GBP/USD faces further weakness near termAs described in our last idea on GBP/USD a Double top occurred after the release of economic news.
Economist Lee Sue Ann and market strategist Quek Ser Leang at UOB Group believe that further declines in the GBP/USD exchange rate are still likely to occur over the coming weeks.
Key Quotes Day and Night: Even though we anticipated a decline in the value of the pound last Friday, we maintained that "1.2120 is unlikely to be in danger." GBP, however, lost more ground than was anticipated, falling as low as 1.2047. The slide has room to go down to the support of 1.2000 even if it is plainly oversold before stabilization is probable. The next support level at 1.1950 is probably out of reach right now. Resistance is at 1.2100, but stabilization of the GBP's weakening would only be indicated by a breach of 1.2150.
Gbp-usd
j.Hejazi | GBP/USD Double Top with Bearish SignalsThe GBP/USD currency pair has formed a double top pattern with a divergence on the MACD indicator, which has been confirmed. The price is currently heading towards the neckline, which is the key level of 1.18550. At this level, there are several factors that may provide support, including the 200-day moving average, the ascending weekly trendline, and the 23.60 Fibonacci level.
There is a high likelihood that the price may bounce off this zone of support, but if it breaks through 1.18550, it will be considered a sell signal.
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GBPUSD Running as expectedShort looking good for this pair.
I'm expecting a retrace back-up to the ascending dynamic trendline, then down to the previous low, retrace and then if we can break the neckline of the previous low a drop down to at least 1.165, but with the H&S I expect a bigger move, probably down to 1.137 area.
GBPUSD SELL BIAS (BEARISH?!)Hello all!
GBPUSD analysed for you!
I have summarised the potential moves to the downside, as of now the pair is bearish, BUT there is heavy liquidity sitting above as EQH.
In the case of the bearish move, it could be a liquidity grab, but we can only confirm once it retests the strong demand marked.
Enjoy!
GBPUSD Potential for Bearish Drop | 3rd February 2023Looking at the H4 chart, my overall bias for GBPUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market.
Looking for a pullback sell entry at 1.22920, where the overlap resistance is. Stop loss will be at 1.24012, where the recent high is. Take profit will be at 1.20997, where the overlap support an 61.8% Fibonacci line is.
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GBPUSD Double Top rejection but Support cluster below.The GBPUSD pair is pulling back significantly after a Double Top rejection at 1.2455. The first Support offered is within the 1D MA50 (blue trend-line) and the bottom of the Channel Up is has been trading on since October.
If that holds, we'll take it as a short-term buy back to the 1.2455 Double Top Resistance. A closing above should further extend the rally to the 1.2675 May 27 High. However a break below the Channel Up, will be a sell break-out signal, targeting the 1D MA200 (orange trend-line) with the best long-term buy beyond that level being on the 1.1845 Support.
In both cases, we will only buy any further if the June 01 2021 Lower Highs - 1W MA200 (red trend-line) Resistance Cluster breaks.
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GBP/USD faces rejection near 1.2400 - Double Top ?GBP/USD has lost its bullish vigor after Wednesday's recovery toward 1.2400. Prior to the Bank of England's (BOE) policy announcements, investors refrain from placing bets on future Pound Sterling strength, and the near-term technical outlook indicates a lack of buyer demand.
The gains in GBP/USD remain modest, especially when compared to EUR/USD, notwithstanding the intense selling pressure surrounding the US Dollar late on Wednesday.
The decision to hike the policy rate by 25 basis points was made, and FOMC Chairman Jerome Powell maintained that more rate rises will be appropriate. However, his admission of the disinflation in goods led to a decline in the US dollar. Powell also acknowledged that a quicker-than-anticipated decrease in inflation will be reflected in upcoming policy choices, which raises the prospect of a policy change later in the year.
The BOE is anticipated to increase its policy rate by 50 basis points to 4% from 3.5% on Thursday. Tenreyro and Dhingra, two BOE Monetary Policy Committee (MPC) members, voted in December to maintain rates at 3%.
GBPUSD can move higher? 🦐GBP/USD currency pair on the 4-hour timeframe see the formation of higher highs and higher lows, followed by a distribution pattern at the recent high.
This could indicate that the uptrend is still intact and that the market is undergoing a period of consolidation before potentially continuing its upward movement.
It appears that the pair is currently trading within a range between the recent highs and the 0.618 Fibonacci level, which is considered a key support level. The presence of daily support also suggests that there is a potential for the price to hold at these levels and continue to trade within the established range.
Technical analysis suggests that traders watch for a break above the recent highs according to Plancton's strategy to confirm the continuation of the bullish trend.
GBPUSD H4: Bearish outlook seen, further downside below 1.2420On the H4 time frame, prices are approaching the resistance zone at 1.2420, in line with the graphical resistance zone, 78.6% Fibonacci retracement and descending channel’s resistance. We could see a reversal below this zone to the support zone at 1.2280, which coincides with the graphical support and 23.6% Fibonacci retracement. Stochastic is showing a bearish divergence and exited its overbought region which supports the bearish bias.
GBP/USD trades in a range above 1.2300 as the Fed nearsIn early Europe, the GBP/USD is finding it difficult to move significantly higher than 1.2300. The pair is still supported as the US Dollar licks its wounds, US Treasury yields decline, and traders exercise caution before the Fed announces its policy decisions. US PMIs will also be monitored.
The markets appear to be confident that the US central bank would moderate its aggressive approach and announce a lower 25 bps rate hike on Wednesday at the conclusion of a two-day meeting. This impacts on the USD and keeps US Treasury bond yields low.
Trading participants appear hesitant to make big bearish wagers on the USD/JPY pair as the significant central bank event risk approaches. In addition, remarks made by BoJ Governor Kuroda Haruhiko, who stated that the bank must maintain its loose monetary policy and 2% inflation objective, limit the JPY's upward potential. This calls for more care before positioning for any appreciable significant fall, at least initially.
RLinda ! GBPUSD-> Breaking through trend support. What to expectGBPUSD is entering an uptrend correction phase. The price breaks the uptrend pattern - a reason for buyers to get nervous
On the chart the key element at the moment is the sideways range of 1.2435 - 1.2290. Earlier the price tested the support and it managed to bounce from the level and head up to the previously broken boundary. A possible retest of the uptrend channel support may confirm the beginning of the correction. If the price consolidates under the uptrend line, the potential for fall to 1.22889 and further to 1.2175 will open.
I suppose that now the price can grow to the border of the channel for confirmation of the trend break, if that happens, we should expect fall to the strong support of 1.22889
Regards R. Linda!
GBPUSD M30: Bearish outlook seen, further downside below 1.2400On the M30 time frame, prices are approaching the resistance zone at 1.2400 where we could see a reversal below this level. The 1.2400 resistance zone coincides with the graphical resistance zone and 78.6% Fibonacci retracement and descending channel’s resistance. Stochastic is approaching its resistance at 89.84 as well, where we could see a reversal in prices.
GBPUSD Analysis and Update by WE TRADE WAVESHey Traders, looks like GBPUSD is going to make an Exp flat for another move up. Make sure to not jump in if market goes to 1.23 level and always use proper risk management.
P.S. Without a setup we will not enter.
So we will be looking for our buy setups and we will ignore any sell setups from current level, if structure changes we will update you
If you want us to post more charts, setups and explain more about the next move, make sure to follow us, like and comment.
What we are sharing here is only our point of view on what could be the next move in the market based on our wave analysis concept so this is a directional bias and not signals...
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GBP/USD:Possible Double Top on Daily ChartThe price is now testing the previous higher high with a possible double top and the pair may move to the 61.8% Fibonacci retracement level meeting old support. A break here opens the risk of a strong drop as we progress through the week. However, there is important data on the calendar from the US economy and investors may be sitting on their hands until then.
Looking forward, the UK Producer Price Index (PPI) details for January may entertain GBP/USD traders ahead of Thursday’s key US Q4 GDP and the next week’s Fed meeting.
GBPUSD forming double top and head and shoulder pattern GBPUSD faced valid resistance of 1.24526 on 4 hours chart you will see that it's making double double on exact same levels previously and it's a supply zone if seen on daily basis.
Further formation of head and shoulder pattern confirm that GBPUSD has entered into bearish mode and short calls can be taken .