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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
Buy idea on GBPCHFPound is bullish due to macroeconomic release buy only on breakout with retest. Note: All ideas forecasts are my personal views on the market, I share these ideas for free, and you're free to share my profile link with your friends, please do not use my Idea without credit. I post and share for educational purposes hence no idea we publish should be considered an investment advice. I mostly share ideas with more than normal conviction, meaning I mostly share ideas with High conviction. You can check all my work, you can understand my style of analysing market, please if you like my work do help me earn reputation and like, comment on my ideas, we can discuss more here.
Long
by CELGIB_TRADING
#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
Short
by Skandhatrade
GBPUSD remains on the bull’s radarGBPUSD remains sidelined since the last Wednesday and retreats from its intraday high so far on Monday. Even so, a 13-day-old ascending trend channel defends the pair buyers. More immediately, a convergence of the 50-EMA and an upward-sloping trend line from early October, around 1.1760, restricts the quote’s nearby downside. Following that, the aforementioned channel’s lower line, close to 1.1720, will be crucial as a downside break of the same will direct bears towards the monthly low surrounding 1.1140. Alternatively, 1.1960 and the 1.2000 psychological magnet will precede the monthly peak surrounding 1.2030 to challenge the GBPUSD pair buyers during the quote’s fresh upside. Following that, the upper line of the previously mentioned channel, close to 1.2240, could restrict the pair’s further advances. In a case where the Cable pair rises past 1.2240, the August month high near 1.2295 will be in focus. Overall, GBPUSD stays on the bull’s radar despite the recently downbeat performance.
by MTradingGlobal
#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