NHẬN THƯỞNG
  • 55% Tiền thưởng
    Đăng ký tiền thưởng 55% cho mỗi lần gửi tiền của bạn
    NHẬN THƯỞNG
  • 30% tiền thưởng
    Nhận 30% tiền thưởng mỗi khi bạn nạp tiền vào tài khoản của mình
    NHẬN THƯỞNG

Các bài báo được đề xuất

Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.
Widget callback