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GBPUSD

GBPUSD redraws monthly bottom, drops towards 1.3550GBPUSD takes offers around 1.3620, refreshing one-month low after UK Retail Sales for July disappointed the cable traders during early Friday. Also weighing on the quote could be the US dollar’s safe-haven demand, backed by the covid and taper tantrums. It’s worth noting that the quote’s sustained trading below 200-DMA and bearish MACD adds to the downside signals. Hence, GBPUSD prices are likely to remain weak, at least for now, but a descending trend line from April 12, near 1.3550, could restrict the quote’s further weakness. Additionally challenging Sterling’s weakness around 1.3550 is the RSI conditions, which if ignored could portray a 100-pip slump to 50% Fibonacci retracement. On the contrary, the corrective pullback may aim for April’s low near 1.3670 before targeting 200-DMA around 1.3785. However, a convergence of a downward sloping trend line from June and a 23.6% Fibonacci retracement level around 1.3880 will become a tough nut to crack for the GBPUSD bulls past 1.3785. Successful trading beyond 1.3785 will confirm a falling wedge bullish chart pattern opening the door for a north-run targeting a fresh yearly top beyond 1.4250.
Short
by MTradingGlobal
GBPUSD struggles to extend bounce off 21-DMA post UK GDPGBPUSD fails to cheer upbeat UK GDP figures as market plays await fresh clues to confirm the Fed tapering chatters. Even so, the cable keeps the previous day’s rebound from 21-DMA amid firmer RSI, suggesting further recovery towards the 1.3900 round figure. However, a convergence of 21-DMA and a downward sloping trend line from June 11, around 1.3925-30, becomes the key hurdle. In a case where the pair buyers cross 1.3930 resistance, July’s top surrounding 1.3985 may test the bulls before offering them a free pass to ride beyond the 1.4000 psychological magnet. Meanwhile, a daily closing below the 21-DMA level of 1.3830 becomes necessary for the Sterling bear’s entry. Following that, the early July’s low near 1.3730 and bottoms marked in March and April, around 1.3670, will challenge the GBPUSD sellers. Although the quote is likely to consolidate around 1.3670 before declining further, a clear south-run below the same horizontal support may not hesitate to visit the previous month’s low, near 1.3570.
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 THIS WEEK...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 NOTE: Please, give a LIKE if you find this idea useful! GREAT ATTENTION: *This information is not a Financial Advice.
by BloomFX_SIGNALS
GBPUSD seesaws inside bullish pennant ahead of BOEGBPUSD bears the burden of the US dollar rebound and the pre-BOE anxiety during the early Super Thursday. Although the Bank of England (BOE) policymakers aren’t expected to alter monetary policy, the widely anticipated dovish tilt in contrast to the Fed’s tapering woes seems to weigh on the quote of late. Even so, the bullish chart pattern keeps buyers hopeful. The same requires clear trading beyond 1.3950 to confirm the buyers’ arrival. However, 61.8% Fibonacci retracement of June-July declines, near 1.3990, adds to the upside filters before directing the bulls toward the early June’s low near 1.4065. Meanwhile, a sustained trading below 1.3880 will defy the bullish pennant and direct GBPUSD sellers toward the 200-SMA level of 1.3835. In a case where the “Old Lady” turns more bearish than expected, multiple supports near the 1.3740-30 region, comprising levels marked since July 02, should gain the market’s attention. Additionally, the pair’s weakness past 1.3730 won’t hesitate to challenge the lows marked during July and February around 1.3570-60.
Long
by MTradingGlobal