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U.S. Dollar / Pound Sterling

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USDGBP trade ideas

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
Pound Pushing PThe GBP/USD pair builds on Friday's solid recovery from a six-week low and gains strong follow-through traction for the second successive day. The momentum lifts spot prices to a two-and-half-week high, around the 1.2170 area during the first half of the European session and is sponsored by the prevalent US Dollar selling bias. From a technical perspective the break above the December 28 highs at 1.2125, the last key lower high in the corrective move down from the December 14 peak, marks an important turning point as it could suggest a reversal higher and that Cable's three-week yuletide correction is at an end. It probably means the medium-term uptrend which started in September has restarted and prices will now continue rising.
Long
by xavierNF