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GBP/USD_SPT - GBP/USD

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GBPUSD_SPT trade ideas

GBPUSD - 15M PROJECTIONDISCLAIMER: The Company accepts no accountability or obligation for your trading and speculation results, and you consent to hold the Company innocuous for any such outcomes or misfortunes. We are not financial advisers or account managers; We are Forex traders. The recordings on this channel are rigorously for educational and amusement purposes. Trading Forex implies dangers, and you can lose all your venture ; consequently, you exclusively must take a chance.
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by Azif123
GBPUSD bulls need to cross 1.2450 to keep the reinsGBPUSD regains upside momentum, after a soft start to the week, as the Cable traders await the UK PMIs for January. It’s worth noting that the bullish MACD signals favor the latest upside but the RSI is nearly overbought, which in turn highlights the six-week-old horizontal resistance area surrounding 1.2450. Should the firmer British activity data allow the quote to cross the 1.2450 hurdle, the 61.8% Fibonacci Expansion (FE) of its November 2022 to January 2023 moves, near 1.2650, will be in focus. It’s worth noting that the May 2022 peak surrounding 1.2660 could challenge the pair buyers afterward. Alternatively, the 1.2300 and the 1.2200 round figures could entertain the GBPUSD sellers during the pair’s pullback. However, the 1.2000 psychological magnet can restrict the Cable pair’s further downside. In a case where the quote remains weak past 1.2000, the 100-EMA level surrounding 1.1980 and the monthly low of 1.1840 will gain the market’s attention as the last defense of the pair buyers. Overall, GBPUSD remains on the buyer’s radar ahead of the key UK data but the upside room appears limited.
by MTradingGlobal
GBPUSD fades bounce off 100-day EMA ahead of key UK dataGBPUSD bulls are struggling to keep the reins as traders await crucial British economics scheduled during the week, starting with the UK jobs report. That being said, a retreat in the RSI and sluggish MACD joined the recent softness in prices to signal the Cable pair’s pullback towards the 1.2000 psychological magnet, a break of which could quickly drag the quote to the 100-day EMA surrounding 1.1930. In a case where the pair remains bearish past 1.1930, tops marked during September and October 2022, respectively around 1.1735 and 1.1645, could act as the last defense of the buyers. Alternatively, GBPUSD buyers need to cross a downward-sloping resistance line from late March 2022, close to 1.2350, to convince markets. Following that, the late 2022 peak surrounding 1.2445 might probe the bulls before directing them to the 78.6% Fibonacci retracement level of the pair’s March-September downturn, around 1.2665. Should the Cable pair remains firmer past 1.2665, multiple lows marked during early April near 1.2975 and the 1.3000 round figure might test the upside moves ahead of highlighting March 2022 peak near 1.3200. Overall, GBPUSD is at an interesting place in the chart where bulls and bears are mostly equal, which in turn highlights this week’s data for clear directions.
by MTradingGlobal
GBPUSD holds onto bullish bias targeting 1.2450GBPUSD retreats from a one-month-old broad resistance area surrounding 1.2210-40 as the Cable traders brace for the UK data dump on Friday. The quote’s sustained trading beyond the convergence of the 50-SMA and 100-SMA, around 1.2070-65 at the latest, joins upbeat oscillators to keep the pair buyers hopeful of overcoming the key horizontal resistance zone. Following that, the previous monthly high surrounding 1.2450 could lure the bulls. It should be noted, however, that the pair’s successful trading above 1.2450 enables the bulls to aim for the 61.8% Fibonacci Expansion (FE) level of the pair’s moves between November 2022 and early January 2023, close to 1.2645. Meanwhile, GBPUSD sellers will need a clear downside break of the aforementioned SMA confluence, near 1.2070-65, for conviction. In that case, the 1.2000 psychological magnet and the monthly low of 1.1841 should lure the bears. If at all the Cable pair remains bearish past 1.1841, a downward trajectory towards the 50% and 61.8% Fibonacci retracement level of the quote’s November-December 2022 moves, near 1.1800 and 1.1645 respectively, can be expected. Overall, GBPUSD is likely to remain on the front foot unless the price stays beyond 1.2065 levels.
by MTradingGlobal