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GBPUSD

GBPUSD rebound appears necessary as cable traders await BOEGBPUSD fades the corrective pullback from a two-year low, as well as the 61.8% FE level of late March-May moves. Also supporting the bounce was the oversold RSI condition. However, the Bank of England’s (BOE) looming rate hike keeps buyers on their toes due to the “Old Lady’s” previous failures to impress. That said, the recovery moves currently need a clear upside break of the previous monthly low of 1.2155 to convince buyers. Should the BOE manage to favor the bulls, a run-up beyond the 1.2155 could aim for a seven-week-old horizontal resistance zone surrounding 1.2410-20. It’s worth noting that the cable pair’s run-up past 1.2420 remains doubtful as a descending resistance line from February precedes the 50-DMA, respectively around 1.2500 and 1.2610, to challenge the optimists. On the contrary, the 1.2000 threshold acts as the immediate support ahead of the 61.8% FE level of 1.1960. During the GBPUSD pair’s weakness past 1.1960, the 78.6% FE and a downward slopping support line from March, around 1.1760 and 1.1700 in that order, will be crucial to watch as the RSI might have offered another corrective bounce by then. If not then the quote becomes vulnerable to testing the 100% FE level of 1.1510. Overall, GBPUSD is likely to extend the latest recovery as traders position themselves for the BOE. However, the upside momentum remains elusive.
by MTradingGlobal
Hello guys this analys is GBPUSD read this analysToday High Impact News of USD is at 6.00 PM. According to the news, the forecast is 0.8%, if the actual rate comes to 0.9% then USD will be better and our pair is GBPUSD and GBP tomorrow market has come on monthly support due to fall. If the actual price is 0.9% or more, then GBPUSD will go down in a heavy margin and if the work is more than 0.8% then it will go above the monthly support, then I tell you that you should not trend today, do not take the risk of news. There is no belief that it can be good and it can also be bad. trade on for own risk thanks
by TAJMAHALFOREX
GBPUSD braces for fresh 2022 low with eyes on Fed, BOEA clear downside break of the six-week-old horizontal support keeps GBPUSD bears hopeful of further south-run ahead of the US Federal Reserve (Fed) and the Bank of England (BOE) monetary policy meetings. That said, 1.2255-50 appears immediate support for the cable ahead of the yearly low surrounding 1.2150. It’s worth noting, however, that the quote’s sustained downturn past 1.2160 could make it vulnerable to further declines toward the 1.2000 psychological magnet. Following that, the 61.8% Fibonacci Expansion (FE) of late March to May moves, near 1.1950, might lure the bears. Alternatively, recovery remains elusive until the quote remains below the recently broke support-turned-resistance, around 1.2400-2410. Even if the GBPUSD prices rise beyond 1.2410, a downward sloping trend line from February and the 50-DMA, respectively near 1.2570 and 1.2640, will be in focus. It’s worth mentioning that the pair’s successful run-up beyond the 50-DMA needs validation from May’s high near 1.2665 to convince the buyers. Overall, GBPUSD is ready to extend the latest downward trajectory but the oscillators may test the bears and so do the central bankers. Hence, traders’ discretion appears more required.
by MTradingGlobal
GBPUSD bears attack 1.2480 support confluenceGBPUSD not only snapped a two-week uptrend by the end of Friday but also jostles with short-term key support around 1.2480, comprising 100-SMA and a fortnight-long support line. Descending RSI and sluggish MACD also suggest that the bulls ran out of steam, suggesting further downside ahead. Hence, bears appear hopeful of revisiting the 23.6% Fibonacci retracement of the April-May downside, around 1.2385, with the immediate battle to be won against 1.2480. Following that, 1.2330 and 1.2260 may entertain sellers before directing them to May’s low of 1.2155. Any corrective pullback, however, needs validation from a downward sloping trend line from mid-April, surrounding 1.2600 by the press time. Also acting as an upward filter is May’s peak of 1.2666, as well as the 61.8% Fibonacci retracement level of 1.2770. In a case where GBPUSD buyers remain dominant past 1.2770, an upward trajectory towards April 19 swing low close to 1.2980 can’t be ruled out. Overall, GBPUSD signals further downside but sustained trading below 1.2480 becomes necessary.
by MTradingGlobal
GBPUSD rebound remains doubtful unless crossing 1.2780GBPUSD refreshed it's monthly high the previous day but the bulls don’t have smooth sailing due to the weekly closing below the 1.2630-40 horizontal hurdle. That said, RSI and MACD have been supportive of the recovery moves and hint at the further upside. However, a convergence of the descending trend line from February and the 50-DMA, around 1.2775-80, appears a tough nut to crack for the buyers. It’s worth noting, though, that a clear run-up beyond 1.2780 could propel the prices towards a 50% Fibonacci retracement of February-May downside, near 1.2950. Meanwhile, pullback moves may initially dribble around the 23.6% Fibonacci retracement level of 1.2530 before the GBPUSD bears approach a one-month-old horizontal support area surrounding 1.2400. Should the quote fail to bounce off 1.2400, the 1.2260-55 region can act as the last defense for the sellers. During the cable’s weakness past 1.2250, the recent multi-month low around mid-1.2100s and the May 2020 bottom of 1.2075 will gain the market’s attention. Overall, GBPUSD approaches the short-term key hurdles which hold the keys to a trend change.
by MTradingGlobal
GBPUSD bulls have more upside on the platterGBPUSD braces for further upside until staying beyond the 100-SMA and a three-week-old horizontal resistance, now support 1.2400. That said, the 38.2% Fibonacci retracement (Fibo.) of the pair’s downside from late April to the recent lows, around 1.2515, appears short-term target for the bulls. Following that, the 1.2600 threshold and the monthly peak surrounding 1.2640 should gain the market’s attention. In a case where the cable buyers dominate past 1.2640, the 200-SMA level near 1.2700 appears a tough nut to crack. Meanwhile, further selling should wait for a clear downside break of 1.2400 to aim for the early May swing low near 1.2260. In a case where GBPUSD prices remain weak past 1.2260, the recent multi-month low close to 1.2155 will act as the last defense for the bulls. It’s worth noting that sustained trading below 1.2155 could make the quote vulnerable to a slump towards the 1.2000 psychological magnet. To sum up, GBPUSD has had enough of the south-run and hence a short-term recovery can’t be ruled out.
by MTradingGlobal