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GBP/USD_TOD - GBP/USD

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GBPUSD_TOD trade ideas

GBPUSD: Testing key support as Cable traders await major UK dataGBPUSD pokes a three-month support region as pressure builds ahead of the UK employment and inflation data, as well as the US Retail Sales, set to release this week. Pound Sterling bears flex muscles Despite several technical levels testing the GBPUSD sellers, a potential bear cross between the 100-bar and 200-bar Exponential Moving Average (EMA) keeps the bears optimistic. The weakening bullish momentum in the MACD and a steady RSI support the downside outlook. Additionally, a sustained break below an ascending support line from early August, now acting as resistance, favors the bears. Key technical levels to watch The GBPUSD pair is currently held up by a three-month support zone around 1.3040-30, just above the psychological level of 1.3000. If it drops below 1.3000, a quick decline to the late July swing high around 1.2940 and then to early August peaks near 1.2870-60 could follow. In a case where the Pound Sterling remains bearish past 1.2860, it becomes vulnerable to slump toward August’s bottom of near 1.2665. On the flip side, GBPUSD recovery remains elusive below the 100 and 200 EMAs, currently near 1.3145 and 1.3150. A seven-week horizontal resistance zone near 1.3230-40 and a previous support line around 1.3330 also pose challenges for Cable buyers. If bulls can push past 1.3330, a rally toward the last monthly high near 1.3435 is possible. Sellers stay in control While robust technical support is challenging GBP/USD sellers, a dovish outlook for the Bank of England and anticipated weak UK data, alongside rising hawkish sentiment from the Fed, may keep bears in control. Upcoming data could create some volatility, but the bearish sentiment remains strong.
by MTradingGlobal
GU: Buy Setup Near Strong Demand Zone Amid USD WeaknessWith Hurricane Milton approaching the U.S., there’s a high probability of the U.S. Dollar (DXY) weakening due to economic disruptions and market uncertainty. This sets the stage for potential bullish movements in GBP/USD, particularly as the pair approaches a key support/demand zone on the Daily chart around 1.3030 - 1.31. Key Technical Insights: Daily Support/Demand Zone: On the Daily chart, GBP/USD is testing a critical support zone, which has historically provided strong buying interest. The presence of this demand zone suggests that price may bounce back if supported by technical confirmation. Bullish Divergence on H4: On the H4 timeframe, a clear bullish divergence is forming with the Awesome Oscillator (AO). While the price is making lower lows, the AO is creating higher lows, indicating that selling pressure is weakening and a reversal could be near. Trade Plan: Entry : Look for confirmation with a bullish reversal pattern such as a bullish engulfing candle or a pin bar in the support zone before entering. Stop Loss: Set your stop loss below the support at 1.30 to protect against false breakouts. Target: Initial target around 1.33, with potential to extend higher if the bullish momentum continues. This setup aligns with both technical and fundamental drivers, making it a strong candidate for a buy if the market conditions confirm the reversal. FX:GBPUSD OANDA:GBPUSD FOREXCOM:GBPUSD
Long
by Trading_Zone_3773
GBPUSD: Focus on 50-SMA, key horizontal support and Fed MinutesGBPUSD struggles to hold onto early gains after bouncing off a three-month support level. As bearish momentum builds, traders closely watch for insights from the upcoming Federal Open Market Committee (FOMC) meeting minutes. Multiple catalysts favoring Cable sellers The Pound Sterling is finding it hard to sustain a rebound from the 12-week-old support zone. Bearish MACD signals and downbeat RSI (14) add to the negative sentiment. Additionally, last week's confirmation of a bearish rising wedge pattern enhances the resolve of GBPUSD sellers, pointing to continued downward pressure. Key technical levels to watch While sellers currently dominate the GBPUSD market, the 50-day SMA around 1.3085 poses an immediate challenge to further declines, with crucial support around 1.3060-1.3040 just below. If these levels break, the 100-day and 200-day SMAs at 1.2935 and 1.2780 could test sellers before directing them to the bearish pattern’s theoretical target of 1.2450. A corrective bounce for GBPUSD seems unlikely to gain credence unless it breaks above the wedge's lower line near 1.3280. That said, the immediate resistance levels are at 1.3100 and 1.3200. If the price holds above 1.3280, bulls may aim for a yearly high of approximately 1.3435 and the wedge's upper line around 1.3510. Bears to dominate Considering the bearish technical signals and the potential for the US Dollar to consolidate its previous monthly losses—supported by positive economic data and a hawkish Federal Reserve bias—the GBPUSD pair is likely to decline further. This outlook holds unless today’s Fed Minutes and Thursday’s Consumer Price Index (CPI) data underperform, which could dampen the US Dollar's strength.
by MTradingGlobal
2
GBPUSD: “Rising Wedge” signals selling pressure on PoundGBPUSD experienced its biggest decline in a week the previous day as the US Dollar strengthened ahead of the September jobs data. The Pound Sterling tested a bearish rising wedge pattern but managed to bounce back from the lower line of this formation. Despite this slight recovery, traders are cautious and watching closely as they await the US ADP Employment Change report on Wednesday, followed by the important Nonfarm Payrolls (NFP) data on Friday. Sellers flex muscles… Besides the US Dollar’s rebound before the key US data, bearish MACD signals also keep the GBPUSD sellers hopeful. However, the nearly oversold conditions of RSI (14), the quote’s sustained trading beyond the 200-SMA, and downbeat expectations from the US statistics suggest a long and bumpy road for the bears. Technical levels to watch… If GBP/USD falls below 1.3240, it will confirm a bearish rising wedge pattern, making this level critical for traders. Another important support level is the 200-SMA at 1.3180. Should the pair break below this, it may target the horizontal support zone around 1.3030, with 1.3000 serving as a psychological level. Further declines could lead to August's low near 1.2665 and possibly down to the wedge's target of 1.2370. On the upside, the GBPUSD pair faces resistance at 1.3310 and 1.3360, with the latest peak around 1.3435. If the pair breaks above 1.3435, it will encounter the top line of the rising wedge near 1.3465. Successfully moving past 1.3465 could set the stage for a rally toward the February 2022 high of about 1.3645. Expect a price pullback, but not a significant drop Overall, the GBPUSD buyers appear to be losing momentum, with sellers positioned near the bottom of the wedge and the 200-SMA. However, potential weakness in US data and several support levels make it challenging for sellers to gain full control.
by MTradingGlobal
GBP/USD: Break $1.34277 or Pull Back to $1.33605?The GBP/USD chart on September 30th paints a dramatic scenario as the price hovers around $1.34090, preparing to confront the strong resistance at $1.34277. This is the "wall" that if the buyers can overcome, a new journey toward higher peaks will begin. However, the battle won’t be easy. If the price is rejected at resistance, a correction toward the support zone at $1.33605 could happen, giving the sellers the advantage. With support from the EMA 34 at $1.33816 and EMA 89 at $1.33378, the price might find stability. What heightens the market's tension now is the influx of economic news from the U.S. Traders are anxiously awaiting key factors that will determine whether GBP/USD will see a spectacular breakout or a retracement. All will be revealed in the coming sessions!
Long
by Romio_pro
GBPUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD GBPUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
by tradergyan01
1
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.
Long
by okako_trading
4