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Gbpusdidea

GBPUSDThe British pound initially fell during the trading session on Thursday but then found buyers to push it towards the 1.36 level. At this point, the market is trying to break out above the recent consolidation, and I think it has a reasonable chance. If we can break above the 1.3650 level, at that point in time I might be convinced that we are getting ready to make a bigger move. That being said, if we do get that bigger move, it is very likely that the British pound will be one of the better performers because not only has it been resilient, the Bank of England itself is sounding more hawkish than most of its competitors. It is because of this that if you are looking to buy the US dollar, this is not the pair to do it in. You have interest rate noise coming into the picture, and then of course will continue to be a major problem. With both central banks being so hawkish, it does make a certain amount of sense that the British pound will be able to “hold its own.” In other words, if the US dollar does start to fall against most currencies, it most certainly will see a lot of momentum in this particular pair. To the downside, if we were to break down below the 1.35 handle, it opens up the possibility of a move down to the 1.34 handle. This would be a very negative turn of events and could open up the 1.33 level after that. If we do get some of this breakdown that I am talking about, then I would anticipate that the British pound will have had its day and we will go back to running towards the US dollar, more likely based upon fear than anything else. At this point, it is simply a matter of time before we break out of this little area, and we can start to place real trades. As things stand right now, it is more or less going to be a situation where we have to wait on the market to make up its mind completely, and therefore we can follow later. After all, this is a market that continues to see a lot of noisy behavior, but with both central banks being so hawkish, it does make sense that if the dollar is going to fall anywhere, it is going to be here.
by SmoothJB
Are we going to get a short or breakout?Hi Traders, Tomorrow's FED meeting will be interesting to see how the USD pairs react. As for GBPUSD we are moving within a HTF descending wedge type of structure which were approaching the upper boundary. Looks to have bearish price action but we could get a breakout and go higher before price drops. Always wait for confirmation and follow your trading plan. Support more of these by clicking the like button. Share your view on this pair in a comment below! Good luck!
Short
by ktlfx
GBPUSD: Bailey Supply Wipe 🎯Looking at this pair from the daily we can clearly mark our LH's & LL's confirming the overall bearish trend. Although price is suggesting signs of wanting a break away from this trendline holding it together, we must remember that price is still in selling territory until the LH marked is clearly broken. If we bring this mindset to the 4H we can begin to look for our sell entry points. Price seems to have 'broken out' of this trendline but the bulls are losing momentum. LTF's are shifting causing BOS and new order flow. If price is to continue bearish, I would like to see this most recent OB to hold so we can join sellers. Trades and updates to follow from this idea. WE NEVER SET ORDERS WITH NEWS AROUND THE CORNER, WAIT FOR NEWS AND REACT.
Short
by AlkalineFX
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