Short

GBPUSD Technical Analysis: Downside Pressure Support at 1.2865

Updated

GBP/USD is trading below the 50, 100, and 200 Simple Moving Averages on the four-hour chart and Momentum remains to the downside. Moreover, the Relative Strength Index recaptured the 30 levels, exiting oversold conditions. The graphs show a clear bias to the downside
Initial support awaits at 1.2865, the fresh two-month low. Further down, 1.2830 was a support line in early February. It is followed by 1.2775 that was the low point that month. 1.2675 is next.
Resistance awaits at 1.2920 that held cable down earlier in the day. 1.2960 was the low point in March and a swing high earlier this week. 1.3020 held the pair down beforehand.
GBP/USD Sell Area 1.2950/60 level Take profit Area 1.2850 level . Other side of GBP/USD Breakout and stable 1.2980 level then next target 1.3050 and 1.3100 level. GBPUSD touch 1.3100 level Must be Sell GBPUSD because H4 200 ma Moving Average 1.3100 level .

Daily SMA100 1.2964
Daily SMA200 1.2963
Previous Weekly High 1.312
Previous Weekly Low 1.2978
Previous Monthly High 1.3384
Previous Monthly Low 1.296
Daily Fibonacci 38.2% 1.2885
Daily Fibonacci 61.8% 1.2897

Note

News:-
========
The Bank of England will not raise any kind of rate this year. Until the end of the issue of the issue, Jahutu Bank on England will not make any major decisions. The Bank of England's monetary policy will not help in any kind of pound.
And the Bank of England governor will change, they are looking for new governors for long term. So the latest commentator does not seem to help here.
The next week, GBP's market capitalization data is all about the Bank of England Kendrick.
#GBP Microeconomic Mixes.
#GBP Macro Economics mixed curse bayerish.

Note

**Focus on BOE's monetary policy meeting next Wednesday.
**No progress in cross-party negotiations likely to keep the Pound subdued.

Note

1. Growing challenges to UK PM May’s position grapples with developments at cross-party talks.
2.A successful break of 1.2940 trend-line resistance can escalate recent recovery.
Technical Analysis:
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Sustained break of 1.2940 could trigger the quote’s upside towards 100-day and 200-day simple moving average (SMA) confluence near 1.2965/70, a break of which might further please buyers with 1.3000 and 1.3050 resistances.

On the downside, 1.2900 and 1.2860 could restrict the pair’s near-term declines ahead o dragging it to 1.2830 and 1.2770 supports.
News:
======
Given the absence of the UK data highlights Brexit talks, the US pending home sales, consumer confidence, and Chicago purchasing managers’ index can direct near-term moves from the US side.

The pending home sales could rise +0.5% versus -1.0% earlier contraction whereas the manufacturing gauge might increase to 59.0 from 58.7. The CB consumer confidence grew 124.1 during the previous readout.

Note

The break dead line is now back on 31st October. This year the bank was supposed to increase the rate of England. The bank of England is piling up only because of the breaks.
Today, we have to see three things in front of the Monetary Policy of Bank of England.
1. Inflation
2. Job market condition
3. Economic Growth

Inflation is 1.9%, very close to the target. They want to monitor the policies of monetary policy, that is, to increase rates this year. There is a lot of hiccense stains in the bank of England.
In his previous statement, Carney said that if there was no uncertainty about the breaks and if the inflation was 2.00% + then they would move towards raising rates.
Economic Growth increased from 1.2% to 1.4.
Among these things, there are 3 things to look for 1. Inflation is 1.9%. Growth from 1.2% to 1.4%. Job market Unemployment rate has decreased from 4.00% to 3.9%

Trade closed: target reached

Reply:
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Resistance awaits at 1.2920 that held cable down earlier in the day. 1.2960 was the low point in March and a swing high earlier this week. 1.3020 held the pair down beforehand.
GBP/USD Sell Area 1.2950/60 level Take profit Area 1.2850 level . Other side of GBP/USD Breakout and stable 1.2980 level then next target 1.3050 and 1.3100 level. GBPUSD touch 1.3100 level Must be Sell GBPUSD because H4 200 ma Moving Average 1.3100 level .

***Active Trade 1.2960 last target done 1.3100 Area total profit - 140 pips..

Trade active

GBPUSD touch 1.3100 level Must be Sell GBPUSD because H4 200 ma Moving Average 1.3100 level .

*** Sell Active 1.3100 level

Saleh11

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