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GBPUSD

Impending bull cross tease GBPUSD buyers on UK GDP dayGBPUSD stays ready to reverse the month-start bearish signal, initially triggered by the 50-SMA’s break below 200-SMA, as markets await the preliminary reading of the UK Q4 GDP. However, the monthly resistance line and a descending trend line from January 20, respectively around 1.3585 and 1.3610, guard the quote’s short-term upside. During the pair’s run-up beyond 1.3610, the late January’s peak surrounding 1.3660 may offer an intermediate halt before directing the bulls towards the yearly top near 1.3750. Meanwhile, a clear downside past 50-SMA level of 1.3530 rejects the odds of witnessing a bull cross, which in turn suggests a south-run towards the previous month’s low near 1.3355. That said, 50% and 78.6% Fibonacci retracements (Fibo.) of December-January upside, near 1.3460 and 1.3300 in that order, act as an extra filter during the declines. Overall, GBPUSD bulls have a brighter scope to renew the 2022 peak given the positive support from UK GDP growth data.
by MTradingGlobal
Rising wedge confirmation teases GBPUSD bearsAfter a rollercoaster ride on the BOE moves, GBPUSD bears flex muscles with eyes on Thursday’s UK Q4 GDP. The week’s start has already confirmed a rising wedge bearish pattern but the sellers need validation from 50-SMA 1.3490. Theory suggests a sustained downtrend past 1.3490 will recall 1.3330-25 levels on the chart. However, 61.8% Fibonacci retracement (Fibo.) of December-January advances near 1.3385 and the previous month’s low near 1.3355 may offer intermediate halts during the run-up. Alternatively, corrective pullback remains elusive below the 200-SMA level of 1.3525, a break of which will direct GBPUSD buyers towards the 1.3600 threshold. It’s worth noting that a two-week-old rising trend line, forming part of wedge near 1.3635, can challenge the cable pair’s upside past 1.3600 but sustained trading beyond the same won’t hesitate to propel the rally towards 2022 peak surrounding 1.3750. To sum up, GBPUSD consolidates recent gains but the bears need validation from data and chart both.
by MTradingGlobal
GBPUSD | Good Sell opportunityIf you find this technical analysis useful, please like & share our ideas with the community. What do you think is more likely to happen? Please share your thoughts in comment section. And also give a thumbs up if you find this idea helpful. Any feedback & suggestions would help in further improving the analysis. Good Luck! Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Short
by maxprofwizard
GBPUSD bears need validation from 1.3330A corrective pullback on Friday failed to lift GBPUSD beyond 50-DMA, not to forget a fortnight-old descending trend line. However, nearly oversold RSI conditions can challenge the cable pair’s sellers until breaking the 23.6% Fibonacci retracement (Fibo.) of September-December 2021 downside, near 1.3330. Should the quote remains weak past 1.3330, the 1.3280 level may offer an intermediate halt before dragging the quote towards the year 2021 bottom surrounding 1.3160. Alternatively, the 50-DMA and aforementioned immediate resistance line, respectively around 1.3415 and 1.3450, guard the GBPUSD pair’s short-term rebound. Also acting as a nearby important resistance is the 100-DMA level of 1.3525. It should be noted, however, that the quote’s trading above 1.3525 will propel the quote’s run-up towards the 61.8% Fibo. level near 1.3625-30. That said, the 200-DMA level of 1.3720 acts as a last line of defense for the bears before the October 2021 peak surrounding 1.3835.
by MTradingGlobal
GBPUSD battles 1.3540-35 key support ahead of UK PMIsGBPUSD keeps pullback from 200-DMA and 78.6% Fibonacci retracement (Fibo.) of September-December 2021 downside around a short-term crucial support convergence near 1.3540-35, including 100-DMA and 50% Fibo with eyes on monthly UK PMI data. That said, recently upbeat UK economics renews BOE rate hike concerns, which in turn could trigger the pair’s bounce from the stated support should today’s activity numbers arrive higher. The same could trigger recovery moves towards the 61.8% Fibonacci retracement level of 1.3630. However, the pair’s further advances will be challenged by the 200-DMA and 78.6% Fibo. level, respectively around 1.3730 and 1.3750. On the contrary, a downside break of 1.3535 will reassess the data and also need validation from the mid-November peak of 1.3513 before directing GBPUSD bears to the 50-DMA level of 1.3416. Should the cable pair sellers dominate past 1.3416, odds of witnessing further declines towards 23.6% Fibonacci retracement of 1.3335 can’t be ruled out.
by MTradingGlobal
GBPUSD bears look for entries with eyes on UK employment dataHaving reversed from the late October tops, GBPUSD pokes the key support lines around the mid-1.3600s. Given the receding bullish bias of the MACD and RSI retreat, the prices are likely to decline further. However, the UK employment data will be crucial to watch for clear direction. Should the cable pair stays below the stated 1.3650 support, odds of its gradual declines toward the 100-SMA level of 1.3540 and then to the 200-SMA level surrounding 1.3400 can’t be ruled. However, a horizontal line surrounding 61.8% Fibonacci retracement of December-January upside, near 1.3370, will be a tough nut to crack for the pair sellers afterward. Meanwhile, the 1.3700 and the recent tops around 1.3750 act as nearby resistances to watch during the pair’s fresh advances. Should the quote rises past 1.3750, tops marked during October and September 2021, respectively around 1.3835 and 1.3915, will challenge the GBPUSD buyers ahead of directing them to the July 2021 peak of 1.3982. During the quote’s advances past 1.3982, the 1.4000 threshold will be crucial to watch for further upside. To sum up, GBPUSD sellers await a clear signal for fresh entries from technical, as well as fundamentals.
Short
by MTradingGlobal
Classic Double Top!Let's Start by admitting the fact that price action works like crisp in FOREX. A beautiful breakout at $1.36459 made GBPUSD hit $1.37437 - $1.37493 Levels. Which happened to be a small time resistance level. (During October 2021) Price then reacted to the resistance and set up its camp down at $1.37007 Levels. Selling pressure was still intact when it tried crossing $1.37437 - $1.37493 Levels again - 1st Indication for a possible Double top. I.e, $1.37007 Levels Could possibly be the Neck Line. Hah! That's what happened! Price Almost respected our resistance level, and started its jouney downwards. - 2nd Indication for a Double Top. EMA 9 Going below EMA 21 + RSI breaking its 47 levels Made themselves in the play for going short. Candle at 7:30 with its good selling pressure and closing below the neckline confirmed the death of $1.37007 levels - THE FINAL INDICATION. And the trade went on it's journey downwards as predicted.
by pranay0508mishra
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