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U.S. Dollar / Pound Sterling

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USDGBP trade ideas

GBPUSD buyers struggle on UK employment, US inflation dayDespite rising in the last four consecutive days, the GBPUSD bulls take a breather ahead of the key UK jobs report and the US Consumer Price Index (CPI) data. That said, the three-week-old descending resistance-turned-support-line, around 1.2140 at the latest, restricts the immediate downside of the Cable pair. Following that, the 200-SMA level surrounding 1.2100 precedes the one-week-old ascending trend line and the 100-SMA, respectively near 1.2040 and 1.2000, to challenge probe the Cable pair sellers. Should the quote remains bearish past 1.2000, a horizontal area comprising multiple levels marked since February 17, between 1.1915 and 1.1925, could try to prod the Cable bears. Alternatively, the 61.8% Fibonacci retracement level of the GBPUSD pair’s January-March fall, around 1.2200, caps the immediate upside around 1.2100. Following that, a run-up towards the mid-February swing high of around 1.2270 appears safe to expect. It should be noted that the quote’s run-up beyond 1.2270 will be crucial to watch as it holds the key to the pair’s run-up toward the previous monthly peak of 1.2400. Overall, the pre-data anxiety joins nearly overbought RSI conditions to probe GBPUSD buyers. However, the bullish MACD signals and hopes for further US Dollar weakness keep the bulls hopeful.
by MTradingGlobal
Possible GBPUSD Bullish SwingGBPUSD is looking set for a massive Bullish Move of about 2000 pips, I'll be dropping the setup and the required confirmation as soon as it reveals enough for us to hop on. In the meantime, Today is the CPI release for the month of March, and we've witnessed an unexpected turn out in the US financial system, this can potentially bring an halt to the US Bullish pull, giving an edge to the majors against the XXXUSD, I personally would have preferred to stay out of this trend till the dust settles, but what then is Trading if not for times like this. Before the CPI release, I'll be looking to take advantage of the most available Demand@1.2110 for a minimum return of a hundred pips and a maxSL of 25pips, whatever the outcome is, the market is cooking, and it should be allowed to finish.. I'll keep my Ideas updated here and I'll really love to hear your opinion about this setup
Long
by Ieios
GBPUSD eyes further downside ahead of crucial US/UK data GBPUSD holds a confirmed place in the bear’s radar after breaking an important support line from mid-November, as well as the 200-DMA, as traders await the UK data dump and the US jobs report. That said, a daily closing below the 50% Fibonacci retracement level of the Cable pair’s upside from November 2022 to January 2023, near 1.1795, becomes necessary to witness the quote’s further declines amid the nearly oversold RSI and downbeat MACD signals. In that case, the late October 2022 swing high and the 61.8% Fibonacci retracement level, around 1.1645-40, may lure the pair sellers. Should the quote remains bearish past 1.1640, the 78.6% Fibonacci retracement level of 1.1422 and the November 09 bottom of around 1.1330 might act as intermediate halts before directing it to the late 2022 low of 1.1144. On the contrary, GBPUSD recovery may initially aim for the 200-DMA level of around 1.1910 ahead of challenging the 1.1950 support-turned-resistance comprising the previous support line from November 17 and 38.2% Fibonacci retracement level. Following that, the 1.2000 psychological magnet and a downward-sloping resistance line from late January, near 1.2090, will be in focus. It’s worth observing that the Cable pair’s successful trading beyond 1.2090, as well as crossing the 1.2100 threshold, could help the bulls to retake control. Overall, GBPUSD is likely to decline further unless crossing the 1.2100 hurdle.
by MTradingGlobal
GBPUSD Downtrend movement; RISK :Reward Ratio=2.9 #FOREX #GBP #USD #GBPUSD, #NASDAQ, #CURRENCY, #CURREYPAIRS, #FOREX @GBPUSD #GBPUSD DOWNWARD movement potential with risk: reward ratio 2.9. SELL at 1.1985 with SL 1.2060 and Target is 1.17750 Hey Traders, HOPE our analysis is adding value to your Stock market trading Journey. If yes, cheer us with Thumbs up 👍 ... NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk. NOTE: RESPECT The risk. SL should not be more than 2% of the capital. Happy Trading
Short
by TanujaK
GBPUSD Downtrend movement; RISK :Reward Ratio=2.9 #FOREX#GBP #USD #GBPUSD, #NASDAQ, #CURRENCY, #CURREYPAIRS, #FOREX @GBPUSD #GBPUSD DOWNWARD movement potential with risk: reward ratio 2.9. SELL at 1.1985 with SL 1.2060 and Target is 1.17750 Hey Traders, HOPE our analysis is adding value to your Stock market trading Journey. If yes, cheer us with Thumbs up... NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk. NOTE: RESPECT The risk. SL should not be more than 2% of the capital. Happy Trading
Short
by TanujaK
GBPUSD Buying - Big Support/Highly BullishHello traders! Today, I am sharing a trade idea for GBPUSD that could potentially result in profits. The currency pair has been forming a rising wedge pattern, indicating a bullish outlook. My suggestion is to consider buying GBPUSD from 1.19680, with a stop loss at 1.19240. The first target is at 1.20311, which could potentially result in a profit of approximately 53 pips. The second target is at 1.20743, which could yield a profit of approximately 86 pips. As always, it is important to consider risk management strategies and remain vigilant, as unexpected events and news could impact the markets. In conclusion, I believe that buying GBPUSD using the rising wedge pattern could be a profitable trade idea. Thank you for following my trade idea, and I wish you all the best in your trading journey. Happy Trading! This trade idea is for educational and informational purposes only. Trading in the financial markets involves risk, and past performance is not necessarily indicative of future results. Before placing any trades, you should carefully consider your financial situation, risk tolerance, and trading experience. Please be aware that trading in the foreign exchange market, particularly with leveraged instruments such as CFDs, involves significant risks and may not be suitable for all investors. The author shall not be liable for any losses incurred as a result of using this trade idea. Traders should always trade at their own risk and responsibility.
Long
by VISH_VIN-Traders