The GPBUSD are showing mixed signs across times frames 5min, 15m and 4H but suggests that bullish momentum will be short-lived as price approaches 1.2700.
UK economic data has not been the best this week, as car registration data continues to show weakness leading me to believe that consumers are hesitant for bigger purchases. In the bigger picture of things we would likely see slowdowns in key market segments to follow which will pressure the pound over the medium term.
Trade Ideas
Bullish Trade Idea
Entry: Buy on breakout above 1.2700 with strong volume confirmation.
Stop-Loss: Below recent structure of 1.2670
Target TP1: 1.2730 short-term resistance
Target TP2: 1.2750 key area of interest
Risk to Reward: ~1:2
Bearish Trade Idea
Entry: Sell on rejection from 1.2700 - 1.2710
Stop-Loss: Above structure high of 1.2715
Target TP1: 1.2625 intraday support
Target TP2: 1.2600 psychological level
Risk to Reward: ~1:2
From a macro perspective I do favour a bearish trade set-up due to the U.S economic data looking a bit robust, however tariff uncertainty will play against traders in the near to medium term. Because of this I would look for a breakdown of price action if price does not reach near term resistance.
Entry Point: GBP/USD breaks below the 1.2650 support level
Stop-Loss: slightly above 1.2670
Target TP1: 1.2625
Target TP2: 1.2600
UK economic data has not been the best this week, as car registration data continues to show weakness leading me to believe that consumers are hesitant for bigger purchases. In the bigger picture of things we would likely see slowdowns in key market segments to follow which will pressure the pound over the medium term.
Trade Ideas
Bullish Trade Idea
Entry: Buy on breakout above 1.2700 with strong volume confirmation.
Stop-Loss: Below recent structure of 1.2670
Target TP1: 1.2730 short-term resistance
Target TP2: 1.2750 key area of interest
Risk to Reward: ~1:2
Bearish Trade Idea
Entry: Sell on rejection from 1.2700 - 1.2710
Stop-Loss: Above structure high of 1.2715
Target TP1: 1.2625 intraday support
Target TP2: 1.2600 psychological level
Risk to Reward: ~1:2
From a macro perspective I do favour a bearish trade set-up due to the U.S economic data looking a bit robust, however tariff uncertainty will play against traders in the near to medium term. Because of this I would look for a breakdown of price action if price does not reach near term resistance.
Entry Point: GBP/USD breaks below the 1.2650 support level
Stop-Loss: slightly above 1.2670
Target TP1: 1.2625
Target TP2: 1.2600
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.