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GBPUSD

#GBPUSD it's possible to buy#GBPUSD waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 1.13160 Next Zone area & horizontal swing Low support 1st Resistance 1.19646 Zone area & horizontal swing high resistance
Long
by Skandhatrade
GBPUSD buyers are all set to confront the 1.2030 hurdleGBPUSD bulls approach the key resistance line, stretched from mid-June, ahead of the UK’s employment numbers. The cable pair’s upside momentum takes clues from its successful trading beyond the 100-DMA, as well as the bullish MACD signals. However, nearly overbought RSI conditions could restrict further advances near an aforementioned resistance line, around 1.2030 at the latest. Even if the quote manages to cross the 1.2030 upside barrier, the 78.6% Fibonacci retracement of the pair’s June-September downside and the 200-DMA could challenge the run-up respectively near 1.2170 and 1.2255. In a case where the quote remains firmer past 1.2255, the odds of witnessing a run-up toward the mid-2022 peak of 1.2666 can’t be ruled out. Alternatively, a daily closing below the 100-DMA level surrounding 1.1655 needs validation from the previous monthly top, close to 1.1645, to recall the GBPUSD bears. Even so, the 50% Fibonacci retracement level around 1.1500 appears strong support for the sellers to crack before eyeing a convergence of the monthly ascending trend line and 38.2% Fibonacci retracement, near the 1.1230-25 area. Should the pair remains bearish past 1.1230, the previous monthly low near 1.0920 will gain the market’s attention. Overall, GBPUSD buyers are likely to keep the reins but the upside room appears limited.
by MTradingGlobal
GBPUSD remains firmer as traders await UK GDPGBPUSD’s rally post-US inflation data enabled it to poke the 100-DMA for the first time since late February. The pair’s further upside, however, appears limited as bulls brace for the UK’s Q3 GDP amid fears of witnessing a clear sign of recession. That said, the 100-DMA hurdle of 1.1665 and the upper line of a five-week-old bullish channel’s resistance line, near 1.1750, could challenge the quote’s immediate advances. Following that, the 78.6% Fibonacci retracement level of August-September downside and the early August low, respectively near 1.1875 and 1.2000, could entertain the buyers. Meanwhile, pullback moves need a daily closing below the two-month-old resistance line, close to 1.1585 at the latest, to tease GBPUSD sellers. Even so, a convergence of the 50-DMA and 50% Fibonacci retracement level near 1.1330 will be a tough nut to crack for the bears. It’s worth observing that the previously stated bullish channel’s lower line, near 1.1210, appears the last defense of the buyers, a break of which won’t hesitate to challenge October’s low surrounding 1.0950. Overall, GBPUSD is on the bull’s radar ahead of the key UK GDP data. However, the quote’s further upside appears limited.
by MTradingGlobal
GBPUSD must defend 1.1360 level to keep bears away on BOE dayGBPUSD grinds lower so far during November, after posting the biggest monthly gains since July 2020. The intraday moves are slightly positive even if the bulls seem to run out of steam ahead of the Bank of England’s (BOE) monetary policy announcements on Thursday. That said, the buyers are safe unless the quote trades beyond the 1.1360 support confluence including the 50-DMA and a lower line of the monthly ascending triangle. Following that, a slump toward October’s low near 1.0920 can’t be ruled out. During the fall, the 1.1000 psychological magnet may offer an intermediate halt whereas 1.0830 and 1.0680 might entertain the bears afterward, before directing them to the all-time low marked in September near 1.0350. Meanwhile, recovery moves could initially aim for the stated triangle’s resistance line, close to 1.1700 at the latest, before challenging the descending resistance line from late May, around 1.1750 by the press time. In a case where the GBPUSD prices remain firmer past 1.1750, the odds of witnessing a run-up toward the 1.2000 psychological magnet can’t be ruled out. It’s worth noting that the 61.8% Fibonacci retracement level of the May-September downside and the late August swing high, respectively near 1.1775 and 1.1900, may act as buffers during the rise from 1.1750 to 1.2000. Overall, GBPUSD remains on a bullish trend and the BOE is also expected to try all the means to regain the market’s confidence. However, it's what they actually and how it is perceived that will determine the Cable pair’s further directions.
by MTradingGlobal
GBPUSD upside remains elusive below 1.1400The US dollar’s decline versus most currencies on Friday allowed GBPUSD to bounce off a three-week-old support line. The recovery, however, needs validation from a monthly resistance line, around 1.1400 by the press time. Following that, the monthly high around 1.1490 may act as an intermediate halt before directing bulls towards September’s top surrounding 1.1740. In a case where the quote rises past 1.1740, July’s low near 1.1760 appears the last defense of bears ahead of highlighting the 1.2000 psychological magnet for the buyers. Meanwhile, sellers remain confused unless the quote stays beyond an upward-sloping support line from September 29, close to 1.1060 by the press time. Should GBPUSD sellers manage to conquer the 1.1060 support, a south-run towards the monthly low, currently around 1.0925, can’t be ruled out. Furthermore, the quote’s weakness past 1.0925 could take halts near 1.0760 and 1.0630 before revisiting the record low flashed the last month, around 1.0355. Overall, GBPUSD pares the previous monthly losses but it isn’t out of the woods.
by MTradingGlobal
GBPUSD needs to cross and stay beyond 1.1500 to convince buyersGBPUSD seesaws around a monthly resistance line, after successfully crossing the 200-SMA, as buyers await the UK inflation data. In addition to the stated trend line hurdle surrounding 1.1330, the 78.6% Fibonacci retracement level of September 13-26 downside, near 1.1435 and the monthly peak of 1.1495 could challenge the quote’s further upside. It’s worth noting that the pair’s sustained run-up beyond the 78.6% Fibonacci retracement level will need validation from the 1.1500 round figure to give control to buyers. Following that, a rally towards crossing the previous monthly top around 1.1740 can’t be ruled out. Meanwhile, pullback moves are unimportant beyond the 200-SMA level surrounding 1.1280. In a case GBPUSD drops back below the key SMA support, an upward-sloping support line form stretched from September 28, close to 1.1110, will be important to watch. Additionally, a three-week-old horizontal area near 1.0930-20 appears a last defense of the Cable buyers, a break of which could quickly direct the quote towards the 23.6% Fibonacci retracement level of 1.0670 and the September 29 swing low around 1.0540 before highlighting the all-time bottom of 1.0345 flashed the last month. Overall, GBPUSD tries to convince buyers but the road to the north is a long and bumpy.
by MTradingGlobal
GU flipped into bearishGBPUSD had nice bull rally from 1.3565 to 1.14952 with perfectly creating HH and HLs which later flipped into bearish at 1.14952. It failed to break above HH but later breaks below HL, also it broke below the Rising wedge pattern which is considered as a bearish chart pattern that points to a reversal after a bull trend. Target of Rising wedge pattern are usually at where it started from which is around 0.618 fib level and yet not completed. It confirmed the flip of trend by making LL and LHs, currently is in downtrend channel. Entering short when candle confirms the break of ascending trendline would be perfect with SL at above previous LH which is 1.3% only. It would be low risk high reward play. I'll do 3 TPs i.e. TP1- 0.5 fib, TP2- 0.618 fib and TP3 would be at 1.3565.
Short
by itwasblue
1
GBPUSD braces for further downside, 1.0930-20 eyed immediatelyGBPUSD holds onto the previous week’s downside break of the 50-SMA and a two-week-old support line, now resistance around 1.1160. Although the nearly oversold RSI suggests limited room towards the south, the bearish MACD signals keep the bears hopeful. That said, a horizontal area comprising the lows marked during late September, around 1.0930-20, lures intraday sellers. Following that, 1.0630 may offer an intermediate halt before directing the bears towards the record low printed in the last month around 1.0345. Alternatively, any recovery appears elusive unless the GBPUSD pair remains below 1.1160. Even if the cable pair crosses the 1.1160 hurdle the 61.8% Fibonacci retracement of late August-September downside, near 1.1320, will check the buyers. It should be noted that a downward-sloping resistance line from August 26, close to 1.1450 by the press time, seems the last defense of the bears, a break of which could trigger a short-term bullish trend. Overall, GBPUSD is on the way to the all-time low marked in the last month. However, the bears need validation from 1.0920 and the UK jobs report scheduled for publishing today.
by MTradingGlobal
GBPUSD faces uphill task to extend the latest reboundGBPUSD remains inside an eight-day-old bullish channel, as well as the 100-SMA, suggesting further upside. However, the 200-SMA and a downward sloping resistance line from August 26, respectively around 1.1430 and 1.1480, appear tough nuts to crack for the pair buyers. Also challenging the north-run is the RSI conditions which gradually approach the overbought territory. Even if the quote crosses the 1.1480 resistance, the aforementioned channel’s resistance line, near 1.1670, could challenge the cable buyers. Alternatively, the stated channel’s support line and the 100-SMA, around 1.1280 and 1.1200 in that order, act as the trigger for GBPUSD’s fresh selling. Following that, tops marked during late September, around 1.0930-15, could lure the bears. In a case where the prices remain weak past 1.0915, the year 1985 low near 1.0520 and the record low marked in the last month around 1.0345, will regain the market’s attention. Overall, GBPUSD fades upside momentum but the bears need to justify their strength to retake control.
by MTradingGlobal