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GBPUSD.10.CFD trade ideas

GBPUSD struggles with key resistance on BoE “Super Thursday”After taking out the 1.2580 key resistance, GBPUSD bulls jostle with the 78.6% Fibonacci retracement of its March-September 2022 downturn, around 1.2685. That said, the RSI (14) grinds near the overbought territory and the MACD signals are sluggish too, which in turn suggests that the buyers are running out of steam on the Bank of England (BoE) inspired “Super Thursday”. Hence, the Cable buyers need a strong boost from the “Old Lady”, as the BoE is often termed informally, to cross the aforementioned Fibonacci resistance. Following that, a run-up towards the April 2022 low of near 1.2980 and the 1.3000 round figure could act as the final checks for the upside momentum targeting the late March 2022 peak of around 1.3300. On the contrary, a daily closing below the resistance-turned-support of around 1.2580, comprising an upward-sloping trend line from August 2022, could push back the intraday buyers. Even so, the 21-day EMA level of near 1.2510 may act as an additional downside filter before pushing the GBPUSD towards the previous monthly bottom surrounding 1.2275. It’s worth noting that the 61.8% and 50.0% Fibonacci retracement levels, close to 1.2170 and 1.1820 in that order, are the final defenses of the Cable pair buyers. Overall, GBPUSD bulls occupy the driver’s seat on the key day but the upside room appears limited.
by MTradingGlobal
GBP USD SHORTon higher time frame price testing the previous hook there is a possibility to test the structure but price approaching the hook point correctively with structure and simultaneously tested increases the probability to react the hook point and currently forming a bullish indecision with wick on both sides on daily . on 1 hr price is squeezing and formed correction inside a correction and a double top and forming candles with wicks showing as indecision and triggering the stop loss . entry : forming a tight flag or 15 minute flaginside 1 hr correction or breaking the correction and forming a flag will be my entry
Short
by nebeelkomban
GBPUSD bears flex muscles with rising wedge at multi-day topGBPUSD pauses a two-week uptrend inside a rising wedge bearish chart formation. The descending RSI (14) line, however, suggests bottom-picking and hence highlights the need for a strong downside move that can break the wedge’s lower line, as well as the 200-SMA level, respectively near 1.2430 and 1.2385. Following that, the theoretical target of rising wedge confirmation, around 1.2130, gains the market’s attention. Though the 50% Fibonacci retracement level of March-April upside near 1.2190 can act as an intermediate halt whereas the mid-March swing low around the 1.2000 psychological magnet may lure the Cable bears past 1.2130. On the other hand, a surprise positive for the GBPUSD buyers requires successful trading beyond the latest multi-month high marked in the last week around 1.2585 to suggest the quote’s further advances. Even so, the stated wedge’s upper line near 1.2590 and the 1.2600 round figure can act as extra filters towards the north. In a case where the Cable pair remains firmer past 1.2600, the May 2022 peak of around 1.2670 and October 2020 bottom of near 1.2675 may provide the final fight to the bulls before giving them control. Overall, GBPUSD is technically expected to witness a pullback in prices but the looming Fed and the US data can play its magic to change the scenario. Hence, Cable traders should closely observe the outcomes before taking any major positions.
by MTradingGlobal