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Poundusd

GBPUSD - Navigating the current price actionHi traders, GBPUSD is in a multi-scenario area, as the chart is not very clear right now. One scenario is a continuation to the upside from here, another one is a retracement to the bullish area marked on the chart and then a continuation to the upside, and the third one is a deeper correction to the 4h-D trendline. All the scenarios are marked on the chart. Trade with care. Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. We do not recommend making hurried trading decisions. You should always understand the risk that trading implies and that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Short
by FractalTrading
GBP/USD: Pound in a tough resistance zone. Pullback in sight?The British pound has staged an impressive 18% rebound since its September's lows and is now entering a pivotal week given the upcoming Fed's (Wednesday) and BoE's (Thursday) meetings. Even though the latest signs of economic activity are mostly better or in line with expectations, they actually show that the economy is slowing down and that a recession is getting closer and closer. Following a 0.6% decline in September 2022, the UK GDP increased 0.5% in October, the largest growth in over a year and slightly above predictions of 0.4%. The service sector, which continues to be resilient, had the greatest expansion. Instead, industrial production in October 2022 was flat from the previous month, following a 0.2% decline in September, which also matched market expectations. Continuing growth uncertainties and housing market jitters might have future dovish consequences for the BoE. On Thursday, it will be important to know if the differences between board members that have already come up are getting bigger. At the last BoE meeting, the vote to raise 75 basis points was divided (7-2). Markets are pricing in 56 basis points, thereby fully expecting 50bps. As a result, anything less than 75bps will be a marginally negative outcome for the pound. A hawkish Fed and a dovish BoE will have a negative impact on GBP/USD, which has recently re-established its correlation with the 2-year yield differential after decoupling from August to October. How to tactically trade GBP/USD this week: Key technical levels to watch The cable technically broke above the 200-day moving average (1.211) and has remained above it since the beginning of the month. As we get closer to a crucial resistance area around 1.225-1.24, which corresponds to June highs and a 6-month 100% Fibonacci retracement level, the bullish wave is beginning to lose some of its momentum. Following the solid rally since November, the upside potential for the pound looks to be rather stretched, and this week's rising risks of a hawkish Fed and USD bullish sentiment may lead to some pullbacks to 1.20 or lower. 1.196 is an intriguing initial line of support to keep an eye on, corresponding to the 78.6% Fibonacci level and the -1std of the 20dma Bollinger band. If cable fails to hold there, 1.161 (61.8% Fibonacci) might be a month-end target.
by Capitalcom
2
💡Don't miss the great sell opportunity in GBPUSD Trading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (1.4205). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . GBPUSD is in a range bound, and the beginning of a downtrend is expected. . The price is above the 21-Day WEMA, which acts as a dynamic support. . The RSI is at 34 Take Profits: Tp1= @1.41350 TP2= @1.40950 TP3= @1.40050 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_World
10
💡Don't miss the great sell opportunity in GBPUSD Trading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (1.4205). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . GBPUSD is in a range bound, and the beginning of a downtrend is expected. . The price is above the 21-Day WEMA, which acts as a dynamic support. . The RSI is at 34 Take Profits: Tp1= @1.41350 TP2= @1.40950 TP3= @1.40050 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_World
Shaven TOP Candle On GBP/USD!!!Perhaps you've seen it before.. a shaven top candlestick or maybe a shaven bottom candlestick, so what does it mean? Well, it's a GAP basically and 9 out of 10 times it gets filled eventually. A Shaven-Top candle is a candle with the SAME OPEN and HIGH price level. A Shaven-Bottom candle is a candle with the SAME OPEN and LOW price level. For this pair, on the hourly chart, you would see a shaven top candle at 1.38864 level. This means that price could possibly move back up to that level before heading lower - as drawn on the chart. If you didn't know about the shaven candle.. hey! now you know. :) Oh and if you're a coder, I think that would be something you could code for me. P.S. Feel free to comment below if you like my analysis. :) Happy Trading! Cheers!
Short
by Kav1ka
GBPUSD forming a bearish Shark | Upto 24.50% expectedPriceline of British Pound / US Dollar forex trading pair is forming a bearish Shark and entered in potential reversal zone to start the formation of last leg soon insha Allah. Price action is also hitting the support of bollinger bands. RSI is oversold. Volume profile of complete pattern is showing less interest of traders at this area. Stochastic is oversold. But Stochastic did not give bull cross sofar and MACD is still strong bearish therefore I would suggest to wait for MACD to turn weak bearish or for Stochastic bull cross signal then buy. The potential reversal zone can be used as stop loss in case the complete candle stick closes below the PRZ area. I have used Fibonacci sequence to set the targets: Buy between: 1.22420 to 1.17505 Sell between: Secure targets: 1.27537 to 1.38147 Aggressive targets (upto the completion of leg) 1.41488 to 1.46370 Regards, Atif Akbar (moon333)
Long
by moon333
USDGBP hitting down channel support | A good long opportunityIf we see the movement of price action US Dollar / Pound Sterling then it giving easy profits within the channel by hitting bollinger bands support and moving up even most of the times it is not hitting the channel's support but moving up after hitting the bollinger bands. But this time it is hitting the channel's support and the lower bands of bollinger bands both at a time moreover price action is also hitting the 50 simple moving average support, so this time the chances of bullish divergence are more stronger. MACD is still strong bearish and Stochastic is almost entered in oversold but did not give any bull cross sofar therefore I would suggest to wait for MACD to turn weak bearish from strong bearish or for stochastic bull cross then take the long position. I have used Fibonacci sequence to set the sell targets. Sell between: 0.81973 to 0.83048 Regards, Atif Akbar (moon333)
Long
by moon333
4
May Just Announced Short Extension to the EUThree more months is what's being asked for by May as the UK attempts to muddle its way through this going on three years long political fiasco. I'm sure you're more interested in the technicals, so here's my read: stay away. I won't trade this until there's some sort of a clearer picture of the direction of where Brexit is heading. Right now though, I'm incredibly bearish based on the fact that we are closer to accidentally crashing out the EU with no deal at all than what we are with the UK and the EU coming to an agreement within three months. Imagine if they did come to an agreement that was 1) actually economically sound for both the UK and the EU within three months and that 2) Parliament agreed to vote on. Imagine if that happened in three months after three years of negotiations. It would be the most incredible act of diplomacy, negotiating, and skillful politicking in the history of the UK by far. My friends, I implore all of you to take a look at Bloomberg's story on the Big Brexit Short. I think it may change the way you view trading this pair and the way price action is moving which is by the way, let's be honest, mostly driven by hedge funds. Here's the link to the Youtube video: www.youtube.com its worth the watch.
by WhiskeyTangoFoxtrot3
GBPUSD - Potential Sell Off After Rally!NOTE: This is just analysis/advice, do not FOLLOW this trade blindly - I take no responsibility for it... Looking at GBPUSD on the 1H chart, it can be seen that price has currently rebounded from a recent high made on the 1H on Friday 25th January from around 1.32175. From here there has been a bearish candle, showing room for some downside, after the bullish rally for the GBP following some news on Brexit, which was positive for the GBP. In terms of a technical structure for GBPUSD, it is currently in a upwards parallel channel, which it could potentially break out of. If it does, this could leave it to melt down towards the regions highlighted on the 1H chart. Moreover, looking at the RSI on the 1H, 4H and 1D, it shows that GBPUSD is currently overbought, moreover showing room for some downside. Potential Scenarios that could occur include: - Scenario 1: Break out of the upwards parallel channel. Price should then look to first head towards 1.30900. It could then rebound off this point and start another bull run. - Scenario 2: Break out of the upwards parallel channel. Price should then look to first head towards 1.30900. It then tests this level and breaks through further, melting down towards 1.30410 (around this region in price). From here there could be a rebound to the upside. - Scenario 3: Price may still look to remain in the upwards parallel structure and not go down whatsoever. This could be unlikely due to the sharp strengthening in the GBP recently over the last week, which should mean there should be a slight pullback. If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer! Please drop a follow! I need reputation points!!
Short
by ShaunLeo35
GBP/USD meets 100-hour SMAGBP/USD meets 100-hour SMA Previous trading session the Pound ended with a 104-pip fall against the Dollar. The support was provided by the 100-hour SMA. Most probably this indicator will continue to drive the cable up to the 55-hour SMA located at 1.3553. Even in case of release of disappointing British Services PMI data the pair is not expected to fall below the 1.3500-1.3580 marks as this support area is additionally secured by the 50% Fibonacci retracement level and the weekly PP. However, in larger perspective the buck is expected to take the lead once again. This assumption is supported by traders’ sentiment, which is predominantly bearish as well as allocation of pending orders which are mostly set to sell.
by UnknownUnicorn890690