The GBP/USD currency pair has formed a downward sloping flag formation.  This sets up a potential trade, and due to the action leading into the current formation, we have multiple profit targets.

A break above the upper channel line (see chart) indicates a swing higher with a target of 1.6500.  A move aggressive target is 1.6550 which is just above a former swing high from early July.

A break lower is less likely, but could happen.  The target would be 50 pips below the breakout point  of the lower channel line (see chart).  A more aggressive target is 100 pips.

The channel lines change over time because they are sloping, so it is prudent to reconstruct these lines on your own chart.

Want to learn more about chart patterns or other forex and stock market trading methods?  Check out the Trading Courses page.

Source: Forexyard, GBP/USD 1 Hour Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

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The pair has consolidated but is still in an uptrend.  While a break higher is more likely, a break in either direction is tradeable.

A break above 1.6240 would target 1.6300.

A move below 1.6210 provides a profit target of 1.6180-1.6170.

This trade idea is based on a 15 minute chart for the GBP/USD currency pair.  Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment.

Cory Mitchell, CMT

Chief Market Strategist

. . . . . . .

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Profiting From the Forex Market Using Chart Patterns

by Cory Mitchell, CMT

$21.95

May 24,  8:00 PM GMT

The markets are currently closes at the time of the this writing.  A wedge has formed in the GBP/USD currency pair.  This provides for potential day trades or swing trade set ups.

The wedge is providing resistance in the 1.6000 area and support can be found at 1.5900.  These these levels will change over time as the lines are upward sloping.  The pair closed last week at 1.5932.

A breakout of the wedge  would offer a target of  277 pips +/- the breakout price.  An upside breakout would provide a profit target on the trade of the breakout price +277 pips, or a downside break indicates a profit target of the breakout price -277 pips.

This is an aggressive target, rounding the potential profit down to 250 pips is prudent.

The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair on a 1 hour chart.  Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

Source: Forexyard, GBP/USD 1 Hour Chart

~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!

—————————

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May 21, 5:39 PM GMT

The GBP/USD is marching sideways over the last hour, possibly as traders await Ben Bernanke speech at 6 PM GMT.

A very small ascending triangle has formed within a larger ascending triangle.  Prices have just broken down out of the small triangle, but a break of the larger formation would be much preferred.  Both triangles share the same resistance line.

Currently the ascending trend line (the larger one)  offers support at 1.5890, although as time passes this will move up.  Resistance can be found at 1.5940.

A break below the rising trend line (large one) would offer a target of 1.5730 (based on a 1.5890 break price).  A break above horizontal support at 1.5940 would indicate a target of 1.6100.

Closer profit targets are offered by the small triangle and indicate moves to 1.6010 on a break higher, and 1.5860 on a downside break below the larger trend line.

~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!

—————————

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May 21, 6:45 GMT

The GBP/USD  is likely to break out of the current range as we head into the London session.  This range is easily seen on a 15 minute chart.

Current patterns indicate a continuation of the uptrend.  A move above the recent high at 1.5815 offers an initial profit target of 1.5870.  A further move above 1.5900 indicates a target of 1.600.

A move below 1.5730 is less likely at this point but would offer a target of 1.5675.

The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair.  Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!

—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

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May 20, 5:07 AM GMT

After a strong push upwards by the GBP against the USD in the earlier European session, the pair consolidated through the US session and is currently range bound.

The breakout of this range offers a profit target of 100 pips +/- the breakout price.  Currently the short term trend line provides support at 1.5455.  Resistance along the upper trend line is located at 1.5535.  The pair currently trades at 1.5487.

A breakout would offer profit targets of 1.5355 on the downside, and 1.5635 on the upside.  Both these levels also correspond closely with  horizontal support/resistance levels.

The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair.  This pattern can be traded on a 15 or 30 Min Chart.  Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

Forexyard: GBP/USD 30 Min Chart

~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!

—————————

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Still having some issues with some of the page links on the site.  The issue is being worked on, and hopefully we will have everything back to fully functional soon.  Thanks again for your patience.

May 11 5:51 AM GMT

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

After a strong run up on Friday by the GBP, the market has consolidated in a 50 pip range.  It could also potentially be a double top if the a breakout occurs in a downward direction.  The profit target for the breakout is 50 pips, whether it breaks above 1.5245 or breaks below 1.5195.  This puts initial targets at 1.5295 on the upside, or a 1.5145 on the downside.

If the market continues higher, a further profit target would be 1.5400.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

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April 24 5:00 GMT

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame.

The GBP/USD has formed a triangle.  This triangle offers us two potential profit targets.  One for the larger triangle, and one for the smaller triangle which I have intersected with a vertical line on the chart.

Currently the pair is trading at 1.4650.  A break below 1.4635 would signal a downward break from the pattern, offering  targets of 1.4565 and 1.4525.

If the pair moves higher, currently a break above1.4665 (remember, the line sloped down over time), would offer targets of 1.4735 and 1.4775.

These are my favorite patterns as near the apex of the triangle risk is relatively small compared to the reward offered by the pattern.  Even with a false breakout and a loss, we can generally make that loss back, plus a profit, when the eventual legitimate breakout occurs – if we control our risk.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair.  It is based off of a 15 minute chart.  Trading ideas or trading signals can be generated based on your own risk tolerance and time frame.

On the GBP/USD chart we can a see a descending wedge formation.  These formations are common at this time of the day.  Conservatively, a breakout from this formation would offer a target of 60 pips +/- the breakout price.  Currently a break above 1.4480 would offer a target of 1.4560.  A break below 1.4440 would offer a target of 1.4380.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair on 15 minute chart.  Trading ideas or trading signals can be generated based on your own risk tolerance and time frame.

The GBP/USD is currently range bound on the 15 minute chart.  With CPI data due out at 8:30 GMT we could see a tradeable breakout.  While longer term technicals point to the rate continuing lower (see GBP/USD 4 hour chart analysis below on the blog), a breakout in either direction would likely mean a move of around a 100 pips from the breakout price, potentially more.

A breakout would offer a target of range high-range low, or 1.4580-1.4480=0.01 or 100 pips.  Therefore profit targets are 1.4680 (1.4580+.01) for a break higher, or 1.4380 (1.4480-.01) for a break downwards.  These profit targets take us into other support and resistance zones.

~Cory Mitchell, CMT
Market Strategist

Please see the How To Use the Trade Ideas post if you have any questions about these signals.  If you are still unsure of something, feel free to comment.

——————————
Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.