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U.S. Dollar / Pound Sterling

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USDGBP trade ideas

GBPUSD holds onto bullish bias targeting 1.2450GBPUSD retreats from a one-month-old broad resistance area surrounding 1.2210-40 as the Cable traders brace for the UK data dump on Friday. The quote’s sustained trading beyond the convergence of the 50-SMA and 100-SMA, around 1.2070-65 at the latest, joins upbeat oscillators to keep the pair buyers hopeful of overcoming the key horizontal resistance zone. Following that, the previous monthly high surrounding 1.2450 could lure the bulls. It should be noted, however, that the pair’s successful trading above 1.2450 enables the bulls to aim for the 61.8% Fibonacci Expansion (FE) level of the pair’s moves between November 2022 and early January 2023, close to 1.2645. Meanwhile, GBPUSD sellers will need a clear downside break of the aforementioned SMA confluence, near 1.2070-65, for conviction. In that case, the 1.2000 psychological magnet and the monthly low of 1.1841 should lure the bears. If at all the Cable pair remains bearish past 1.1841, a downward trajectory towards the 50% and 61.8% Fibonacci retracement level of the quote’s November-December 2022 moves, near 1.1800 and 1.1645 respectively, can be expected. Overall, GBPUSD is likely to remain on the front foot unless the price stays beyond 1.2065 levels.
by MTradingGlobal
GBPUSD bears lurk behind 1.2000 to retake controlGBPUSD braces for the first weekly gain in four as 200-EMA and a two-week-old support line defends Cable buyers. However, multiple failures to cross a one-month-long horizontal hurdle keep the sellers hopeful of breaking the 1.2000 key support. Following that, not only the ball could drop on the bear’s court for the fourth consecutive weekly fall but the pair might also portray a quick slump to the mid-1.1700s. In a case where the quote remains weak past 1.1700s, the early November swing high surrounding 1.1550 and November 09 low near 1.1355 could gain the market’s attention. Alternatively, the aforementioned fortnight-long horizontal resistance area near 1.2130 restricts the short-term GBPUSD upside. Should the quote Cable pair crosses the nearby hurdles, the early-month peak of 1.2345 and the monthly high near 1.2445 will be on the bull’s radar while aiming for a positive end to the volatile 2022. Overall, GBPUSD is ready to return to the bear’s desk after a brief absence.
by MTradingGlobal