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GBP/USD_SPT - GBP/USD

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GBPUSD_SPT trade ideas

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
Rising wedge on the top lures GBPUSD bearsWith its heavy fall on Friday, GBPUSD ended the last week on a negative note, after four consecutive weekly gains. Adding strength to the bearish bias is the rising wedge chart formation. Furthermore, the RSI and MACD conditions also keep sellers on the lookout for opportunities. As a result, a clear downside break of the stated wedge’s support line, around 1.2415 by the press time, quickly followed by the 100-SMA support of 1.2385, becomes necessary for the bears to retake control. Following that, the 200-SMA support of around 1.2230 can act as an intermediate halt during the theoretical target of the wedge, close to 1.2050. Alternatively, the GBPUSD pair’s recovery may initially aim for regaining the 1.2500 round figure before challenging the stated bearish formation’s upper line, near the latest peak of around 1.2550. In a case where the Cable pair remain firmer past 1.2550, the 1.2600 threshold and May 2022 high of around 1.2665 will be in focus. Overall, GBPUSD buyers ran out of steam but the bears need confirmation from the 1.2385 to retake control.
by MTradingGlobal
[Newton] SNR Example Resistance Short CaseNote - One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all. ======= I use shorthands for my trades. "Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.) "Intraday" -means You must close this position at any cost by the end of the day. "Theta" , "Bounce" , "3BB" or "Entropy" - My own systems. ======= I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share. ======= Like - Always follow a stop loss. In the case of Intraday trades, it is mostly the "Day's High". In the case of Positional trades, it is mostly the previous swings. I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives. =======
Short
by Amit_Ghosh