GBP/USD Daily Video, July 19, 2017

[Sive Morten]

Good morning,

GBP stands in tactical retracement, so let's see how deep it could be and what patterns are forming right now around it:



The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[bobo81]

Hi Sive. What about weekly and yearly pivot points which are on the way down to double repo target? can't they hold the price from further drop?
Thanks.

 

[Sive Morten]

Hi Sive. What about weekly and yearly pivot points which are on the way down to double repo target? can't they hold the price from further drop?
Thanks.

Hi Bobo,
Yearly pivot stands @ 1.3128, so it doesn't impact on DRPO target. But if even it does, it is too wide to make any influence on DRPO target.
Weekly Pivot should provide some support and it is now, but downside impulse on 4-hour chart is rather strong and we suggests that it should be enough to complete DRPO target...

 

[bobo81]

Hi Bobo,
Yearly pivot stands @ 1.3128, so it doesn't impact on DRPO target. But if even it does, it is too wide to make any influence on DRPO target.
Weekly Pivot should provide some support and it is now, but downside impulse on 4-hour chart is rather strong and we suggests that it should be enough to complete DRPO target...

Yearly pivot on my mt4 is at 1.2999... that's why I was curious. Much lower than it should be...i see. Need to figure out why.

 

[Sive Morten]

Yearly pivot on my mt4 is at 1.2999... that's why I was curious. Much lower than it should be...i see. Need to figure out why.

It is very simple to do - just find H, L, and Close of previous year and then YPP= (H+L+C)/3
You could have Moving PP, so, it is also yearly, but not for 2016. May be it stands for the year since June 2016 till June 2017...

 

[bobo81]

It is very simple to do - just find H, L, and Close of previous year and then YPP= (H+L+C)/3
You could have Moving PP, so, it is also yearly, but not for 2016. May be it stands for the year since June 2016 till June 2017...

Did it. And it showed me exactly 1.2999. I have my live and demo accounts with 2 different brokers and the demo shows me YPP at 1.31180 with is very close to yours. But on my live account L of previous year is much lower and that is why YPP stands lower.
Thanks anyway.