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GBP/USD_SPT - GBP/USD

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GBPUSD_SPT trade ideas

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.
Short
by okako_trading
1
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