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GBP/USD_TOD - GBP/USD

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GBPUSD_TOD trade ideas

GBPUSD bears lurk behind 1.2080 key supportGBPUSD fades upside momentum after reversing from the 61.8% Fibonacci retracement level of January-September downside, despite the latest rebound. A pullback in the RSI and receding strength of the bullish MACD signals also backs the broad retreat in prices. However, a convergence of the 200-DMA and three-month-old ascending trend line, near 1.2080, challenges the pair sellers, a break of which could quickly drag the quote to 1.1760-40 support area comprising multiple levels marked since mid-July. It’s worth noting that the Cable pair’s failure to bounce off 1.1740, the early October swing high near 1.1500 could lure the bears. On the flip side, GBPUSD recovery could aim for the 61.8% Fibonacci retracement level, also known as the golden ratio, around 1.2440. That said, August month’s high of near 1.2295 and the 1.2300 round figure acts as the immediate resistance to probe the buyers. In a case where the Cable rises past the 1.2440 hurdle, an upward-sloping resistance line from late October, close to 1.2660, will be in focus. Also acting as the upside hurdle is May’s peak surrounding 1.2665. Hence, 1.2660-65 is the key block for the Cable buyers. Overall, GBPUSD is likely to recall bears and even if it doesn’t at the moment, the recovery remains elusive below 1.2665.
by MTradingGlobal
GBPUSD bulls run out of steam on BOE-inspired Super ThursdayBe it a one-month-old rising wedge or the overbought RSI conditions, GBPUSD shows it all to suggest that the bull’s reign is near to end. However, a sustained trading below the 1.2330 support, comprising the lower line of the aforementioned rising wedge bearish chart pattern, becomes necessary for the seller’s entry. Even so, the 200-DMA level surrounding 1.2100 could challenge the bears. Following that, a downward trajectory towards the 1.2000 psychological magnet and then to September’s peak surrounding 1.1740 can’t be ruled out. It’s worth noting that the rising wedge confirmation signals a theoretical target of around 1.1000. Meanwhile, the upper line of the stated wedge, close to 1.2550, could act as an immediate upside hurdle to watch during the Cable pair’s further advances. In a case where the GBPUSD bulls defy the bearish chart pattern by crossing the 1.2550 hurdle, the 78.6% Fibonacci retracement level of the pair’s south-run from late March to September, near 1.2675, could lure the buyers. It’s worth noting that the mid-March low close to the 1.3000 psychological magnet and late March swing high near 1.3300 will be in focus if the quote remains firmer past 1.2675. Overall, GBPUSD is up for further downside as the BOE looms. However, a surprise hawkish outcome could allow the bulls to have a few more happy days.
by MTradingGlobal
Bullish on GBP / USDIf you're trading in the foreign exchange market, then you'll want to keep an eye on the GBP/USD pair. The pair has been looking very bullish lately, and it looks like it could be on the rise. This is good news for those who are looking to make some profits in the Forex market. The GBP has been steadily gaining strength against the USD, and this could mean that there are some big opportunities for those who are paying attention. Of course, it's always important to do your research before entering any trades, but this could be a great time to get in on the action! The GBP/USD pair looks like it could be headed for some big gains in the near future, and we can't wait to see what happens.
by thewolfofdalal
#GBPUSD it's possible to buy#GBPUSD waiting for retracement and Price trading in nearby 4hr support area and waiting for bullish candlesticks formed it will take entry for above the bullish candlestick and it will go for the next level of resistance Why we like it: Price is trading in nearby 4hr support area Waiting for bullish candlesticks formed possible to move the next resistance area waiting for retracement 1st support: 1.13160 Next Zone area & horizontal swing Low support 1st Resistance 1.25646 Zone area & horizontal swing high resistance
Long
by Skandhatrade