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Poundsterling

GBPUSD STRUCTURE ANALYSIS|RESISTANCE AHEAD GBPUSD is now trading within the influence of several support-resistance lines and is approaching a strong resistance area with 3 breakout attempts held. Confluence of the support-resistance lines is forming a bullish triangle, indicating a potential further weakening of the dollar. However, the resistance is strong enough and therefore I am bearish short term. Also, in my recent dollar index "DXY" analysis, I am pointing out that the most significant support lines remain intact which makes the dollar surge a strong possibility. Anyway, the short from that level will be a counter trend trade so be careful and wait for confirmation. Thank you for reading, and have a nice day!
Short
by ProSignalsFx
1
GBPCAD: How to Trade Flag Pattern GBPCAD has reached a wide daily supply zone. the price went rejected on Friday confirming the strength of the underlined structure. on 1H the price dropped with a strong bearish impulse (flag pole) and currently is trading within a horizontal parallel channel (bearish flag pattern). sell signal for us will be the bearish breakout (1H candle close below) of its support. next goal will be 1.7485 safest stop is above the last flags high good luck
Short
by VasilyTrader
10
GBPCHF: Complete Indecision GBPCHF is stuck in consolidation. since July the pair is trading within a wide horizontal range setting equal highs and equal lows. to clarify the future direction of the main we should wait for a daily violation of the range first. 1.19 is its resistance. in case of a daily candle close above that, the price will most likely keep growing, next goal will be - 1.2 1.176 is its support. in case of a daily candle close below that, bearish continuation will be highly probable. next goal will be - 1.165 in such kind of situations, patience is your best friend
Short
by VasilyTrader
8
The Pound Recovers as Optimism Grows Among InvestorsThe Pound Reacts to New Stimulus Plan that Aims to Jump-Start the Economy The ongoing global pandemic has wreaked havoc on the United Kingdom's mostly service-based economy. As roughly 75% of the nation's GDP is composed of services, manufacturing, and tourism, the government's lockdown restrictions have had an enormous impact on Britain's economy. The Organization for Economic Co-operation and Development (OECD) said that the UK's economy is going to plunge by 11.5% throughout this year. Still, it could get worse if there were a second wave of COVID-19 infections. If this were to happen, the economy could compress further in the months to come leading to 2021. Given the concerning projections, chancellor Rishi Sunak rolled out a new plan that is set to jump-start the economy by supporting jobs and businesses. The idea behind the fresh measures is to ensure that the "economic recovery is as strong and as swift as possible." The plan provides a clear path around protecting, supporting, and creating new jobs to boost the confidence of employers. But it fails to address how it will improve the day-to-day lives of the British people. In fact, there are no mentions regarding funding for public schools, transportation, and cultural amenities, such as museums, galleries, public parks, and others. With lockdown measures easing in the UK, investors are growing hopeful about a further economic recovery. This sense of optimism was barely interrupted on Monday, July 13th, after the governor of the Bank of England Andrew Bailey said to be “very worried” about jobs across the nation. Following the banker’s speech, the Pound crashed by 1.47% to hit a low of $1.248 on July 14th, but investors’ confidence did not fade away. The GBP/USD exchange rate has been able to recover since then surging over 1.70% to trade at $1.272 as of July 23rd. While Sterling seems to have more room to go up, there is a massive resistance barrier sitting ahead of it. The Pound must break through $1.275 to retest June 10th high of $1.281 or even reach the next hurdle at $1.301. Given the uncertainty around Britain’s economy, investors might be able to hedge against potential risks with Bitcoin. The flagship cryptocurrency recently moved past the $9,400 resistance wall and made a higher high for the first time since June. If the buying pressure behind BTC continues to rise, it would likely take another shot at the infamous $10,000 hurdle. Moving past this area of resistance increases the odds for new yearly highs. Everything will depend on Bitcoin’s ability to stay above the $8,900 support level. Expectations Grow Around the Pound Sterling was able to recover strongly following March's market meltdown. The new fiscal stimulus recently announced and hopes for a vaccine against COVID-19 also seems to have helped propel the Pound higher. While the risks of Brexit talks and rising tensions with China are still relevant, GBP might be able to weather the storm against the US dollar. Given the current economic outlook with the Federal Reserve adding more liquidity into the market, traders must watch out for the $1.275 resistance level since it may allow the Pound to advance further. If sell orders begin to pile up, however, Sterling might retrace to $1.253. Under such circumstances, the two crucial price hurdles ahead of the Pound are the $1.275 resistance and the $1.266 support level. Moving above or below these critical price levels will determine where the GBP/USD exchange rate is headed next.
by KonstantinAnissimov