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GBP/USD reaches first resistance, time for a pullbackHello traders, in all my past 4 GBP/USD idea, I recommended buying the dips in GBP/USD. Price was at sub 1.21 levels. If you followed those idea, you would have certainly made 250-300 pips profit. Now, as expected, GBP/USD has reached the 100-day exponential moving average level around 1.24. I expect the price to pullback here. Even in the hourly chart, GBP/USD is very over-stretched. So, if the 1.24 level holds, selling GBP/USD@1.2380-1.24 with SL above 1.2450 and TP at 1.2340 would be a potential sell idea.
Short
by MarcellusLUX
9
GBP/USD Technical & Sentiment Analysis - Short-Term OutlookGBP/USD Technical Analysis with Sentiment Data: Current Price and Support Levels: As of the latest close, GBP/USD is trading at 1.23791. It's important to consider that the current price is in close proximity to significant support levels at 1.23784, 1.23141, and 1.22637. These levels have historically acted as robust areas of price support, potentially attracting buying interest. Major Resistance Levels: On the other hand, the current price is also approaching major resistance levels within the range of 1.23895 to 1.23897 and 1.24213. These are substantial price zones where traders may contemplate taking profits or initiating short positions if GBP/USD reaches these levels. Short-Term Outlook: Given the technical analysis, my inclination towards a short position with the target of revisiting the 3rd support level at 1.22637 as a pullback appears technically sound. Should the price fail to breach the immediate resistance levels and begins to retreat, it could discover support around the levels which I've identified. Sentiment Analysis: It's noteworthy that, based on sentiment data (Myfxbook), 76% of traders are currently in short positions, representing 11,193.20 lots, while 24% are in long positions, accounting for 3,505.61 lots. This indicates a bearish sentiment in the market, with a significantly higher number of traders shorting GBP/USD compared to those taking long positions. Specifically, 35,217 traders are short, while 11,825 are long, which further emphasizes the bearish sentiment. Additional Considerations: Market Sentiment: With the majority of traders holding short positions, it aligns with my short-term outlook. However, we have to keep a close eye on market sentiment as it can change rapidly. Longer-Term Perspective: Maintain a broader perspective even though my primary focus is on the short-term. GBP/USD can be influenced by extended economic trends and political events, so staying well-informed about these influences is imperative. Routine Monitoring: Continuously monitor price action, market sentiment, and adjust strategy in response to evolving market conditions. Remember, trading in the forex market carries inherent risks, and it's vital to maintain a well-defined trading strategy and risk management plan. Seek guidance from a financial advisor or conduct further research before executing any trading decisions. VANTAGE:GBPUSD $XM:GBPUSD #GBPUSD #EAForexGlobal
Short
by EAForexGlobal
GBPUSD: The USD fell, extending the decline from last weekA less aggressive stance from the Federal Reserve caused the U.S. dollar to weaken somewhat in early European trading on Monday, reaching a six-week low and prolonging the previous week's slide. The Dollar Index, which measures the US dollar against a basket of six other currencies, dropped 0.1% to 104.782 at 03:20 ET (08:20 GMT) this morning. Last week, it fell more than 1%, marking the biggest decline since the middle of last year. Following the Federal Reserve's dovish indications regarding additional interest rate hikes during last week's policy-setting meeting, the dollar has declined. The official jobs report released on Friday, which revealed that US nonfarm payrolls rose less than anticipated in October, supported this tone. According to the data, the US labor market is contracting. added to, which has GBP/USD rose 0.1% to 1.2384, continuing last week's strong gains ahead of the release of UK GDP data for the fourth quarter later this week.
Long
by Chart_MasterPro
GBP/USD support zone unbroken, 1.24 in sight?Dear traders, the support zone as highlighted in my chart has remained unbroken so far. Not only that, we also have a couple of bullish reversal candlestick patterns including a hammer candlestick that was formed on 26/10/2023. So, a combination of these factors can lead to a further recovery in GBP/USD. Keep in ming that price has already crossed the moving averages in the lower time frames such as 15 min and 1 Hour So, as long as the support zone stays unbroken, we can expect GBPUSD to reach 1.24 in the coming days . My recommendation is to buy the dips in GBP/USD.
Long
by MarcellusLUX
4
GBPUSD I Potential short from resistance zoneWelcome back! Let me know your thoughts in the comments! ** GBPUSD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
13
GBPUSD LOSS - Discussing a LOSS & what I could have done BetterHey guys what's up Brandon here..so as promised I am going to give a breakdown as to why I think I lost the GU trade. This one is entirely my fault as I saw the consolidation where I know liquidity would have been trapped and I chose to ignore it. I also saw that GU was becoming very exhausted yesterday and I also chose to ignore that as well and now I am paying for that. I think it is important to note when you know you did shit and don't make excuses for yourself, this is how I've learnt to analyze the way that I do now. I never made an excuse for myself and I am not about to start now. That being said I welcome your critiques and comments, did you see what I saw? Would you have taken this trade? What would you have done? Let's try to learn and grow together, Even though I am consistently profitable doesn't mean I've stopped learning and growing. The more I learn, the more I realize how much I don't know - Albert Einstein
Short
by Brandon_evo4
GBPUSD LONG TERM Selling IDEAHello Traders In This Chart GBPUSD HOURLY Forex Forecast By FOREX PLANET today GBPUSD analysis 👆 🟢This Chart includes_ (GBPUSD market update) 🟢What is The Next Opportunity on GBPUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the ChartS
Long
by ForexPlanet20
1
GBPUSD to Possibly Fall of A Cliff (SELL OPPORTUNITY)Hey guys, what's up Brandon here - So I just entered a sell on this pair (GBPUSD) and I briefly Breakdown as to why I took it If we look at the details - everything aligns with sells nicely as the momentum is bearish on almost all timeframes with only 1 or 2 suggesting buys Now on the few timeframes that may be suggesting buys we have to take into consideration that that could be an induction to buy because GU is a bearish market - and my question is why oh why?....Would you want to buy in a bear market I don't think this ever makes sense because in essence what you are really doing is - believe it or not...CALLING A BOTTOM And why would you call a bottom when the market is dropping? I'll take my chances with the sell - I'm prepared to lose as that is one of the things that just comes with the territory so it is what it is Let me know what you guys think
Short
by Brandon_evo4
GBPUSD - Still bearish ✅Hello traders! ‼️ This is my perspective on GBPUSD. Technical analysis: Here we are still in a bearish market structure from 4H timeframe perspective, so I am looking for a short position. I want price to continue the retracement to fill the imbalance higher and then to reject from bearish order block + institutional mid figure 1.22500. Fundamental analysis: This week we have a lot of important news on USD. Will be released Interest Rate followed by FOMC Meeting on Wednesday and on Friday NFP day. As well, on Thursday we will see the result of Interest Rate on GBP. Pay attention to the results in order to validate the analysis and try not to trade during the release of the news. Like, comment and subscribe to be in touch with my content!
Short
by Snick3rSD
4