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GBP/USD_SPT - GBP/USD

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GBPUSD_SPT trade ideas

GBPUSD needs to break 1.2260 to convince sellersGBPUSD marked a three-week downtrend while closing below the 50-DMA, as well as an eight-month-old ascending support line. While the bearish MACD signals join the aforementioned breakdowns and favor the sellers, the RSI (14) line is below 50.00, which in turn suggests a lack of conviction at the bull’s front. As a result, an upward-sloping support line from October 2022, close to 1.2260 by the press time, becomes crucial for the sellers. Should the quote remains bearish past 1.2260, the Cable pair can fall to the 200-DMA support of around 1.1980. Following that, the current yearly low of near 1.1800 will offer the last battle to be won for the sellers before taking the throne. On the other hand, the 50-DMA and aforementioned previous support line, respectively around 1.2435 and 1.2500, can challenge the GBPUSD pair’s latest recovery. In a case where the pair remains firmer past 1.2500, April’s high surrounding 1.2525 and the monthly peak of 1.2680 could lure the buyers. It’s worth noting that if the Pound Sterling rises past 1.2680, it will become capable of poking the 1.3000 psychological magnet. Overall, GBPUSD is likely to return to the bear’s radar, after a two-month absence, but it needs to break the key support line to convince sellers.
by MTradingGlobal
GBPUSD Falling wedge on 4HRA falling wedge pattern is a technical chart pattern that forms when the price consolidates between two converging trendlines that slope downward. It is typically considered a bullish pattern because it suggests a potential reversal of the prevailing downtrend. In the context of the GBP/USD currency pair, if the price has formed a falling wedge pattern, it means that the currency pair has been experiencing a downward trend but is now showing signs of consolidation. This consolidation is represented by the converging trendlines of the falling wedge pattern. The breakout from a falling wedge occurs when the price breaks above the upper trendline, which suggests that the selling pressure is weakening. This breakout is often seen as a bullish signal by traders, indicating a potential reversal of the downtrend and the possibility of an upward move. After the breakout, it is common for the price to retest the upper trendline. This retest is a way to validate the breakout and confirm that the selling pressure has indeed decreased. If the price successfully retests the upper trendline without falling back into the wedge pattern, it can provide further confirmation of the bullish signal. Based on the statement you provided, it suggests that the GBP/USD has already broken above the upper downtrend line of the falling wedge pattern. The expectation is that the price will now retest the upper trendline and potentially continue to rise thereafter. However, it's important to note that market movements are unpredictable and can be influenced by various factors such as economic data, geopolitical events, and market sentiment. Chart patterns provide insights into potential price movements, but they are not foolproof indicators. Traders and analysts often use additional tools, such as technical indicators and fundamental analysis, to make more informed decisions. To make accurate trading decisions, it is advisable to consider a combination of factors, including the current market conditions, news events, and technical indicators, while also managing risk effectively. Additionally, staying updated with real-time market data and seeking insights from trusted financial sources or professional analysts can be beneficial.
Long
by BipaForexAcademy