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U.S. Dollar / Pound Sterling

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USDGBP trade ideas

GBPUSD braces for a bull run, falling wedge in focusGBPUSD holds onto the Brexit deal-inspired gains inside a one-month-old bullish chart formation called a falling wedge, following a sustained rebound from a fortnight-old descending trend line. Adding strength to the upside bias are the bullish MACD signals. However, nearly overbought RSI challenges the theoretical north-run targeting 1.2600. That said, the mid-February high and the previous monthly top, respectively around 1. 2270 and 1.2450, could test the buyers. It should be noted that the 100-SMA and aforementioned wedge’s confirmation points, respectively near 1.2060 and 1.12110, could challenge the immediate upside of the quote. On the flip side, the 100-SMA and previous resistance line from February 14, close to 1.2060 and 1.2020 in that order, precede the 1.2000 psychological magnet to challenge the short-term pullback of the GBPUSD pair. It’s worth noting that the road past 1.2000 appears bumpy with multiple stops near 1.1940 and 1.1900. Also acting downside filters are the lows marked in January and during mid-November 2022, near 1.1840 and 1.1760 respectively. Overall, GBPUSD is back on the bull’s radar as traders await UK PMI and BOE Governor Andrew Bailey’s speech.
by MTradingGlobal
Ascending triangle teases GBPUSD bears ahead of UK PMIGBPUSD stays defensive inside a three-month-old ascending triangle, following the previous week’s rebound from the 200-DMA. Even so, downbeat oscillators join lower high formations to keep the sellers hopeful ahead of monthly PMI data from Britain. That said, the stated triangle’s lower line precedes the key moving average to challenge the Cable pair bears around 1.1990 and 1.1935 in that order. Following that, lows marked during January and mid-November 2022, close to 1.1840 and 1.1760 respectively, may challenge the bears. Also acting as short-term key support is last September’s peak surrounding 1.1735, a break of which could give a free hand to the pair sellers. Alternatively, recovery moves could aim for the three-week-old descending resistance line, near 1.2220, followed by the previous weekly high near 1.2270. In a case where GBPUSD buyers manage to cross the 1.2270 hurdle the odds of witnessing a run-up towards the multiple resistance area around 1.2450 can’t be ruled out. It’s worth noting that a successful break of the 1.2450 resistance could propel the Cable pair’s advances to May 2022 high near 1.2665. Overall, GBPUSD remains on the bear’s radar ahead of the key UK data.
by MTradingGlobal