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Gbpusdsetup

GBPUSD: Back to uptrend!Fundamental Overview The GBP/USD pair has fallen below 1.2600 early on Thursday after reaching a peak of 1.2680 on Wednesday, marking its highest level in a year. In the short term, the technical outlook for the pair appears bearish, as attention turns to the Bank of England's policy announcements. The US Dollar weakened on Wednesday following the release of data showing that the Consumer Price Index only rose 4.9% on a yearly basis in April, below market expectations of 5%. Despite this, the GBP/USD pair was unable to maintain its bullish momentum due to cautious market sentiment.
Long
by Sphyn-Trader
1
Pound to break 1.27 amid BOE rate hike?On Monday, the dollar continued to show weakness against most of its major counterparts as traders awaited the Federal Reserve's acknowledgement of the end of its hiking cycle, while also hedging against the risk of a potential recession. Traders are also keeping an eye on the debt ceiling impasse in Capitol Hill, with the Treasury Secretary warning of possible inability to pay debts by June 1. On Wednesday, U.S. inflation data is expected to indicate whether the Fed needs to take further steps to control inflation. The pound rose to a more than one-year peak against the dollar on Monday, trading as high as $1.2668, its highest level since April 2022, before slipping slightly below that to $1.2616. The pound is in focus this week ahead of an anticipated Bank of England rate increase on Thursday, expected by many to raise the base rate to 4.5% after voting 7-2 in March to increase it from 4% to 4.25%. On the 4-hour chart, the price is above the 30-SMA for now, and the RSI is above 50 (although weakening). The price paused at the 1.2650 resistance level after a strong upward movement and is maybe reversing now, with resistance turned support (1.2075) the target to keep an eye on next to the downside. Negative developments with any of the concerns affecting the US or BOE’s rate hike will put 1.650 and 1.2700 in the crosshairs to the upside if the price begins to consolidate where it is now until Thursday.
Editors' picks
by BlackBull_Markets
1
20 Reasons for buy GBPUSD 🔆MULTI-TIME FRAME TOP-DOWN ANALYSIS OVERVIEW☀️ 1.✨Eagle Eye: Based on the multi-year double-bottom bear trap formation and bullish momentum on the yearly chart, it appears that the multi-year downtrend is over. We will have a clearer picture once the 2023 candle is formed with some bullish momentum. 2.📆Monthly: While there is a clear downtrend, there are solid reasons to believe that the bulls are in control at this level. There is a consolidation here that has swept all the downside liquidity, and now the price has reached the monthly upside fvg area, which is a decision maker level for the future direction of this pair. The key level for price is 1.2851. 3.📅Weekly: There is a clear bullish structure with a proper Bullish Order Block (BOB) trend, which is supportive and without any weakness. Another 250 point area is open. 4.🕛Daily: Bulls are in power with a buildup formation ready to break another resistance. There is a proper inverted head and shoulder pattern, indicating a bullish move is expected. 😇7 Dimension Analysis 🟢 Analysis Time Frame: Daily Price Structure: Bullish Pattern Candle Chart: A triple top upside breakout has been achieved, and now the market is making a strong bullish move as expected. Volume: Every time a massive volume appears on the bullish candle, it indicates that buyers are much stronger than sellers. Momentum UNCONVENTIONAL RSI: The RSI has shifted from a sideways to a super bullish zone, which is excellent news. Volatility Measure Bollinger Bands: The market is walking on the band, indicating that volatility is starting to increase. Strength ADX: Bullish Sentiment ROC: GBP is stronger than USD in terms of the monthly rate of change period 1. ✔️ Entry Time Frame: D1 12. Entry TF Structure: Bullish Entry Move: We will enter at the open. Support Resistance Base: The buildup base is supportive. FIB: No need. ☑️ Final Comments: We will buy on a breakout or reversal. 16. 💡Decision: Buy Only 🚀Entry: 1.2630 ✋Stop Loss: 1.2550 🎯Take Profit: 1.2866 😊Risk-to-Reward Ratio: 1 to 2 🕛 Expected Duration: 3 days
Long
by Optimum369
1
GBPUSD : Current Situation & Technical , Fundamental View#GBPUSD - Currently the MARKET SENTIMENT for GBPUSD is slightly UP SIDE. All MARKETS including STOCKS and STOCKS may be UP due to MARKET RISK ON in the past days. It affects the POUND greatly. GBPUSD may be slightly UP this week. Anyway, XXXUSD PAIRS are being BUYed slightly higher because the FED is a bit dovish. - The price can definitely move up to the SUPPORT LEVEL below the GBPUSD. The reason for that is because there is a slightly UP BIAS in the MARKET for USD. But GBPUSD can be BUY until 1.2900 LEVEL. Before that, 1.2350 LEVEL can be SELL. So go to GBPUSD SELL ENTRIES.
by benny_marshall
GBPUSD : Current Situation & Technical , Fundamental View#GBPUSD - Currently the MARKET SENTIMENT for GBPUSD is slightly UP SIDE. All MARKETS including STOCKS and STOCKS may be UP due to MARKET RISK ON in the past days. It affects the POUND greatly. GBPUSD may be slightly UP this week. Anyway, XXXUSD PAIRS are being BUYed slightly higher because the FED is a bit dovish. - The price can definitely move up to the resistance level above the GBPUSD. The reason for that is because there is a slightly UP BIAS in the MARKET for USD. But GBPUSD can be BUY until 1.2536 LEVEL. After that, you can SELL at 1.2099 LEVEL. So go to GBPUSD SELL ENTRIES.
by benny_marshall