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GBPUSD

GBPUSD stays inside monthly triangle ahead of BOE MPR HearingsGBPUSD bears flex muscles inside the one-month-old symmetrical triangle, recently easing from the resistance. Although downbeat RSI and MACD signals keep sellers hopeful of breaking the stated triangle’s support line, around 1.3550 at the latest, a convergence of the 100-DMA and the 50-DMA highlights the 1.3500 threshold as strong support. Even if the cable pair drop below the 1.3500 mark, the following south-run needs validation from an upward sloping support line from late December, near 1.3780 by the press time, a break of which will give controls to bears. On the contrary, hawkish BOE Monetary Policy Report (MPR) Hearings will again challenge the triangle’s resistance line, close to 1.3635. Following that, the 200-DMA and a descending resistance line from October 2021, respectively around 1.3680 and 1.3700, could test the bulls. During the quote’s run-up past-1.3700, January’s peak of 1.3748 may act as the last defense for the pair sellers ahead of unleashing the bulls. Overall, GBPUSD grinds inside the monthly triangle ahead of a likely hawkish event.
by MTradingGlobal
GBPUSD bulls eye 1.3700 on crossing monthly resistanceGBPUSD stays beyond a downward sloping resistance line from January 20, now support around 1.3590. Despite the recent pullback, the trend line breakout joins upbeat RSI and MACD signals to direct buyers towards the late January tops surrounding 1.3660. Following that, January 14 swing low near 1.3700 will gain the market’s attention as the RSI might have turned overbought by then. If not then the last month’s peak of 1.3748 should return to the charts. Alternatively, pullback moves remain elusive beyond the resistance-turned-support line, close to 1.3590. Though, a convergence of the 50-SMA, 200-SMA and 50% Fibonacci retracement (Fibo.) of January 2022 downside, around 1.3550, becomes a tough nut to crack for the GBPUSD bears. Should the pair drop below 1.3550, it becomes vulnerable to drop towards the 38.2% and 23.6% Fibo. levels, respectively around 1.3500 and 1.3450. To sum up, a clear upside break of the previous key resistance line joins successful trading beyond the 1.35550 support confluence to favor GBPUSD buyers.
Long
by MTradingGlobal
GBPUSD ANALYSIS ON H4 CHART.Overall, GBP/USD is ranging across. Recently, GBP/USD bounced up from the key level of 1.35. The UK employment data released yesterday indicated continued decline in the number of people claiming for unemployment benefits in February. Meanwhile, average earnings rose while unemployment rate remained unchanged. Average Earnings Index 3m/y (Actual: 4.3%, Forecast: 3.8%, Previous: 4.2%) Claimant Count Change (Actual: -31.9K, Forecast: -36.2K, Previous: -43.3K) Unemployment Rate (Actual: 4.1%Forecast: 4.1%, Previous: 4.1%) The UK CPI y/y data (Forecast: 5.4%, Previous: 5.4%) will be released later at 1500 (GMT+8). GBP/USD’s next support zone is at 1.33800 and the next resistance zone is at 1.36000. Look for short-term buying opportunities of GBP/USD.
Long
by charliedavies770
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