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GBPUSD

GBPUSD portrays bullish consolidation above 1.2400GBPUSD buyers appear running out of steam as it wavers inside a three-week-old trading range. Even so, the Cable pair’s successful trading above the 11-month-old descending trend line close to 1.2320 at the latest, as well as beyond an upward-sloping trend line since the last September, keeps the buyers hopeful. Adding strength to the shorter ascending trend line support is the 50-DMA level surrounding 1.2210. Even if the quote breaks the 1.2210 support confluence, the 1.2200 round figure and the 1.2000 psychological magnet can challenge the pair sellers ahead of highlighting the 200-DMA support of around 1.1970. Meanwhile, the latest multi-month high of near 1.2550, marked earlier in April, stays on the GBPUSD buyer’s radar unless dropping below the 1.2320 support line mentioned above. Should the Cable pair remains firmer past 1.2550, the 1.2600 round figure may act as an intermediate halt before directing the quote toward the May 2022 peak of around 1.2665. In a case where the pair crosses the 1.2665 hurdle, the lows marked during early April 2022 near 1.2970-80 can test the bulls before directing them to the March 2022 bottom surrounding the 1.3000 round figure. Overall, the GBPUSD pair remains firmer despite the latest consolidation.
by MTradingGlobal
Rising wedge on the top lures GBPUSD bearsWith its heavy fall on Friday, GBPUSD ended the last week on a negative note, after four consecutive weekly gains. Adding strength to the bearish bias is the rising wedge chart formation. Furthermore, the RSI and MACD conditions also keep sellers on the lookout for opportunities. As a result, a clear downside break of the stated wedge’s support line, around 1.2415 by the press time, quickly followed by the 100-SMA support of 1.2385, becomes necessary for the bears to retake control. Following that, the 200-SMA support of around 1.2230 can act as an intermediate halt during the theoretical target of the wedge, close to 1.2050. Alternatively, the GBPUSD pair’s recovery may initially aim for regaining the 1.2500 round figure before challenging the stated bearish formation’s upper line, near the latest peak of around 1.2550. In a case where the Cable pair remain firmer past 1.2550, the 1.2600 threshold and May 2022 high of around 1.2665 will be in focus. Overall, GBPUSD buyers ran out of steam but the bears need confirmation from the 1.2385 to retake control.
by MTradingGlobal
SCALPING EURUSD GPBUSD USDCAD XAUUSD APRIL 10th to 14thEURUSD is currently remaining below the maximum zone of the market. Sellers being preferred below 1.0930 until 1.0910 and below 1.09 until 1.0880, buyers should be wary at 1.0880. The proposed scalping strategy suggests maintaining intervals of 10 pips per entry, although depending on volume, an entry could reach up to three market intervals. At this point, there are no buying scenarios below 1.0930. However, if tomorrow's opening surpasses the maximum 1.0930, then the preference will shift towards buying up to 1.0940 and 1.0950. Keep a close eye on these intervals for successful market trading. Updates are made tomorrow on TradingView GBPUSD is currently below the 1.25 , with a preference towards selling under 1.2430 up to 1.2420, and then from 1.2420 to 1.2410. If the minimum of 1.24 is reached, selling pressure is predicted to continue until 1.2390. On the other hand, buying intervals range from 1.2340 to 1.2350. After reaching a high of 1.2550, prices may drop back to 1.2580. In terms of the USDCAD, the preference right now is on buyers  over 1.35 and 1.3480, with strategies in place to support this area The opening tomorrow will determine whether a selling scenario becomes viable, with selling intervals ranging from 1.3490 to 1.3480, once below the 1.35 mark. Stay informed to make the best decisions when it comes to these currency pairs. Updates are made tomorrow on TradingView USDCAD currently shows a preference for buying around the 1.35 and 1.3480 levels. Strategically, it seems wise to invest in buying at this point. However, we should keep our eyes peeled and assess tomorrow's opening to see if a selling scenario may be more viable. If the pair dips below the 1.35 levels, the selling intervals might go as low as 1.3490 and 1.3480. XAUUSD, the market appears to be holding its buying position consistently above the price of 2000.0 an ounce. As traders, we prefer to look for opportunities to sell at levels below 1.990 and 1.980. Nevertheless, there is still a chance the market may sustain its buying pressure above 2.005 and 2.007. Keep an eye on Wednesday to see if the data on American inflation are favourable. That might be a turning point for dollar buyers and those who sell commodities. Updates are made tomorrow on TradingView
by watchmyTrading
GBPUSD bears flex muscles despite recent reboundGBPUSD confirmed a rising wedge bearish chart pattern on Friday, despite posting another weekly gain and marking an intraday run-up of late. However, the absence of an oversold RSI suggests that the Cable pair could drift lower. That said, the 50-SMA and a two-month-old previous resistance line, respectively near 1.2200 and 1.2170, can restrict the short-term downside of the pair before directing it to the 200-SMA support level surrounding 1.2070. It’s worth noting that the quote’s weakness past 1.2170 makes it vulnerable to visit the multiple supports marked since mid-February around 1.1920-10, a break of which won’t hesitate to approach the theoretical target near 1.1730. Meanwhile, GBPUSD recovery remains elusive unless the quote stays below the stated wedge’s lower line and 78.6% Fibonacci retracement level of the pair’s fall between late January and early March, around 1.2300 by the press time. Following that, the monthly high of around 1.2345 could test the Cable pair buyers. In a case where the quote remains firmer past 1.2345, multiple hurdles could test between 1.2400 and 1.2430 will precede the yearly high of around 1.2450 to challenge the pair’s upside momentum. Overall, GBPUSD is likely to witness further downside but the road toward the south appears long and bumpy.
by MTradingGlobal
GBPUSD runs into key resistance as BoE rate hike loomsGBPUSD pokes a 10-month-old descending resistance line as the Cable bulls brace for the Bank of England (BoE) updates. Given the pair’s successful trading above the key DMAs and a clear rebound from the 61.8% Fibonacci retracement of the May-September 2022 downturn, the buyers are likely to overcome the stated trend line resistance, currently around 1.2340. The same, if backed by the hawkish BoE updates, could allow the buyers to cross the multiple hurdles near the 1.2445-50 region. Following that, the May 2022 peak surrounding 1.2665 could gain the market’s attention. On the flip side, the 50-DMA and the 200-DMA restrict short-term GBPUSD downside near 1.2140 and 1.1900 respectively. Also acting as immediate support is the 1.2000 psychological magnet, as well as the 61.8% Fibonacci retracement level of 1.1775. In a case where the Cable bears keep the reins past 1.1775, joined by the BoE’s disappointment, tops marked in September and October of the last year, around 1.1735 and 1.1645 in that order, could act as intermediate halts during a likely fall towards the 50% Fibonacci retracement level around 1.1500. To sum up, GBPUSD is likely to rise further and has a price-positive technical set-up but the upside momentum needs validation from the BoE.
by MTradingGlobal
Rising Wedge Chart Pattern On All TF - GBPUSDIt's important to note that the behavior of the GBPUSD pair can be influenced by a wide range of factors such as global economic conditions, political developments, supply and demand, and market sentiment. Therefore, it's important to do your own research, analyze the market conditions, and consult with a qualified financial advisor before making any investment decisions. However, I can provide an explanation of the chart pattern you mentioned, which is the rising wedge pattern. A rising wedge is a bearish chart pattern that occurs when an asset's price is trading within an upward sloping channel but with a contracting range. This pattern is characterized by a series of higher highs and higher lows that form two converging trendlines that slope upward. The rising wedge pattern is formed when the price reaches a resistance level and starts to consolidate, with the highs getting lower and lower while the lows maintain their level, indicating that the buyers are losing momentum. Once the price breaks below the lower trendline of the wedge pattern, it can indicate a trend reversal, and traders may consider shorting the asset. However, it's important to note that the rising wedge pattern is not foolproof, and false breakouts can occur. Additionally, it's essential to use risk management techniques, such as setting stop-loss orders, to limit potential losses if the trade does not go as expected. In summary, the rising wedge pattern is a bearish chart pattern that can occur in the GBPUSD pair or any other asset, and it indicates a potential trend reversal. However, investors should conduct thorough research and analysis and consult with a financial advisor before making any investment decisions based on chart patterns.
Short
by Epic1st
#GBPUSD Uptrend Movement With rish:reward=3.5#trading stratergy #GBPUSD Uptrend Movemet time frame 3 hours. breakout from parallel channel. Buy at 1.20718, Target 1.22331, SL 1.20257 HOPE our analysis is adding value to your site trading Journey. If yes, Hit like button or boost our ideas. Thank you. NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk. NOTE: RESPECT The risk. SL should not be more than 2% of the capital. Happy Trading
Long
by TanujaK
GBPUSD buyers struggle on UK employment, US inflation dayDespite rising in the last four consecutive days, the GBPUSD bulls take a breather ahead of the key UK jobs report and the US Consumer Price Index (CPI) data. That said, the three-week-old descending resistance-turned-support-line, around 1.2140 at the latest, restricts the immediate downside of the Cable pair. Following that, the 200-SMA level surrounding 1.2100 precedes the one-week-old ascending trend line and the 100-SMA, respectively near 1.2040 and 1.2000, to challenge probe the Cable pair sellers. Should the quote remains bearish past 1.2000, a horizontal area comprising multiple levels marked since February 17, between 1.1915 and 1.1925, could try to prod the Cable bears. Alternatively, the 61.8% Fibonacci retracement level of the GBPUSD pair’s January-March fall, around 1.2200, caps the immediate upside around 1.2100. Following that, a run-up towards the mid-February swing high of around 1.2270 appears safe to expect. It should be noted that the quote’s run-up beyond 1.2270 will be crucial to watch as it holds the key to the pair’s run-up toward the previous monthly peak of 1.2400. Overall, the pre-data anxiety joins nearly overbought RSI conditions to probe GBPUSD buyers. However, the bullish MACD signals and hopes for further US Dollar weakness keep the bulls hopeful.
by MTradingGlobal