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GBPUSD

GBPUSD wavers around 200-SMA on Brexit fearsGBPUSD portrays sluggish market conditions as the bears jostle with the 200-SMA following Friday’s heavy fall, amid the escalating Brexit woes. Even so, the quote’s downside break of the 100-SMA, near 1.3720, keeps the bears hopeful of the further weakness of the cable pair. That said, lows marked during late September and early October, respectively around 1.3600 and 1.3550, will offer intermediate halts before directing the quote towards the yearly low of 1.3410, marked in September. Meanwhile, corrective pullback beyond the 100-SMA level of 1.3720 will be challenged by a two-week-old resistance line, near 1.3815. In a case where the GBPUSD bulls manage to cross the 1.3815 hurdle, the highs marked during September and July, respectively around 1.3915 and 1.3985 will challenge the upside momentum. Also acting as an upside filter is the 1.4000 threshold. Overall, GBPUSD broke short-term key support on Friday and is likely waiting for bears to take control.
Short
by MTradingGlobal
GBPUSD prints bullish flag as EU-UK jostle over BrexitGBPUSD buyers await for Brexit headlines as the Cable gyrates inside a bullish flag chart pattern on the four-hour play. The European Union (EU) diplomats aren’t likely to get a warm welcome in London on their arrival for Brexit talks. The reason could be linked to the comments from UK’s Brexit policymaker David Frost, conveying his discomfort with the bloc proposal for NI border. However, the Fed tapering concerns remain elevated ahead of Thursday’s US Q3 GDP and underpin the US dollar’s safe-haven demand. Hence, the quote is likely to remain firmer but further upside needs a clear break of 1.3815 hurdle. The same will confirm the bullish chart pattern, directing the pair further towards the 1.400 psychological magnet. During the rally, September’s peak of 1.3912 may probe the bulls. Alternatively, the monthly support line near 1.3750 offers immediate support to the GBPUSD prices during the pullback, ahead of the stated flag’s support line near 1.3725. Should the quote remains weak past 1.3725, the 1.3700 round figure and 200-SMA level near 1.3685 may probe the bears before directing them towards the monthly low of 1.3430. Overall, GBPUSD bulls keep the reins ahead of important Brexit talks.
Long
by MTradingGlobal
GBPUSD bulls step back from 100-DMA on softer UK CPIWith downbeat UK inflation figures pouring cold water on the face of BOE hawks, GBPUSD eases from 100-DMA, consolidating the previous day’s gains below 1.3800. For now, the 1.3700 mark, comprising multiple levels marked since late September, question the pair’s further weakness. Also acting as a downside filter is the ascending support line from September 30, near 1.3660. In a case where the cable prices drop below 1.3660, July’s low close to 1.3570 will gain the market’s attention. Meanwhile, recovery moves not only need to cross the 100-DMA immediate hurdle surrounding 1.3805. The reason is the 200-DMA and a descending resistance line from July 30, respectively near 1.3845 and 1.3860. During the quote’s rise past 1.3860, tops marked during July and late June, around 1.3985 and 1.4005 in that order, will be crucial before calling the GBPUSD bulls.
Short
by MTradingGlobal
GBPUSD looks for further upside towards 1.3700GBPUSD rises to a two-week high after confirming the bullish head-and-shoulders chart pattern the previous day. The cable pair stays bid around 1.3655 inside a short-term rising channel during early Monday. Given the confirmed bullish formation breakout and firmer MACD signals, the quote is likely heading towards the 200-SMA level near 1.3710. However, any further upside will be challenged by the upper line of an ascending trend line from September 29, near 1.3745. Also challenging the pair buyers is the late September’s peak near 1.3750. Meanwhile, pullback moves may aim for the stated channel’s support line, around 1.3600. However, buyers may remain hopeful until witnessing the downside break of the previous resistance line near 1.3595. Even if the GBPUSD sellers manage to conquer the 1.3595 and defy the bullish chart pattern, last week’s swing low around 1.3580 will question additional losses before directing it to the previous month’s low of 1.3411.
Long
by MTradingGlobal
GBPUSD renews bearish move, 1.3500 lures intraday sellersGBPUSD retreats below 50-EMA during early Monday as the market’s risk-off mood favors the USD bulls. In addition to the sour sentiment and failures to cross 50-EMA, a six-week-old horizontal area and a descending resistance line from September 14, respectively around 1.3610 and 1.3635 levels, will challenge the GBPUSD buyers amid bearish MACD and steady RSI. Even if the quote manages to cross the 1.3635 hurdle, the 1.3745-50 region comprising late September’s swing high could mark one last attempt to challenge the bulls. Meanwhile, the 1.3500 mark acts as immediate support to watch during the quote’s further weakness. Following that, 1.3480 and the latest low surrounding 1.3410 should entertain GBPUSD bears. In a case where the quote refrains from bouncing off the 1.3400 psychological magnet, it becomes vulnerable to retest late 2020 levels below the 1.3200 threshold. Overall, GBPUSD sellers keep the reins unless the cable crosses the 1.3750 resistance.
Short
by MTradingGlobal
GBPUSDDear traders, As I have been accustomed to in recent months and this time my technical analysis had an accuracy rate of over 95% and I will try to continue to keep this percentage as long as possible I said in the last weeks ...s you can see, the W pattern for a week is almost perfectly respected and GU has already reached level 1 that I proposed last week! from here ... I expect a rejection and a small retracement move and after ... DOWN AGAIN to target 2 ...even if it will remain in the range in this area because the volume in the market is extremely low in August ... my target for the next period remains the 1.35 area, continuing the idea I promoted in the last weeks ...GU went down and is fast approaching the 2nd target from 1.35 making the 700 pips that I have predicted since May THIS WEEK...this week I will draw a parallel between the 1 week chart and the 1 month chart because the month has just ended and I would like to know what to expect ... just like EURUSD, GU reached target 2 and made the 700 pips that I have been talking about in the last months and now it is time to do a new analysis ... In the next period I think it will play more on economic factors taking into account the economic crisis in the UK but in the long run ... I think GU will start a new rise of 200-300 pips even if it can, it will test the 1.34500 area again GU closed above the extremely strong 1.34500 area formed in the last 5 years and on the 1 month chart it rejected from the Fibonacci 0.5 area but I repeat ... pay close attention to the economic news in the UK because the decline could be wider ... 200-250 pips and from there UP again to 1.37 NOTE: Please, give a LIKE if you find this idea useful! GREAT ATTENTION: *This information is not a Financial Advice.
by BloomFX_SIGNALS
GBPUSD: Bullish TriangleGBPUSD has formed a bullish triangular pattern. Usually this wave structure forms in an impulsive sequence as wave 4 . It consists of 5 sub waves as wave-a , wave-b , wave-c, wave-d and a final setback wave-e . Each of these waves consists of three wave internal structure. Each of the waves should not break their extreme points. The final confirmation to enter the position comes when the price gets close above the level of wave-d. The minimum target of the pattern is just a poke above the level of wave-b and just above the level of wave-3 of the impulsive count. There is also a guideline to predict the target of this pattern which is known as triangular thrust. The triangular thrust is the measurement of the distance from the level of wave-a to the level of wave-b . This measured length should be kept to the breakout level of wave-d to get the target of this pattern. Trading strategy: Buy on cmp and add on dips , maintain the sl of 1.35700 & look for the tgt of 1.3800/ 1.3900 /1.4000
Long
by TradingSutra
GBPUSD rebound seeks validation on BOE Super ThursdayGBPUSD recovers from the monthly bottom as the cable traders await the Bank of England’s (BOE) Quarterly Inflation Report (QIR). Given the bullish hopes from the “Old Lady,” the quote may keep the latest rebound. However, it needs to provide a daily closing above an ascending trend line from July 20, near 1.3630 to keep the buyers hopeful. Also challenging the short-term upside moves is a downward sloping resistance line from September 15, near 1.3680. Above all, the pair bulls may struggle to retake controls unless crossing the 100-DMA level of 1.4000 on a daily closing basis. Meanwhile, a daily closing below 1.3630 will direct GBPUSD sellers towards the 1.3600 round figure and July’s bottom near 1.3570. Though, any further weakness will be challenged by a descending support line from April, surrounding the 1.3500 threshold. It’s worth noting that the oversold RSI conditions raise concern over the pair’s additional declines and so does a jump in the UK inflation expectations that helps BOE hawks to keep the driver’s seat.
Long
by MTradingGlobal
Technical Analysis: Monthly rising channel defends GBPUSD bullsWhile major currency pairs dropped notably the previous day, as Fed tapering concerns propelled the US dollar, the GBPUSD remained far from bear’s reach despite refreshing weekly low. The reason could be linked to a one-month-old rising channel. The cable pair teases the channel’s support, surrounding 1.3785, by the press time of early Friday. Even if the quote drops below 1.3785 an upward sloping support line from August 27, near 1.3760, will challenge the pair sellers before directing them to the 61.8% Fibonacci retracement level of July’s upside at 1.3730. Meanwhile, recovery moves need to overcome 1.3850 to battle multiple hurdles around 1.3890-95. Also acting as an upside filter is the 1.3900 threshold. Should GBPUSD bulls manage to cross 1.3900, August month’s high near 1.3960 and July’s peak surrounding 1.3980 can act as buffers prior to highlighting the 1.4000 psychological magnet for the buyers. It should be noted that RSI rebound and sluggish MACD also rejects the pair bears.
Long
by MTradingGlobal