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GBP/USD_TOM - GBP/USD

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GBPUSD_TOM trade ideas

GBPUSD bears flex muscles despite recent reboundGBPUSD confirmed a rising wedge bearish chart pattern on Friday, despite posting another weekly gain and marking an intraday run-up of late. However, the absence of an oversold RSI suggests that the Cable pair could drift lower. That said, the 50-SMA and a two-month-old previous resistance line, respectively near 1.2200 and 1.2170, can restrict the short-term downside of the pair before directing it to the 200-SMA support level surrounding 1.2070. It’s worth noting that the quote’s weakness past 1.2170 makes it vulnerable to visit the multiple supports marked since mid-February around 1.1920-10, a break of which won’t hesitate to approach the theoretical target near 1.1730. Meanwhile, GBPUSD recovery remains elusive unless the quote stays below the stated wedge’s lower line and 78.6% Fibonacci retracement level of the pair’s fall between late January and early March, around 1.2300 by the press time. Following that, the monthly high of around 1.2345 could test the Cable pair buyers. In a case where the quote remains firmer past 1.2345, multiple hurdles could test between 1.2400 and 1.2430 will precede the yearly high of around 1.2450 to challenge the pair’s upside momentum. Overall, GBPUSD is likely to witness further downside but the road toward the south appears long and bumpy.
by MTradingGlobal
GBPUSD Trade setup todayThis pair has been experiencing a remarkable and persistent upward trend, taking advantage of the downturn in the US economy. This trend is expected to continue due to ongoing positive fundamentals, leading to further excitement in the market. The current target for this rally is at a price of 1.2455, with the potential for a significant 2000-pip increase to a price of 1.3904, as predicted earlier this year. To capitalize on this trend in the short term, I will be monitoring the climb from the new supply level of 1.2195, with a maximum stop loss of 25 pips at 1.2170, targeting a potential gain of 200+ pips at 1.2410. I will provide updates if there are any changes.
by Ieios