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British Pound / U.S. Dollar

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GBPUSD trade ideas

GBPUSD: Uptrend continues to be threatenedHello everyone! This week, GBP/USD has witnessed a slight recovery, climbing above the 1.2450 level after dropping to its lowest point in November at 1.2426 last week. The technical outlook still signals a downward trend, but easing geopolitical tensions may prolong the currency pair's recovery time. Investors sought safe haven assets last week following reports that Iran may retaliate for what is believed to be an Israeli attack on their consulate in Damascus on April 1st. This has boosted the US dollar as a preferred safe asset, thereby putting pressure on GBP/USD at the end of the US trading session. US stock index futures were last seen rising between 0.4% and 0.6% for the day. If Wall Street's key indices open positively and continue to rise, the US dollar may struggle to maintain its strength, potentially allowing GBP/USD to climb higher.
Short
by RKarina
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GBPUSD: Upward price momentum has not appeared yet!The GBP/USD pair is seeing a continuation of its strong downtrend, with the lowest since November 17 recorded during Tuesday's Asian session. Currently, GBP/USD is re-approaching the bottom of the monthly descending channel at 1.2440, and a test of this level is underway. Last Friday's low of 1.2430 is also in the market's sights. A clear break through this support could open the door towards 1.2370, and if the decline continues, there is no other obvious support until 1.2220. For the pair to recover, a break above 1.2505 is needed as a first step, where a large uncovered order volume is likely to be the driving factor for a further pullback to come. level 1.2565. These developments will be important in determining the near-term trading strategy for GBP/USD, especially given the current climate in the global foreign exchange market.
Short
by RKarina
GBPUSD: End of uptrendThe GBP/USD pair continues to face selling pressure around the 1.2540 level, after bouncing back from its lowest point in 2024 at 1.2520. The selling of this major currency pair is driven by a stronger US dollar, which unexpectedly rose after the US Consumer Price Index data for March. A quick look at the chart shows that the upward trend has been decisively broken and the downward momentum is further supported by the intersection of the two EMA trend lines. The market seems to be increasingly favoring sellers as the USD continues on its recovery trajectory.
Short
by RKarina
GBPUSD: Selling force is still strong!On Friday morning of this week during the Asian session, the GBP/USD exchange rate stabilized at 1.2550. The market is excited with predictions that the Bank of England (BoE) may reduce interest rates ahead of the US Federal Reserve (Fed), which is putting pressure on the British Pound and the exchange rate. Today, UK GDP numbers for February and Michigan's preliminary consumer sentiment index for April will be in focus for investors. Earlier in the week, higher-than-expected CPI figures triggered speculation that the Fed may delay interest rate cuts this year in terms of quantity and timing. Fed officials believe the central bank has reached the peak of its current rate-tightening cycle and that current monetary policy puts them in a good position to respond to the economic outlook. They also open up the possibility of maintaining higher interest rates for longer if inflation tapers off. Hawkish statements from Fed officials increased the value of the US dollar, which in turn put downward pressure on the GBP/USD pair.
Short
by RKarina
GBPUSD sellers attack 1.2540 key support ahead of UK/US dataGBPUSD fades bounce off the yearly low, marked the previous day, following its failure to cross the 200-day Exponential Moving Average (EMA) ahead of top-tier UK/US data on Friday. Apart from the failure to cross the key EMA hurdle, the bearish MACD signals and lackluster RSI (14) line also suggest a continuation of the Cable pair’s south-run. However, a daily closing beneath an upward-sloping support line stretched from December 2023, close to 1.2540 at the latest, becomes necessary for the bears to tighten the grip. Even so, February’s low of 1.2520 and late 2023 trough surrounding the 1.2500 threshold could challenge the Pound Sterling’s further downside. It’s worth noting, however, that the quote’s weakness past 1.2500 will make it vulnerable to plunge toward mid-November 2023’s low of near 1.2375. Alternatively, the GBPUSD pair’s recovery needs a daily closing beyond the 200-EMA level of 1.2567 to convince short-term buyers. Even so, a five-week-old descending resistance line and the monthly high will challenge the Pound Sterling’s further upside around 1.2645 and 1.2710 in that order. It’s worth noting that the pair’s upside beyond 1.2710 enables it to confront a four-month-long horizontal resistance area surrounding 1.2790-2805. Following that, the Cable buyer’s ability to renew the yearly high, currently around 1.2900, can’t be ruled out. Overall, the GBPUSD pair is on the way to bear’s platter as a slew of monthly UK data dump and the US UoM Consumer Sentiment Index occupy Friday’s economic calendar.
by MTradingGlobal
GBP/USD maintains a slight decline below 1.2700On this eventful Wednesday, the story of GBPUSD continues its recovery streak, gracefully dancing along the 34 and 89 EMA lines. The upward momentum has prominently returned as it approaches the Fibonacci level of 0.618, currently hovering around the 1.267 mark. Short-term wisdom primarily leans towards buying strategies, aiming for a swift victory at the peak of 1.270 before grappling with the decision to push towards the resistance level of 1.279 once again! Meanwhile, all eyes in the market are glued to the upcoming release of the US Consumer Price Index on Wednesday, eagerly anticipating whether it will reflect price pressures surpassing the Fed's target rate. Truly, it is a suspenseful moment as we await signals of whether economic trends will change in favor of us or not.
Long
by RKarina
GBPUSD: buyHello everyone! Just as we predicted, GBPUSD has increased after successfully testing the support level at 1.257. Currently, it is trading around the 1.265 level, with strong upward momentum and aiming to immediately conquer the resistance level at 1.266. The US dollar has slightly depreciated as moderate risk appetite has prolonged the recovery process of this currency pair from its lows after the NFP. Positive market sentiment is putting pressure on the US dollar and supporting GBPUSD. However, it is important to monitor this currency pair, especially with the upcoming release of the US Consumer Price Index on Wednesday, as this index could provide new impetus for the movement of this currency pair.
Long
by RKarina
GBP/USD Analysis: Heading for a CorrectionCurrent Context GBP/USD ended its four-day winning streak, posting a decline following a correction on Thursday. Currently, the pair is steady on the downside, trading at around 1,262. Of note is the formation of a short-term top on the one-hour chart, representing a downtrend according to the Elliott Wave Principle. Technical Analysis Monitoring technical and selling trends is considered the priority option in the short term. Both technical indicators and wave analysis signal that investors should be bearish. The defensive target and stop loss are set at 1,257, marking a key support level that, if broken, could lead to an increase in selling pressure. Short-Term Trends and Impact In the short term, GBP/USD appears to be correcting after a bullish period. This decline can be considered a necessary technical correction before determining the next trend. If the 1.257 level holds, GBP/USD could find stability and start a new rally. However, if this support is broken, further declines are likely. Conclude Overall, GBP/USD is in a short-term correction phase with a selling bias favored. Investors need to closely monitor the 1,257 support level to assess the potential for further downside. Any news that affects USD or GBP needs to be closely observed to capture suitable trading opportunities, especially in a volatile market context.
Short
by RKarina
GBPUSD: Preparing for a new trend?Hello dear friends! Overall, Wednesday saw a stunning comeback for the British Pound, as it quickly regained strength from its seven-week low at 1.2539. A combination of comments from senior officials at the Federal Reserve and data on the US services sector that missed expectations created a strong headwind for the US Dollar, pushing it went lower for two consecutive days. This is a turning point for GBPUSD, when this currency takes advantage of the opportunity to bounce high, painting a colorful recovery scenario on the financial rankings.
Long
by RKarina
GBPUSD rebound remains unconvincing below 1.2700Wednesday’s broadband US Dollar weakness allowed GBPUSD bulls to extend the week-start rebound from an upward-sloping support line stretched from December 2023. The Cable pair’s recovery also gained support from the upbeat RSI (14) line and bullish MACD signals. However, the 100 and 200-bar Exponential Moving Averages (EMAs), respectively around 1.2650 and 1.2665, guard the immediate upside of the pair. Following that, a one-month-old descending resistance line surrounding 1.2700 will be the last defense of the sellers. In a case where the quote remains firmer past 1.2700, the odds of witnessing a run-up toward the late March swing high of 1.2800 and then to the yearly peak of 1.2893 can’t be ruled out. Meanwhile, a slew of technical levels stands ready to challenge the GBPUSD bears beyond the 1.2600 threshold. Even if the Pound Sterling drops beneath the 1.2600 support, the aforementioned multi-day-old support line, near 1.2540 as we write, will restrict the quote’s further downside. It’s worth noting that the 2024 low and December 2023 trough could act as the last hurdles for the sellers around 1.2520 and 1.2500 in that order, a break of which could make the prices vulnerable to slump toward the 1.2400 mark. Overall, the GBPUSD pair is likely to witness further upside but the reversal of a month-long bearish trend needs validation from the 1.2700 breakout, as well as the downbeat US data.
by MTradingGlobal
GBPUSD: Maintaining the falling channel !Hello! Today, GBPUSD is once again experiencing another day of losses, clearly indicating a downward trend within a stable price channel. The pair has yet to show any signs of a breakthrough. Currently trading at 1.256, GBPUSD continues to operate below the EMA 34 and 89 lines, providing more selling opportunities around this pair. As long as the downtrend channel remains intact, the prospect of a price decline for GBPUSD remains a prioritized strategy.
Short
by RKarina
GBPUSDHello dear traders! Yesterday, GBPUSD finally broke out of its sideways trend, aligning perfectly with our expectations by plummeting. The British pound weakened significantly during the North American trading session, as strong US economic data could impact the Federal Reserve's interest rate cut decision. This situation has supported the US dollar while the soaring US Treasury bond yields pose a challenge for the GBP/USD exchange rate. Although prices may recover in the short term, it is important to pay attention to the Fibonacci retracement levels of 0.5 - 0.618 as selling pressure continues to dominate. Furthermore, the EMA trend still favors BEARS, making the SELL strategy highly prioritized.
by RKarina
GBPUSD: Trend still mysterious!GBP/USD held steady today, hovering slightly up around 1.2630 during Asian hours on Monday. The US dollar's daily losses recover somewhat amid risk aversion ahead of the release of US ISM Manufacturing PMI data expected later in the North American session, capping levels increase of this currency pair. Looking at the short-term outlook: The pair appears to be navigating a sideways trend with the 34 and 89 EMAs in line with the current price action, suggesting minimal fluctuations until the end of the day.
Short
by RKarina