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British Pound / U.S. Dollar

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GBPUSD trade ideas

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
GBPUSD portrays bullish consolidation above 1.2400GBPUSD buyers appear running out of steam as it wavers inside a three-week-old trading range. Even so, the Cable pair’s successful trading above the 11-month-old descending trend line close to 1.2320 at the latest, as well as beyond an upward-sloping trend line since the last September, keeps the buyers hopeful. Adding strength to the shorter ascending trend line support is the 50-DMA level surrounding 1.2210. Even if the quote breaks the 1.2210 support confluence, the 1.2200 round figure and the 1.2000 psychological magnet can challenge the pair sellers ahead of highlighting the 200-DMA support of around 1.1970. Meanwhile, the latest multi-month high of near 1.2550, marked earlier in April, stays on the GBPUSD buyer’s radar unless dropping below the 1.2320 support line mentioned above. Should the Cable pair remains firmer past 1.2550, the 1.2600 round figure may act as an intermediate halt before directing the quote toward the May 2022 peak of around 1.2665. In a case where the pair crosses the 1.2665 hurdle, the lows marked during early April 2022 near 1.2970-80 can test the bulls before directing them to the March 2022 bottom surrounding the 1.3000 round figure. Overall, the GBPUSD pair remains firmer despite the latest consolidation.
by MTradingGlobal