GBPUSD_119 2024.11.04 01:45:04 Trading Signal BUY
FrankPro Signal for GBPUSD_119
Type: Screen
Signal: BUY
TP: 1.30272
SL: 1.2964
Entry Price: 1.29719
Analysis for GBPUSD
Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Down LT=Up
[Method1] ST=Up LT=Down
[Method2] ST=Up LT=Down
Analysis Method(0)
Based on the analysis, here are my predictions for the GBP/USD pair:
**Short-term (next few days):**
* The pair is expected to test the support area near 1.2935, which may lead to a slight decline.
* However, the overall forecast suggests an attempt to develop a decline followed by a rebound, indicating a potential short-term bounce.
* The US Nonfarm Payrolls (NFP) data for October, scheduled for release later on Friday, may influence the USD's strength and affect the GBP/USD pair.
* Given the bearish trend indicated by moving averages, I predict the price to **go down** in the short term, but with a potential rebound.
**Long-term (next few weeks/months):**
* The pair is expected to rebound upwards, with a target of around 1.3175.
* A breakout of the resistance area above 1.3105 would confirm the growth scenario.
* The UK's Autumn Forecast Statement and the Office for Business Responsibility's upward revision of inflation forecasts may cap the downside for the Pound Sterling, suggesting less likelihood of interest rate reductions by the Bank of England.
* Given the overall forecast and technical analysis, I predict the price to **go up** in the long term.
Please note that these predictions are based on the analysis provided and are subject to change based on new market data and events.
Result: [Method0] ST=Down LT=Up
Analysis Method(1)
Based on the provided data, here is my analysis of the expected price movement for the GBP/USD pair:
**Short-term analysis (next few days to a week):**
* The formation of a "Triangle" model and the relative strength indicator (RSI) suggest a potential rebound and continued growth towards the level of 1.3175.
* The pair is currently trading near the support area of 1.2935, which could lead to a bounce back.
* A close above 1.3000 could target resistance at 1.3100 and the 50-day SMA at 1.3139.
* Therefore, in the short-term, the price is expected to **go up** towards the 1.3175 level.
**Long-term analysis (month of November and end of 2024):**
* The monthly forecast for November 2024 suggests a decline in the GBP/USD rate, with an average forecast of 1.273 and a predicted rate of 1.269 at the end of the month.
* Analysts at WalletInvestor project a bearish trend for the GBP/USD pair, with the rate expected to decline from 1.321 to 1.309 by the end of 2024.
* However, the forecast for November from LongForecast suggests a high exchange rate of 1.306, which is higher than the current trading level.
* Considering the mixed forecasts, in the long-term, the price is expected to **stay the same** or experience a slight **decline**.
Please note that these analyses are based on the provided data and should not be considered as investment advice. The foreign exchange market is highly volatile, and prices can change rapidly due to various market and economic factors.
Result: [Method1] ST=Up LT=Down
Analysis Method(2)
**Short-Term Analysis (Next few days to a week)**
Based on the provided data, the short-term forecast for the GBP/USD pair is slightly bullish. The pair is expected to test the support area near 1.2935 and then rebound, continuing its growth towards 1.3175. The technical analysis also suggests a potential rebound from the support line, and a close above 1.3000 could target resistance at 1.3100 and the 50-day SMA at 1.3139. However, a close below 1.2971 could lead to further downside risk.
**Expected Price Movement (Short-Term): UP**
**Long-Term Analysis (Next few months to a year)**
The long-term forecast for the GBP/USD pair is mixed and uncertain. WalletInvestor predicts a bearish trend, with a decline to 1.309 by the end of 2024 and further to 1.278 in 2025. On the other hand, LongForecast suggests significant fluctuations in 2025, with a range between 1.336 and 1.437. However, the overall trend is expected to be volatile and uncertain.
**Expected Price Movement (Long-Term): UNCERTAIN (BOTH UP AND DOWN POSSIBLE)**
Result: [Method2] ST=Up LT=Down
Type: Screen
Signal: BUY
TP: 1.30272
SL: 1.2964
Entry Price: 1.29719
Analysis for GBPUSD
Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Down LT=Up
[Method1] ST=Up LT=Down
[Method2] ST=Up LT=Down
Analysis Method(0)
Based on the analysis, here are my predictions for the GBP/USD pair:
**Short-term (next few days):**
* The pair is expected to test the support area near 1.2935, which may lead to a slight decline.
* However, the overall forecast suggests an attempt to develop a decline followed by a rebound, indicating a potential short-term bounce.
* The US Nonfarm Payrolls (NFP) data for October, scheduled for release later on Friday, may influence the USD's strength and affect the GBP/USD pair.
* Given the bearish trend indicated by moving averages, I predict the price to **go down** in the short term, but with a potential rebound.
**Long-term (next few weeks/months):**
* The pair is expected to rebound upwards, with a target of around 1.3175.
* A breakout of the resistance area above 1.3105 would confirm the growth scenario.
* The UK's Autumn Forecast Statement and the Office for Business Responsibility's upward revision of inflation forecasts may cap the downside for the Pound Sterling, suggesting less likelihood of interest rate reductions by the Bank of England.
* Given the overall forecast and technical analysis, I predict the price to **go up** in the long term.
Please note that these predictions are based on the analysis provided and are subject to change based on new market data and events.
Result: [Method0] ST=Down LT=Up
Analysis Method(1)
Based on the provided data, here is my analysis of the expected price movement for the GBP/USD pair:
**Short-term analysis (next few days to a week):**
* The formation of a "Triangle" model and the relative strength indicator (RSI) suggest a potential rebound and continued growth towards the level of 1.3175.
* The pair is currently trading near the support area of 1.2935, which could lead to a bounce back.
* A close above 1.3000 could target resistance at 1.3100 and the 50-day SMA at 1.3139.
* Therefore, in the short-term, the price is expected to **go up** towards the 1.3175 level.
**Long-term analysis (month of November and end of 2024):**
* The monthly forecast for November 2024 suggests a decline in the GBP/USD rate, with an average forecast of 1.273 and a predicted rate of 1.269 at the end of the month.
* Analysts at WalletInvestor project a bearish trend for the GBP/USD pair, with the rate expected to decline from 1.321 to 1.309 by the end of 2024.
* However, the forecast for November from LongForecast suggests a high exchange rate of 1.306, which is higher than the current trading level.
* Considering the mixed forecasts, in the long-term, the price is expected to **stay the same** or experience a slight **decline**.
Please note that these analyses are based on the provided data and should not be considered as investment advice. The foreign exchange market is highly volatile, and prices can change rapidly due to various market and economic factors.
Result: [Method1] ST=Up LT=Down
Analysis Method(2)
**Short-Term Analysis (Next few days to a week)**
Based on the provided data, the short-term forecast for the GBP/USD pair is slightly bullish. The pair is expected to test the support area near 1.2935 and then rebound, continuing its growth towards 1.3175. The technical analysis also suggests a potential rebound from the support line, and a close above 1.3000 could target resistance at 1.3100 and the 50-day SMA at 1.3139. However, a close below 1.2971 could lead to further downside risk.
**Expected Price Movement (Short-Term): UP**
**Long-Term Analysis (Next few months to a year)**
The long-term forecast for the GBP/USD pair is mixed and uncertain. WalletInvestor predicts a bearish trend, with a decline to 1.309 by the end of 2024 and further to 1.278 in 2025. On the other hand, LongForecast suggests significant fluctuations in 2025, with a range between 1.336 and 1.437. However, the overall trend is expected to be volatile and uncertain.
**Expected Price Movement (Long-Term): UNCERTAIN (BOTH UP AND DOWN POSSIBLE)**
Result: [Method2] ST=Up LT=Down
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