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U.S. Dollar / Pound Sterling

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USDGBP trade ideas

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
GBPUSD recovery remains unconvincing ahead of UK inflationGBPUSD holds onto the recovery from an early February rebound from a three-month-old ascending support line, staying beyond the 100-day EMA to lure more bids. Adding strength to the upside bias is the upward-sloping RSI (14) line and the recently upbeat MACD signals. However, the previous support from early November, near 1.2265, acts as an immediate hurdle to challenge the bulls. Following that, a horizontal area comprising multiple tops marked since December, near 1.2450, appears crucial for the Cable buyers to tighten the holds, a break of which could propel prices towards May 2022 peak surrounding 1.2665. On the flip side, the 100-day EMA level surrounding 1.2040 and the 1.2000 psychological magnet challenge short-term pullbacks of the GBPUSD. That said, a clear downside break of the 1.2000 mark needs validation from the aforementioned support line from November 17, close to 1.1965 at the latest, to convince bears. In a case where the quote remains weak past 1.1965, the odds of witnessing a slump towards January’s low near 1.1840 and the mid-November 2022 bottom surrounding 1.1760 can’t be ruled out. Overall, GBPUSD remains on the bear’s radar despite the latest run-up, which in turn highlights today’s UK Consumer Price Index (CPI) for clear directions.
by MTradingGlobal
GBPUSD reverses from 200-SMA ahead of UK GDPGBPUSD pares the early-week recovery from 78.6% Fibonacci retracement of January 06-23 upside while taking a U-turn from the 200-SMA hurdle. The pullback also take justifies the downbeat RSI and MACD conditions, suggesting further declines towards 61.8% and 78.6% Fibonacci retracement levels, around 1.2070 and 1.1970 in that order. It’s worth noting, however, that the GBP/USD pair’s weakness below 1.1970 will make it vulnerable to drop toward the previous monthly low of near 1.1840. Alternatively, a successful break of the aforementioned key SMA hurdle surrounding 1.2190 isn’t an open invitation to the GBPUSD buyers. That said, the 1.2200 and late January swing low around 1.2265 could challenge the Cable buyers before the three-week-old resistance line of 1.2370. In a case where the quote remains firmer past 1.2370, the two-month-long horizontal area around 1.2440-50 appears a tough nut to crack for the bulls. To sum up, GBPUSD braces for the key UK Q4 GDP which is likely to disappoint.
by MTradingGlobal