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GBP/USD analysisGBP/USD has broken daily extreme low due to a weekly order block therefore we can say that it is in a down trend. It has been in a consolidation period since half way through December and has finally broken out the range taking liquidity to the downside. In doing so it has left a 4H order block and a huge imbalance on the 1H timeframe. It can either go up to the order block where I would be considering sells, or it could partially fill the imbalance and then start to sell. In the meantime I will be taking buy trades on the 15m and 5m chart until it reaches the premium area of the imbalance. I hope you guys will find this helpful.
by ProjectMillionaire
1
GBP/USD Holds Below 1.2650, Signals Potential UptrendGBP/USD maintains its position below the lower boundary of the ascending regression channel, with the Relative Strength Index (RSI) exhibiting a sideways movement above the 50 level, indicating a potential uptrend in the near future. The level at 1.2780 (static level) is considered a temporary resistance before 1.2830 (the endpoint of the latest uptrend, highest point on December 28) and 1.2860 (midpoint of the ascending channel). On the flip side, support levels are situated at 1.2750 (lower limit of the ascending channel), 1.2710-1.2700 (Simple Moving Average 100 periods (SMA), static level), and 1.2670 (SMA 200 periods). The GBP/USD pair's dynamics suggest a cautious optimism, with attention focused on how the currency pair navigates the mentioned resistance and support levels. Traders will be monitoring the RSI for potential confirmation of the anticipated uptrend, while being mindful of key technical levels for potential shifts in market sentiment.
by AdmamTrade
GBP/USD Rises to 1.2800 on Weakness in the US DollarGBP/USD has rebounded and climbed above the 1.2750 level after dipping to 1.2700 earlier in the day. The US Dollar struggled to find demand in the US trading session as the latest data showed a slight slowdown in the year-on-year PPI in December. GBP/USD remains above the lower limit of the ascending regression channel, with the Relative Strength Index (RSI) moving flat above 50, indicating a potential upward trend. The level at 1.2780 (static level) is considered a temporary resistance before 1.2830 (end point of the latest upward trend, highest level on December 28) and 1.2860 (midpoint of the ascending channel). On the flip side, support levels are at 1.2750 (lower limit of the ascending channel), 1.2710-1.2700 (Simple Moving Average 100 periods, static level), and 1.2670 (Simple Moving Average 200 periods).
by AdmamTrade
"GBP/USD Forecasted to Reach 1.3500 in 2024"In a recent note, the global FX head at Goldman Sachs has indicated that GBP/USD is poised to extend its upward momentum to reach 1.3500 in the coming year. Citing correlations with stocks and alleviated concerns about global recession, GBP exhibits a "positive and reliable relationship with higher stock prices." The recent strength of the British pound is attributed, in part, to the broad weakening of the U.S. dollar. However, since early November, the pound has also demonstrated strength based on trade-weighted fundamentals, performing exceptionally well in a moderately volatile interest rate environment and amid rising stock prices. The outlook since November has been promising, and expectations are for further gains in the upcoming year. This is why Goldman Sachs believes that the British pound has considerable room for appreciation as the market embraces the 'soft landing' perspective. Upcoming elections are likely to encourage additional fiscal support while easing trade tensions with the EU. Both factors are expected to contribute to domestic growth, mitigating the risk of a recession and bolstering the British pound. As we anticipate the unfolding of 2024, the projections for GBP/USD remain optimistic, driven by a combination of global economic dynamics, domestic factors, and a supportive political landscape. Investors and traders alike will be closely watching these developments as they navigate the foreign exchange market in the coming year.
by AdmamTrade
"GBP/USD Forecasted to Rise to 1.3500 in 2024"In a recent update, the global FX head at Goldman Sachs has predicted that GBP/USD is poised to extend its upward momentum to reach 1.3500 next year. Citing correlations with stocks and easing concerns about global recession, Goldman Sachs notes that GBP has a "reliable positive relationship with higher stock prices." The recent surge in the British pound is partly attributed to the broad weakness of the US dollar. Since early November, the pound has also strengthened based on trade-weighted grounds, showcasing resilience in an environment of moderate interest rate volatility and rising stock prices. Goldman Sachs anticipates more of the same in the coming year, asserting that the British pound has ample room for appreciation as the market embraces the notion of a "soft landing." The upcoming elections are likely to both encourage additional fiscal support and alleviate some trade conflicts with the EU. Both outcomes are expected to bolster domestic growth, mitigate the risk of recession, and further support the British pound. As we approach 2024, the forecast for GBP/USD looks optimistic, driven by a combination of global economic factors and domestic political developments. Investors will be keenly observing the unfolding dynamics in the currency markets as the British pound aims for new heights against the US dollar.
by Larissa-Trader
GBP/USD Resilient Above 1.2800 Amidst Dollar WeaknessGBP/USD saw a slight uptick above 1.2800 in early European trading on Thursday, supported by the prolonged weakness of the US Dollar due to bets on the Fed's dovish stance. US unemployment benefit claims data was released in a relatively quiet market. The currency pair, currently trading just above 1.2700, may find technical buyer interest if it confirms this level as support. In such a case, 1.2750 and 1.2790-1.2800 serve as potential resistance levels. Failure to hold above 1.2700 could prompt support at 1.2660 (50-period SMA), 1.2630 (100-period SMA), and 1.2600 (23.6% Fibonacci retracement). GBP/USD, influenced by broad USD selling pressure on Thursday, sought to recover losses, maintaining stability around 1.2700 as the market assessed the latest UK data on Friday.
by Larissa-Trader
USD Volatility on Fed Rate Cut SpeculationThe US dollar grapples with challenges in gaining traction globally, impacted by recent indications of cooling inflation in the US. This trend raises expectations of a potential Federal Reserve interest rate cut in the coming year. In thin holiday trading, major currencies remain stable, with the yen holding near yearly highs, supported by expectations of the Bank of Japan shifting away from ultra-loose monetary policies. Key Points: Declining US inflation in November fuels expectations of a 2024 Fed rate cut, diminishing USD appeal. BOJ Governor Ueda's comments on rising inflation stir speculation of policy changes, boosting the yen. Global risk sentiment and broader economic trends may influence currency markets in the weeks ahead. Looking Ahead: USD fate depends on upcoming inflation data and Fed rhetoric in the new year. Yen direction hinges on BOJ actions and hints regarding policy normalization. Global risk sentiment will likely impact currency markets in the coming weeks.
by Larissa-Trader
Expectations and Analysis of GBP/USDForecasting GBP/USD, the British Pound against the US Dollar, based on performance on the daily chart below, indicates that it is still moving within an upward channel. Recent developments have been a response to signals from global central banks in their final meetings of 2023. However, the economic weakness in the UK continues to hinder a strong upward move of the British Pound against other currencies. Technically, the bullish side still needs to break through successive resistance levels at 1.2785 and 1.2850. To confirm control and ultimately advance towards the next psychological resistance level at 1.3000. On the other hand, returning to the support level at 1.2580 during the same timeframe will be crucial for the bearish side to gain control of the trend. Limited movements are expected today given the market conditions and the holiday season. Throughout this week, restricted movements are anticipated as investors are reluctant to exit the market during the holiday season, affecting liquidity.
by AdmamTrade
GBPUSD is expected to increase strongly todayThe GBP/USD pair soared after the collapses of Borstad and Bank of England last week. In its decision, the government chose to keep interest rates unchanged at between 5.25% and 5.50%. This was the bank's third meeting aimed at eliminating low interest rates. The biggest news in the report was the central bank's announcement that it would start cutting interest rates in 2024. This view was echoed by Jerome Powell, who emphasized that interest rate cuts could be considered if economic expansion continues to slow. The situation was particularly pronounced in London as Prime Minister Andrew Bailey was reluctant to raise expectations for rate cuts. In his statement, he stressed that interest rates would remain unchanged as raising them would be a major challenge. Many financial analysts agree that the BoE will start cutting interest rates in June or July as the UK economy slows. Information released on Wednesday showed the economy contracted in October.
Long
by NicoTradingMaster
GBPUSD has an upward trendGBP/USD fell on Tuesday, extending its drop for a second consecutive day after failing to clear a key ceiling near 1.2720, which corresponds to the 61.8% Fibonacci retracement of the July/October slump. Should losses deepen this week, it is important to watch how prices behave around the 1.2590-1.2570 support zone, bearing in mind that a breakdown could expose the 200-day simple moving average. Conversely, if cable manages to rebound from current levels, technical resistance is positioned at 1.2720. Cementing the underlying bullish outlook requires the pair to take out this hurdle on daily closing prices, with a decisive breakout likely to draw fresh buyers into the market and foster conditions conducive to a rally above 1.2800.
Long
by TinaTradingGold
GBPUSD 4H : Uptrend GBPUSD New forecast The GBP/USD pair faced additional negative pressure yesterday to break the 1.2406 level, and begins the day with further decline to reach the end point of the negative correction. Therefore ,we still prefer the upward trend and still upward scenario will be remain valid supported by moving average 50that is continue to support the price to rise up and our target will be 1.2447 and extend to 1.2508 , taking into account that stabilized under 1.2365 will put the price under sell pressure and postponed the bullish trend . The expect range trading for today it will be between the resistance line 1.2447 and support line 1.2365. Additionally ,Today News will affect the market . support line : 1.2365 , 1.2321 resistance line : 1.2447 , 1.2508 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
11
GBP/USD Dips, Awaits UK CPI DataGBP/USD faced consecutive losses, trading around 1.2160 in Asian markets on Wednesday. Positive US economic data applied pressure. The pair retreated after reaching 1.2200, the 23.6% Fibonacci retracement level, the 50 and 100-day Simple Moving Averages (SMAs) confirming significant resistance. The 4-hour chart's Relative Strength Index (RSI) dropped to 40, indicating accumulating bearish momentum. Immediate support lies at 1.2130 (static level). Closing below it in the 4-hour timeframe could bring further selling pressure, possibly testing temporary support at 1,2100 (static, psychological level) before targeting 1,2050, the recent downtrend's endpoint. If GBP/USD rises above 1,2200 and confirms it as support, it could aim higher towards 1,2250 (static) and 1,2300 (38.2% Fibonacci retracement level). The pair reversed its trend after breaching 1,2200 on Monday, dropping to the 1.2150 region on Tuesday. Short-term technical outlook indicates bearish momentum and potential additional losses if the 1,2130 support fails. US Retail Sales data for September is on the economic horizon, with a negative surprise possibly impacting the USD. However, GBP/USD might stand firm unless a significant, positive market sentiment change occurs. Stay tuned for updates on this evolving situation.
by Gwen_Humuna
1