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GBPUSD

gbp/jpy sell gbpjpy has broken down from the head and shoulder reversal pattern and is now heading lower. Yen has been strengthening overall and it is interesting to see that even the USDJPY pair has been struggling. There is some risk off in the financial markets as a whole and that seems to help yen. The target is the depth of the pattern and is marked on the chart. There can be a partial entry at the current price and then some more when the neckline is re-tested if at all.
Short
by anshuman_05
GBPUSD renews multi-month high near 1.2900GBPUSD printed the first weekly gain in three after the US Dollar’s fall post-NFP. Following that, the Cable pair crossed the 1.2850 resistance, as well as defy the bearish triangle to rise to the highest level since April 2022. It’s worth noting that the bearish RSI divergence, where the price made a higher high but the indicator marked a lower high, suggests a lack of bullish momentum. However, the sellers need to confirm the bearish triangle break by slipping beneath the 1.2680 support, as well as witness downbeat UK employment data. Following that, the early June swing high of around 1.2550, the 100-DMA level near 1.2420 and May’s low near 1.2310 can act as intermediate halts before directing the quote toward the theoretical target of the bearish triangle, namely the 1.2140 level. Meanwhile, a clear upside break of the 1.2850 hurdle on the daily closing basis becomes necessary for the GBPUSD upside toward the 1.3000 psychological magnet. It should be noted that the UK employment report needs to back the upside break of 1.2850 to keep the Pound Sterling buyers hopeful. Following that, a slew of supports and resistances marked between December 2021 and April 2021 highlight the 1.3150-60 region as the key challenge for the pair buyers. Overall, GBPUSD is likely to return to the bear’s radar after a few weeks of absence. Though, the fundamentals need to back the Cable sellers.
by MTradingGlobal
GBPUSD my prediction.Analysis for GBPUSD: 10th july Liquidity: internal liquidity : N/A external liquidty: yet to taken on the buyer side Volume profile: D shape VWAP : weekly Above fair value : close to +2 Propable move: Buy side once it reaches the black dotted lines. But can only predict after confirmation. Take your own risk. Analysis may be different in pov for market makers. I have plotted 4 scenarios (arrows) based on my own analysis. : We have 1. Gbp unemployment rate 2. Inflation rate usd
by Piphunter001
GBPUSD recovery appears elusive below 1.2850GBPUSD defends the last Thursday’s rebound from the 200-EMA to brace for the first weekly gain in three. The Cable pair’s recovery also takes clues from the upbeat RSI (14) line and the bullish MACD signals, which in turn suggest room for further upside. The same highlights a three-week-old horizontal resistance zone around 1.2760-70 as the short-term key hurdle. Following that, multiple tops marked around 1.2840-50 can act as the last defense of the Pound Sterling bears. In a case where the quote remains firmer past 1.2850, the 61.8% Fibonacci Expansion (FE) of May 25 to June 29 moves, near 1.2930, followed by the 1.3000 psychological magnet, will lure the buyers. On the contrary, a broad support zone comprising levels marked since early May challenges the GBPUSD bear’s entry between 1.2690-70. Should the quote Cable bears manage to conquer the 1.2670 support, the 200-EMA level of around 1.2615 and the 1.2600 round figure will be on their radars. However, a six-week-old ascending support line, close to 1.2580 at the latest, seems a tough nut to crack for the Pound Sterling sellers, a break of which will give back powers to them. Overall, GBPUSD remains firmer but the room towards the north appears limited.
by MTradingGlobal
FOMC Minutes in the Charts: EUR/USD & GBP/USD FOMC Minutes in the Charts: EUR/USD & GBP/USD During their June meeting, minutes released on Wednesday indicated that almost all Federal Reserve officials expect further tightening in the future. Despite the majority's belief in upcoming rate hikes, policymakers chose not to increase rates due to concerns about over-tightening. They acknowledged the delayed impact of previous policies and other factors, which led them to skip the June meeting after implementing ten consecutive rate increases. Out of the 18 participants, all but two anticipated at least one rate hike to be appropriate within this year, while twelve members expected two or more hikes. The prevailing consensus that the US central bank will raise borrowing costs by 25 basis points at the end of the July policy meeting has lent some strength to the US Dollar and exerted downward pressure on the GBP/USD and EUR/USD. The DXY (US Dollar Index) surged above 103.30, reaching its highest level of the week. EUR/USD further declined to the 1.0850 region. The outlook for the Euro has turned negative as the EUR/USD pair dropped below the 20-day simple moving average (SMA). If the GBP/USD pair falls below 1.2700 and confirms that level as resistance, the next potential bearish targets could be 1.2680, 1.2658, 1.2647 according to fib retracement levels and previously pivot points.
by BlackBull_Markets
GBPUSD is still not for the bearsDespite posting the first weekly loss in four, the GBPUSD pair stays beyond the key supports. Not only that but the RSI (14) also retreats from overbought conditions and hence the fears of a pullback are off the table. That said, the MACD signals are bullish, which in turn backs the buyers to renew the upside momentum. That said, the latest peak, also the 61.8% Fibonacci Expansion (FE) of March-May moves, near 1.2850, appears the immediate target for Cable buyers. Following that, the lows marked during March 2022 join the 78.6% FE to highlight the 1.3000 as a strong resistance to watch. In a case where the pair remains firmer past 1.3000, the late 2021 bottom of around 1.3160 will be in the spotlight. Meanwhile, the previous monthly high of near 1.2680 acts as immediate support for the intraday sellers of the GBPUSD pair to watch. Following that, an ascending support line from early March, close to 1.2510, immediately followed by the 1.2500 round figure, will be important hurdles for the bears to conquer to retain control. It’s worth observing that the 100-DMA level of around 1.2350 and the previous monthly low surrounding 1.2300 act as the last battle points for the Cable buyers before relinquishing control.
by MTradingGlobal
GBPUSD stays on bull’s list despite pre-BoE retreatGBPUSD dropped in the last three consecutive days and is on the way to posting the first weekly loss in four as the Cable traders prepare for the Bank of England (BoE) Interest Rate Decision, despite the latest rebound. Even so, the Pound Sterling remains beyond the 50-SMA and a three-week-old rising support line, respectively near 1.2690 and 1.2655 at the latest. Even if the quote breaks these immediate supports, the monthly swing high of near 1.2540 and the 200-SMA surrounding 1.2520 can act as the last defenses. It should be noted that the RSI is below 50.0 and suggest bottom-picking while the strong UK inflation also increases the hawkish hopes from the BoE. In that case, the weekly resistance line of near 1.2770 and the latest multi-month high marked the last week around 1.2850 will be in the spotlight. However, an upward-sloping trend line from mid-April, close to 1.2870 at the latest, will challenge the GBPUSD bulls afterward. In a case where the Cable pair remains firmer past 1.2870, multiple hurdles near 1.2970 and the 1.3000 threshold may test the upside momentum before directing the Pound Sterling prices toward the April 2022 peak of near 1.3150. Overall, GBPUSD is likely to grind higher unless the BoE disappoints markets.
by MTradingGlobal
Resistance at 1.267: Key Level to Watch After BoE Rate Decision The UK continues to struggle with high inflation, as demonstrated once again this morning when headline inflation exceeded expectations at 8.7%, surpassing the projected 8.4%. Core inflation also outperformed, registering a 7.1% figure compared to the expected 6.8%. This divergence emphasizes the contrast between the UK and its counterparts in the US and Europe. Tomorrow, the Bank of England is set to announce its interest rate decision, and there are expectations of further tightening from the central bank. Given the elevated level of inflation, the bank may have little choice but to maintain a hawkish stance. Last week, the GBPUSD initially tested the support level at the previous resistance of 1.250. However, that brief decline was followed by four consecutive days of significant gains, ultimately reaching a new high for the year. There was a temporary resistance encountered at a critical level of 1.267. Following tomorrow's rate decision, this level could potentially act as a support area, particularly considering the slight pullback observed in recent days and the elevated RSI (Relative Strength Index). On the other side of the trade, we have Federal Reserve Chair Jerome Powell's comments on the central bank's ongoing battle against inflation falling short of the market's more hawkish expectations. During his testimony to lawmakers, Powell acknowledged that inflation remains significantly above the Fed's target and indicated that raising rates could still be a sensible course of action, albeit at a more moderate pace. Traders particularly took note of the term "moderate," which Powell used to qualify the potential rate increases. We still have one more day of testimony from Powell.
by BlackBull_Markets
GBPUSD bulls take a breather ahead of UK employment reportGBPUSD extends the week-start retreat from a one-month high, after posting a two-week upside, as it braces for the UK employment numbers on Tuesday. The In doing so, the Cable pair holds onto the previous day’s pullback from a six-week-long horizontal resistance as RSI retreats from nearly overbought territory. Even so, the MACD indicator flashes bullish signals hence a downside appears limited unless breaking an upward-sloping support line from early March, close to 1.2420 by the press time. Following that, the 100-day Exponential Moving Average (EMA), near 1.2330, will give the last fight to the bulls before giving control to the sellers. Meanwhile, a clear upside break of the aforementioned resistance zone, around 1.2580-85 at the latest, could quickly propel the GBPUSD price towards the yearly high marked in May near 1.2680. In a case where the Cable pair remains firmer past 1.2680, the 1.2700 and the 1.2800 round figures will act as intermediate halts during the likely run-up towards a 61.8% Fibonacci Extension (FE) of the pair’s March-May moves, close to 1.2850. It should be observed that the May 2022 peak near 1.2670 offers an additional upside filter. Overall, GBPUSD is likely to remain bullish unless breaking 1.2330, even if today’s UK employment data and the US inflation numbers disappoint and drags the quote downwards.
by MTradingGlobal