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GBPUSD

GBPUSD: Facing obstacles on the road to recoveryDear friends! Today, GBPUSD is facing some weaknesses in its recovery process. As a result, GBP/USD has dropped to around 1.2680 in the Asian trading session early in the day. The British Pound has lost ground against the US Dollar due to risk aversion sentiment, possibly driven by concerns over political risks dominating market participants' psychology, which acts as a psychological arrow prompting investors to sell GBPUSD and causing this pair to decline. From the 4-hour chart, we can observe that this currency pair has also broken out of the upward trend line, indicating that the price may continue to weaken. What are your thoughts on the GBPUSD trend?
Short
by RKarina
GBPUSD: narrow tradeCurrently, GBPUSD continues its upward trend as it surpasses the resistance level of 1.276, marking a 0.13% increase for the day. On the analysis chart, the upward momentum is still strongly supported by an unbroken trend line, and it has become even stronger as the USD is still recovering. RKarina's price target in the near future is 1.28 (A new peak is expected to be established when this pair touches the trend line). What are your thoughts on the trend of GBPUSD?
by RKarina
GBPUSD price momentum remainsThe GBP/USD pair continues its streak of consecutive victories this week. Positive risk acceptance and the slight decline in the US Dollar are supporting the pair's price increase. The currency pair is currently trading at 1.2759, up 0.05% for the day. In recent times, this level has been a significant resistance point for the pair. However, with the support from the upward trend and trendline, we can expect positive signals from the EMA 34 and 89 for this currency pair. If favorable conditions persist, it is anticipated that after a small retreat to the 0.618 - 0.5 Fibonacci level, GBPUSD will gain new momentum and achieve a breakout towards the 1.28 peak.
by RKarina
GBPUSD fades bounce off 200-SMA after three-week uptrendGBPUSD prints mild losses around 1.2700 early Monday, after snapping a three-week uptrend in the last. In doing so, the Cable pair justifies the previous week’s downside break of a two-month-old rising support line, now immediate resistance around 1.2765, as well as fades the bounce off a 200-SMA level surrounding 1.2635. However, the upbeat conditions of the RSI (14) line and the bullish MACD signals keep the buyers hopeful unless the quote slips beneath the stated key SMA, a break of which could quickly drag the quote toward December’s low of 1.2500. It should be noted that the Pound Sterling’s weakness past 1.2500 will have the 61.8% Fibonacci retracement level of near 1.2375 as the last defense of the buyers. On the flip side, the GBPUSD pair buyers can regain control by crossing the support-turned-resistance line of around 1.2765. Following that, the recent peak surrounding 1.2830 and an ascending trend line from late November, close to 1.2860 at the latest, could check the Pound Sterling’s upside momentum ahead of directing the bulls toward the 1.3000 psychological magnet. Should the quote remain firmer past the 1.3000 threshold, the previous yearly high of nearly 1.3145 will be in the spotlight. To sum up, the GBPUSD pair buyers are likely losing control the sellers need validation from the 200-SMA breakdown to retake control.
by MTradingGlobal
GBPUSD retreat appears elusive beyond 1.2650GBPUSD extends the late 2023 pullback from a five-month-old horizontal resistance area towards 1.2700 during early Tuesday. In doing so, the Cable pair justifies the RSI (14) line’s retreat from the overbought region, as well as the sluggish MACD signals. However, the bull cross on the SMA joins the quote’s sustained trading beyond an ascending trend line from November 01, close to 1.2650 at the latest, to keep the buyers hopeful. It’s worth noting that a clear downside break of 1.2650 will quickly drag prices to the 50-SMA support of 1.2490, a break of which will allow the 100-SMA level of 1.2450 to test the bears. On the flip side, GBPUSD buyers should remain cautious unless they witness a clear upside break of the aforementioned horizontal resistance area surrounding 1.2800-2820. Following that, the Pound Sterling buyers could aim for a late July swing high of near the 1.3000 psychological magnet. Although the RSI conditions are likely to test the bulls around the stated round figure, the pair’s successful trading beyond the same will easily surpass the year 2023 peak near 1.3145. Overall, the GBPUSD pair may witness further downside but the bears are less likely to retake control beyond 1.2650.
by MTradingGlobal
Foreign currencies increased sharply at the same timeThe USD decreased in the last trading session The US Federal Reserve (Fed) may begin cutting interest rates when inflation falls closer to the US Central Bank's 2% target. However, trading volumes fell after Christmas as some markets remained closed for the holidays. Many traders globally also take a holiday until Tet. The greenback is on track for its worst performance since 2020 against other currencies, as market expectations of a Fed rate cut have dented the dollar's appeal against peers. other currency. Many analysts expect the US economy to slow markedly in 2024, but the Fed is also expected to take action to ensure that the gap between the federal funds rate and actual inflation is not too wide. . If inflation falls much faster than target, the Fed may tighten monetary conditions more than policymakers intended.
Short
by TrategySherpa
GBPUSD retreats within bullish pennant amid dicey marketsGBPUSD struggles to defend the previous weekly gains as bulls lack incentive amid Christmas and Boxing Day holidays in the UK. As a result, the Cable pair eases within a two-week-old bullish pennant. However, the upbeat RSI (14), not overbought, joins the bullish MACD signals to highlight the 1.2630 support confluence comprising 100-SMA and the stated pennant’s bottom line. Even if the quote defies the bullish chart pattern by breaking the 1.2630 key support, an ascending trend line from early November, around the 1.2600 threshold, precedes the 200-SMA surrounding 1.2545 to restrict the Pound Sterling pair’s further downside. Following that, the monthly low of around 1.2500 will act as the final defense of the buyers before giving control to the bears. Meanwhile, GBPUSD pair’s further upside needs validation from the bullish pennant formation, by successfully crossing the 1.2740 resistance. Also likely to challenge the Cable pair buyers is the latest peak of near 1.2800, as well as an ascending resistance line stretched from late November, close to 1.2830 by the press time. It’s worth noting that the quote’s sustained trading beyond 1.2830 allows the buyers to aim for the 1.3000 psychological magnet and then the yearly peak of near 1.3145. Overall, the GBPUSD bulls can ignore the latest pullback in the quote unless the price slips beneath 1.2500.
by MTradingGlobal
GBPUSDFOREXCOM:GBPUSD Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
Long
by Phinics
GBPUSD bulls struggle to keep reins as UK inflation loomGBPUSD retreats toward 1.2700 ahead of the UK inflation release on Wednesday, after snapping a two-day losing streak the previous day. Even so, a two-month-old rising trend channel joins the upbeat RSI (14) line, not overbought, to keep the Cable buyers hopeful unless the quote stays beyond 1.2620. Even if the pair defies the bullish chart formation by sliding beneath the 1.2620 support, the 200-SMA surrounding 1.2510 will act as the last defense of the bull before directing prices toward the early October swing high of around 1.2335. Meanwhile, an upward sloping resistance line stretched from early September, close to 1.2785 by the press time, guards immediate run-up of the GBPUSD pair. Following that, the 23.6% Fibonacci ratio of the pair’s March-July upside and the aforementioned channel’s upper line, respectively near 1.2830 and 1.2920, will test the Pound Sterling buyers. In a case where the quote stays firmer past 1.2920, the late July peak of around 1.3000 and the yearly peak of 1.3142 will lure the bulls. Overall, the GBPUSD bulls are in the driver’s seat as markets await the UK inflation and the US CB Consumer Confidence.
by MTradingGlobal
GBPUSD bulls flex muscles ahead of UK employment, US inflationGBPUSD picks up bids to extend the previous day’s rebound from a six-week-old rising support line as traders prepare for the UK jobs report and the US Consumer Price Index (CPI) data on early Tuesday. In doing so, the Cable pair also justifies a recovery in the RSI (14) line. However, a fortnight-old descending trend channel joins the sluggish MACD signals to challenge buyers. Should the quote manage to cross the 1.2580 immediate hurdle, its run-up toward a downward-sloping resistance line from late November, near 1.2690, will be imminent. Following that, the previous monthly high of near 1.2735 and a seven-week-long rising resistance line, close to 1.2870, will be in the spotlight. Meanwhile, a downside break of the aforementioned support line, around 1.2540 by the press time, isn’t an open invitation to the GBPUSD sellers as the bottom line of the previously stated channel and the 200-SMA, respectively near 1.2470 and 1.2420, will challenge the fall. Also acting as the downside filter is the mid-November swing low surrounding 1.2370, a break of which will make the Pound Sterling vulnerable to dropping toward the November 10 trough near 1.2185. Overall, GBPUSD is likely to reverse the previous week’s losses unless the UK/US data recall the pair sellers.
by MTradingGlobal
GBPUSD portrays bullish consolidation above 1.2600GBPUSD struggles to extend the previous three-week uptrend as it seesaws around a three-week high after retreating from an ascending resistance line stretched from late October. The pullback also takes clues from the RSI (14) line’s retreat from the overbought territory, as well as an impending bear cross on the MACD. With this, the Cable pair appears vulnerable to extending the latest weakness towards the 1.2480-70 support confluence comprising 100-SMA, 200-SMA and 50% Fibonacci retracement of the March-July upside. However, the 1.2600 and 1.2500 round figures are likely to test the bears before allowing them to confront with strong support. In a case where the quote remains weak past 1.2470, the odds of witnessing a quick fall toward October’s peak of 1.2337 can’t be ruled out. Meanwhile, GBPUSD recovery needs validation from the recent top surrounding 1.2735. Even so, the aforementioned resistance line, close to 1.2800 at the latest, and the 23.6% Fibonacci ratio of nearly 1.2830 will challenge the Pound Sterling’s upside targeting the 1.3000 psychological magnet. Following that, the yearly high of 1.3142 will be in the spotlight. Above all, fears of the UK’s economic slowdown unearth as traders shift attention from dovish Fed concerns and brace for this week’s US jobs report, which in turn tests the GBPUSD pair buyers.
by MTradingGlobal
GBPUSD pullback appears overdue, 1.2560 eyedGBPUSD seesaws at the highest level in 12 weeks, printing mild intraday gains during a four-day uptrend, amid early Tuesday. In doing so, the Cable buyers jostle with a one-month-old bullish channel’s top line amid an overbought RSI (14) line. As a result, the quote’s pullback appears imminent. However, an ascending trend line from early November, close to 1.2560 at the latest, puts a floor under the Pound Sterling. In a case where the pair breaks the 1.2560 support, it becomes capable of challenging the short-term bullish channel formation, as well as the 200-EMA, by poking the 1.2370-65 support confluence. It’s worth noting, however, that the bear’s dominance past 1.2365 won’t hesitate to challenge the monthly low of around 1.2100. Alternatively, GBPUSD bulls need to cross the aforementioned channel’s top line, close to 1.2645-50 at the latest, to defy the odds of witnessing a pullback. In that case, the early August swing high of around 1.2820 and the 1.3000 psychological magnet will lure the Cable buyers. However, the run-up will need validation from the US Q3 GDP, PCE Core Price Index and Fed Chair Powell’s speech, not to forget the concerns surrounding the UK’s economic growth and BoE’s hawkish move. Hence, the odds of witnessing the GBPUSD pair’s further upside appear thin but the pullback needs to break 1.2560 to convince sellers.
by MTradingGlobal
GBPUSD bounces off 200-SMA ahead of UK PMIsGBPUSD snapped a three-day winning streak the previous day as the UK’s Autumn Statement failed to impress Cable buyers despite offering tax cuts and higher wages. The reason could be linked to the mixed economic outlook for Britain and a corrective bounce in the US Treasury bond yields. However, the 200-SMA defends the Pound Sterling buyers so far on the Thanksgiving Holiday in the US, as well as ahead of the UK’s release of preliminary S&P Global/CIPS PMIs for November. It’s worth noting, that the upbeat RSI (14) line and the bullish MACD signals enable the pair buyers to keep the reins within a one-month-old rising channel, currently between 1.2330 and 1.2620. However, the RSI conditions are nearly overbought and hence the late June’s low and May’s peak, close to 1.2590 and 1.2680 in that order, appear tough nuts to crack for the bulls past 1.2620. Meanwhile, a daily closing beneath the 200-SMA level of 1.2450 needs validation from the downbeat prints of the UK PMIs to lure the GBPUSD sellers. Even if the quote slides beneath the 1.2450 key SMA support, the aforementioned bullish channel’s bottom line of around 1.2330 will challenge the Cable bears. It’s worth noting, however, that the Pound Sterling’s rejection of the bullish chart pattern, by a daily closing below 1.2330, will make it vulnerable to drop towards the previous monthly low of around 1.2035 and then to the 1.2000 psychological magnet, before targeting the yearly low of around 1.1800.
by MTradingGlobal