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GBP/USD_TOM - GBP/USD

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GBPUSD_TOM trade ideas

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
GBPUSD: Overbought RSI, key resistance test buyersGBPUSD bulls are pausing at their highest level since February 2020, marking six days of gains despite a slow market atmosphere. That said, the Pound Sterling is facing a liquidity squeeze as we approach key data and events this week, which could impact its upward momentum at these multi-month highs. Pullback appears imminent but bulls can keep the reins Apart from the market’s anxiety ahead of this week’s key catalysts, the overbought RSI (14) line and a 10-week-old ascending resistance line, close to 1.3430 at the latest, suggest consolidation in the GBPUSD prices. Important technical levels A pullback in GBPUSD seems likely, with key short-term support levels at the 61.8% and 50.0% Fibonacci extensions of the quote’s August-September moves, respectively near 1.3375 and 1.3300. However, the previous monthly high near 1.3265 and the 21-SMA at 1.3190 are important, as they align with the bottom of a bearish wedge pattern near 1.3140, which could act as a final defense for buyers. On the flip side, for buyers to regain control, they need to break through the 1.3440 resistance. If they succeed, GBPUSD could target the February 2022 peak of around 1.3645 and the 2022 high of 1.3748. A sustained move above 1.3750 could even lead to a challenge of the psychological level at 1.4000. All eyes on US data/events Technical indicators for GBPUSD suggest a pullback may be on the horizon, even as recent U.S. factors favor ongoing Federal Reserve rate cuts throughout 2024. Therefore, key insights from Fed Chairman Jerome Powell’s speech on Thursday and the U.S. Core PCE Price Index— the Fed’s preferred measure of inflation—on Friday will be vital for determining the market's direction.
by MTradingGlobal
GBP/USD Breakout Anticipation Near Resistance 1.33553GBP/USD is on the verge of a dramatic breakout! Currently trading around 1.32760, it's hovering just below the critical resistance level of 1.33553. If GBP/USD fails to break through this resistance, it may retreat to the support level of 1.32396 – a moment where the market holds its breath, awaiting decisions from the Fed and the Bank of England. Alternatively, the next target could be the high of 1.33893 – where investors are eagerly hoping for a leap forward. The game is heating up by the minute, and any news from these meetings could be the 'trigger' for significant volatility! Investors should stay vigilant as the market is about to enter a high-stakes scenario full of surprises!
Long
by Romio_pro
GBPUSD: Post-FOMC optimism stays intact despite pre-BoE retreatGBPUSD consolidates Fed-induced gains as traders await monetary policy announcements from the Bank of England (BoE). That said, the Cable pair reached a fresh 30-month high after the US Federal Reserve’s (Fed) 0.50% rate cut that drowned the US Dollar across the board. Buyers stay optimist Although the Pound Sterling struggles to hold at a 2.5-month high, not to forget its failure to provide sustained breakout of a month-old horizontal resistance, the quote defends the mid-month breakout of a descending resistance line from late August, now support. Also keeping buyers hopeful is the pair’s recent rebound from the 100-SMA and steady RSI conditions. It’s worth noting, however, that the bearish MACD signals and a likely status-quo of the BoE could join the key upside hurdle to challenge the bulls. Technical levels to watch For GBPUSD buyers, the immediate resistance to watch is a month-old range between 1.3230 and 1.3240 if the BoE sounds hawkish. After that, the focus will shift to the 1.3300 level. If the Cable price stays above 1.3300, the 50% and 61.8% Fibonacci Extension (FE) levels around 1.3305 and 1.3375 could attract buyers. On the flip side, GBPUSD sellers need a clear break below the 1.3150-45 support zone, which includes the 100-SMA and a month-old previous resistance line, to weaken buyer’s confidence. If they succeed, the next tests will be the 1.3100 level and the 200-SMA at 1.3025, as well as the key psychological level of 1.3000. Upward bias seems favorable Whether due to an expected hawkish pause from the BoE or the market's response to the Fed's dovish surprise, along with GBPUSD trading above the 1.3150-45 resistance-turned-support, the pair is likely to stay bullish unless the UK central bank surprises traders.
by MTradingGlobal
GBP/USD Faces Risk of Correction After Short-Term PeakGBP/USD is currently trading around 1.32206 after reaching a short-term peak at 1.32653. The main support level is at 1.31958, and if this level is not maintained, the price may correct to lower levels around 1.32232. The EMA 34 (1.31474) and EMA 89 (1.31174) still indicate a short-term uptrend, but selling pressure is also starting to form. Economic news from the UK and the US will be the key factors influencing the next move of this currency pair.
by Romio_pro
GBPUSD Faces Resistance at 1.32112 USD, Awaiting CorrectionCurrently, GBPUSD is trading around 1.31552 USD after breaking out of the descending price channel. The key resistance at 1.32112 USD presents a significant challenge for the upward trend. The EMA 34 and EMA 89 lines indicate that the short-term upward trend remains intact, though a correction may occur as the price reaches this resistance level. Upon hitting this resistance, the price may pull back to 1.31537. Investors are awaiting the upcoming Fed meeting and key economic data from the UK, both of which will significantly impact the future trend of GBPUSD.
Long
by Romio_pro
2