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GBPUSD.10.CFD trade ideas

GU: Buy Setup Near Strong Demand Zone Amid USD WeaknessWith Hurricane Milton approaching the U.S., there’s a high probability of the U.S. Dollar (DXY) weakening due to economic disruptions and market uncertainty. This sets the stage for potential bullish movements in GBP/USD, particularly as the pair approaches a key support/demand zone on the Daily chart around 1.3030 - 1.31. Key Technical Insights: Daily Support/Demand Zone: On the Daily chart, GBP/USD is testing a critical support zone, which has historically provided strong buying interest. The presence of this demand zone suggests that price may bounce back if supported by technical confirmation. Bullish Divergence on H4: On the H4 timeframe, a clear bullish divergence is forming with the Awesome Oscillator (AO). While the price is making lower lows, the AO is creating higher lows, indicating that selling pressure is weakening and a reversal could be near. Trade Plan: Entry : Look for confirmation with a bullish reversal pattern such as a bullish engulfing candle or a pin bar in the support zone before entering. Stop Loss: Set your stop loss below the support at 1.30 to protect against false breakouts. Target: Initial target around 1.33, with potential to extend higher if the bullish momentum continues. This setup aligns with both technical and fundamental drivers, making it a strong candidate for a buy if the market conditions confirm the reversal. FX:GBPUSD OANDA:GBPUSD FOREXCOM:GBPUSD
Long
by Trading_Zone_3773
GBPUSD: Focus on 50-SMA, key horizontal support and Fed MinutesGBPUSD struggles to hold onto early gains after bouncing off a three-month support level. As bearish momentum builds, traders closely watch for insights from the upcoming Federal Open Market Committee (FOMC) meeting minutes. Multiple catalysts favoring Cable sellers The Pound Sterling is finding it hard to sustain a rebound from the 12-week-old support zone. Bearish MACD signals and downbeat RSI (14) add to the negative sentiment. Additionally, last week's confirmation of a bearish rising wedge pattern enhances the resolve of GBPUSD sellers, pointing to continued downward pressure. Key technical levels to watch While sellers currently dominate the GBPUSD market, the 50-day SMA around 1.3085 poses an immediate challenge to further declines, with crucial support around 1.3060-1.3040 just below. If these levels break, the 100-day and 200-day SMAs at 1.2935 and 1.2780 could test sellers before directing them to the bearish pattern’s theoretical target of 1.2450. A corrective bounce for GBPUSD seems unlikely to gain credence unless it breaks above the wedge's lower line near 1.3280. That said, the immediate resistance levels are at 1.3100 and 1.3200. If the price holds above 1.3280, bulls may aim for a yearly high of approximately 1.3435 and the wedge's upper line around 1.3510. Bears to dominate Considering the bearish technical signals and the potential for the US Dollar to consolidate its previous monthly losses—supported by positive economic data and a hawkish Federal Reserve bias—the GBPUSD pair is likely to decline further. This outlook holds unless today’s Fed Minutes and Thursday’s Consumer Price Index (CPI) data underperform, which could dampen the US Dollar's strength.
by MTradingGlobal
2
GBPUSD: “Rising Wedge” signals selling pressure on PoundGBPUSD experienced its biggest decline in a week the previous day as the US Dollar strengthened ahead of the September jobs data. The Pound Sterling tested a bearish rising wedge pattern but managed to bounce back from the lower line of this formation. Despite this slight recovery, traders are cautious and watching closely as they await the US ADP Employment Change report on Wednesday, followed by the important Nonfarm Payrolls (NFP) data on Friday. Sellers flex muscles… Besides the US Dollar’s rebound before the key US data, bearish MACD signals also keep the GBPUSD sellers hopeful. However, the nearly oversold conditions of RSI (14), the quote’s sustained trading beyond the 200-SMA, and downbeat expectations from the US statistics suggest a long and bumpy road for the bears. Technical levels to watch… If GBP/USD falls below 1.3240, it will confirm a bearish rising wedge pattern, making this level critical for traders. Another important support level is the 200-SMA at 1.3180. Should the pair break below this, it may target the horizontal support zone around 1.3030, with 1.3000 serving as a psychological level. Further declines could lead to August's low near 1.2665 and possibly down to the wedge's target of 1.2370. On the upside, the GBPUSD pair faces resistance at 1.3310 and 1.3360, with the latest peak around 1.3435. If the pair breaks above 1.3435, it will encounter the top line of the rising wedge near 1.3465. Successfully moving past 1.3465 could set the stage for a rally toward the February 2022 high of about 1.3645. Expect a price pullback, but not a significant drop Overall, the GBPUSD buyers appear to be losing momentum, with sellers positioned near the bottom of the wedge and the 200-SMA. However, potential weakness in US data and several support levels make it challenging for sellers to gain full control.
by MTradingGlobal
GBP/USD: Break $1.34277 or Pull Back to $1.33605?The GBP/USD chart on September 30th paints a dramatic scenario as the price hovers around $1.34090, preparing to confront the strong resistance at $1.34277. This is the "wall" that if the buyers can overcome, a new journey toward higher peaks will begin. However, the battle won’t be easy. If the price is rejected at resistance, a correction toward the support zone at $1.33605 could happen, giving the sellers the advantage. With support from the EMA 34 at $1.33816 and EMA 89 at $1.33378, the price might find stability. What heightens the market's tension now is the influx of economic news from the U.S. Traders are anxiously awaiting key factors that will determine whether GBP/USD will see a spectacular breakout or a retracement. All will be revealed in the coming sessions!
Long
by Romio_pro
GBPUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD GBPUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
by tradergyan01
1
GBPUSD MULTI TIME FRAME ANALYSISHello 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 price action 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. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading
4
GBPUSD: Overbought RSI, key resistance test buyersGBPUSD bulls are pausing at their highest level since February 2020, marking six days of gains despite a slow market atmosphere. That said, the Pound Sterling is facing a liquidity squeeze as we approach key data and events this week, which could impact its upward momentum at these multi-month highs. Pullback appears imminent but bulls can keep the reins Apart from the market’s anxiety ahead of this week’s key catalysts, the overbought RSI (14) line and a 10-week-old ascending resistance line, close to 1.3430 at the latest, suggest consolidation in the GBPUSD prices. Important technical levels A pullback in GBPUSD seems likely, with key short-term support levels at the 61.8% and 50.0% Fibonacci extensions of the quote’s August-September moves, respectively near 1.3375 and 1.3300. However, the previous monthly high near 1.3265 and the 21-SMA at 1.3190 are important, as they align with the bottom of a bearish wedge pattern near 1.3140, which could act as a final defense for buyers. On the flip side, for buyers to regain control, they need to break through the 1.3440 resistance. If they succeed, GBPUSD could target the February 2022 peak of around 1.3645 and the 2022 high of 1.3748. A sustained move above 1.3750 could even lead to a challenge of the psychological level at 1.4000. All eyes on US data/events Technical indicators for GBPUSD suggest a pullback may be on the horizon, even as recent U.S. factors favor ongoing Federal Reserve rate cuts throughout 2024. Therefore, key insights from Fed Chairman Jerome Powell’s speech on Thursday and the U.S. Core PCE Price Index— the Fed’s preferred measure of inflation—on Friday will be vital for determining the market's direction.
by MTradingGlobal