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USDGBP 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
GBPUSD runs into key resistance as BoE rate hike loomsGBPUSD pokes a 10-month-old descending resistance line as the Cable bulls brace for the Bank of England (BoE) updates. Given the pair’s successful trading above the key DMAs and a clear rebound from the 61.8% Fibonacci retracement of the May-September 2022 downturn, the buyers are likely to overcome the stated trend line resistance, currently around 1.2340. The same, if backed by the hawkish BoE updates, could allow the buyers to cross the multiple hurdles near the 1.2445-50 region. Following that, the May 2022 peak surrounding 1.2665 could gain the market’s attention. On the flip side, the 50-DMA and the 200-DMA restrict short-term GBPUSD downside near 1.2140 and 1.1900 respectively. Also acting as immediate support is the 1.2000 psychological magnet, as well as the 61.8% Fibonacci retracement level of 1.1775. In a case where the Cable bears keep the reins past 1.1775, joined by the BoE’s disappointment, tops marked in September and October of the last year, around 1.1735 and 1.1645 in that order, could act as intermediate halts during a likely fall towards the 50% Fibonacci retracement level around 1.1500. To sum up, GBPUSD is likely to rise further and has a price-positive technical set-up but the upside momentum needs validation from the BoE.
by MTradingGlobal
Rising Wedge Chart Pattern On All TF - GBPUSDIt's important to note that the behavior of the GBPUSD pair can be influenced by a wide range of factors such as global economic conditions, political developments, supply and demand, and market sentiment. Therefore, it's important to do your own research, analyze the market conditions, and consult with a qualified financial advisor before making any investment decisions. However, I can provide an explanation of the chart pattern you mentioned, which is the rising wedge pattern. A rising wedge is a bearish chart pattern that occurs when an asset's price is trading within an upward sloping channel but with a contracting range. This pattern is characterized by a series of higher highs and higher lows that form two converging trendlines that slope upward. The rising wedge pattern is formed when the price reaches a resistance level and starts to consolidate, with the highs getting lower and lower while the lows maintain their level, indicating that the buyers are losing momentum. Once the price breaks below the lower trendline of the wedge pattern, it can indicate a trend reversal, and traders may consider shorting the asset. However, it's important to note that the rising wedge pattern is not foolproof, and false breakouts can occur. Additionally, it's essential to use risk management techniques, such as setting stop-loss orders, to limit potential losses if the trade does not go as expected. In summary, the rising wedge pattern is a bearish chart pattern that can occur in the GBPUSD pair or any other asset, and it indicates a potential trend reversal. However, investors should conduct thorough research and analysis and consult with a financial advisor before making any investment decisions based on chart patterns.
Short
by Epic1st