GBPUSD LONGGU has shown potential signs of reversal. It has created higher highs on the 4HR time frame. The DXY has also shown potential weakness to end this monthly candle.
GBPUSD trade ideas
Wed 30th Oct 2024 GBP/USD Daily Forex Chart Buy SetupGood morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a GBP/USD Buy. Enjoy the day all. Cheers. Jim
GBP/USDit is very amazing chart 1H frame it has penetrated down channel and has maked reversible head$shoulders
it is supported by up trend
it has Target 1 between (1.30880_1.31031)
Target2 (1.31573_1.31718)
Stop loss closing below 1.29355
GU look like it setting up for a nice entry for London sessionI been looking for a solid sell entry to continue the bearish trend that GU has been in. The dollar failed to break out and is now retracing to grab more liquidity to push up. in turn giving us a nice entry for a sale. We have to be patient and allow price to find its resistance levels. Expecting a nice set up for London.
Potential bullish rise?GBP/USD has reacted off the support level which is a pullback support that aligns with the 23.6% Fibonacci retracement and could rise from this level to our take profit.
Entry: 1.3000
Why we like it:
There is a pullback support level that lines up with the 23.6% Fibonacci retracement.
Stop loss: 1.2976
Why we like it:
There is a pullback support level that lines up with the 61.8% Fibonacci retracement.
Take profit: 1.3053
Why we like it:
There is a pullback resistance level.
Enjoying your TradingView experience? Review us!
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
GBP/USD Outlook: Navigating Recent Trends and Upcoming EventsAfter a brief rally that saw GBP/USD rise above the 1.3000 mark on Friday, the pair lost momentum and closed the day marginally lower. As of Monday morning, GBP/USD remains relatively quiet, trading sideways above the 1.2970 level. This stagnation reflects a broader market reaction to various economic signals and upcoming events.
Impact of US Treasury Bond Yields
The recent increase in US Treasury bond yields has provided substantial support for the US Dollar, contributing to the reversal of GBP/USD's earlier gains. As investors flocked to the dollar, the pair's upward trajectory was curtailed. Additionally, the rise in US stock index futures, which increased between 0.5% and 0.7%, indicates a growing risk appetite among investors, further amplifying the dollar's strength.
Potential for Bearish Impulses in GBP
Given the current market conditions, there is a possibility of a bearish impulse for the GBP. Should risk flows dominate the financial markets after Wall Street opens, the USD may face renewed selling pressure. However, the demand areas could become the next target for sellers, suggesting that the GBP might struggle to maintain its upward momentum in the short term.
Upcoming Economic Events
Looking ahead, the UK government is set to present its Autumn Budget on Wednesday, which could have significant implications for GBP volatility. Market participants will closely monitor the details of the budget for potential fiscal measures that could influence the economy. Meanwhile, the US economic calendar is also packed with key data releases in the latter half of the week, adding further complexity to the market dynamics.
Technical Analysis and COT Insights
From a technical standpoint, the Commitment of Traders (COT) report offers valuable insights. Retail traders remain predominantly bearish, while "smart money" is beginning to build long positions. This divergence in sentiment can create opportunities for traders, particularly if the price reaches identified demand areas.
For those looking to capitalize on potential movements, it may be prudent to consider long positions only when the price approaches these demand zones. This strategy aligns with risk management principles and may enhance the likelihood of favorable trade outcomes.
Conclusion
In conclusion, the current landscape for GBP/USD is characterized by a complex interplay of economic indicators, market sentiment, and upcoming events. As the pair navigates the immediate challenges, traders must remain vigilant and adaptable. Monitoring both the US and UK economic calendars, along with key technical levels, will be essential for making informed trading decisions.
What are your thoughts on the potential movements of GBP/USD in the coming days, and how do you plan to position yourself in this evolving market?
GBPUSD ForrexThis Chart is Printing a Bullish Trend with HH and HL and their is no Divergence
The Entry Point will b 1.30120 and the Stop Loss will be 1.29663
Entry Point (Buy Stop):1.30120
Stop Loss:1.29663
Lot size:0.22
TP 1:1.30606
TP2:1.31075
GBPUSD Bullish ScenarioToday, we will analyze GBPUSD
Specific explanations are provided for each zone and movement on the chart. If you have any opinions, feel free to share them in the comments section.
Please note that this analysis is not intended as financial advice. Each individual should assume responsibility for their own trades. The purpose of this post is to provide ideas and inspiration, encouraging readers to view the chart from different perspectives. Always conduct your own research and analysis before making any trading decisions.
GBPUSD Upwards PushGBPUSD has broken above the 4 hour resistance. Good opportunity to trade the short term reversal.
GBPUSD SELLFOREXCOM:GBPUSD FX:GBPUSD PEPPERSTONE:GBPUSD
GBPUSD is meet the selling volume here, maybe will break up littter bit more, but the trend is going to sell
Gbpusd Bullish Move Confirm 1.3000
GBP/USD trades marginally higher but remains below 1.3000 on Tuesday. The weaker-than-forecast JOLTS Job Openings data from the US limits the US Dollar's (USD) strength but the cautious market stance doesn't allow the pair to gather bullish momentum.
What I see coming...What I see coming is sells
Here is why?
The market has not confirmed any bullish pattern
The market has not any change the current structure
The market Broke the structure and this is just a retest as continuations of the trend
The market could buy ...
Because it's at a value area on the daily time
Use proper risk management
Let's do that most
GU looks like its trying to pick a directionIs GU going to stay inside the channel or not? this is the 3rd test on the lower line so I'm adding this pair to my watchlist this week
GBPUSD maybe long ?As we have FIB level , there is HnS small , there is trendline, and possible accumulation, manipulation and extension
Let’s see how trade works out
GL
GBPUSD: Short-term selling strategy !Hello everyone! Let’s dive into today’s analysis of the GBPUSD pair and explore what’s happening in the market.
On the 1-hour chart, GBPUSD is experiencing relatively low volatility, trading around the 1.296 level. Here’s a breakdown of the key elements to consider:
Trend Overview
GBPUSD remains under selling pressure with a clear downtrend in place. The recent rebound of the USD since the beginning of the week has added extra resistance to the British Pound’s recovery.
Market Sentiment
Investors are cautiously optimistic about potential Fed rate cuts, but with no immediate action expected, the preference leans towards a selling strategy. This bearish outlook is currently favored as a profit-making plan.
Technical Insights
EMA 34 & 89: These indicators show slight reversals but with minimal volatility, favoring the overall bearish trend.
Double Top Pattern: A recent double top formation signals strong selling pressure, with bears actively defending the downtrend.
Price Action: The price is moving toward lower profit targets, while also testing for new bullish momentum at marked support levels.
Based on these factors, I’m leaning towards a “sell on rallies” strategy. How about you? What’s your take on GBPUSD today?
GBPUSD BUY NOW!!!!!!!!!!GBPUSD have been moving and maintaining the buy-side liquidity and the sell side liquidity and price made a strong rejection from the fvg zone and price is headinf to take out the buyside liquidity for a new highs am taking long from this point holding till new highs is created
1.3248 is my goal target
JOIN AND ENJOY
Lets know your thoughts on this................
GBPUSD Wave 5?GU on the weekly looks set to be climbing to higher highs from here. However the corrective wave on lower timeframe is not very convincing. It might a complex ABC wave. I will take the trade with a tight stop loss.
Confluence:
H4 divergence
Point of control
Lines up with Elliot wave rule
Points to take note:
Corrective wave is not clear
GBPUSD - Short TradePrice swept liquidity from the inside day bar (white color) and broke a market structure.
The target will be opposite liquidity pull (Inside day bar high)
Keep it simple and consistent =)
GBPUSDBP/USD is exhibiting downward pressure, presenting a potential short trade setup as the pair responds to a strengthening U.S. dollar and ongoing economic uncertainty in the UK. Key technical indicators, such as the Relative Strength Index (RSI) showing bearish divergence and the pair trading below its 50-day moving average, suggest a continuation of the downward trend
GbpUsd Trade IdeaGU at the moment is very bearish with solid structures to support the trend. With GU being bearish and sitting at a higher time frame LH we can either expect smaller time frames to shift and go bearish to continue ranging or wait for both small and higher time frames to sync and go bullish breaking above bearish structures. For now I'm short on the pair. We'll see how price reacts at this level.
GBP/USD Bullish Reversal - Inverted Head & Shoulders FormationPattern Formation:
The GBP/USD pair is currently forming an Inverted Head and Shoulders pattern, which is a classic bullish reversal signal. This pattern indicates that the downtrend may be coming to an end, and we could see a potential upward movement upon confirmation.
Key Support and Rejection Level:
The price has shown a strong rejection from a key Support level at 1.29050 , which aligns with the 0.618 Fibonacci Retracement level. This confluence strengthens the support, suggesting that the price has found a significant bottom at this level. The repeated rejections at this zone indicate buying pressure, supporting the potential bullish setup.
RSI Analysis:
Upon analyzing the Relative Strength Index (RSI) on the 4-hour timeframe, there is a clear Bullish Divergence . While the price was forming lower lows, the RSI was forming higher lows. This divergence suggests a potential reversal in price, further validating our bullish outlook.
Entry Strategy:
An entry is recommended upon the breakout of the Neckline at approximately 1.30020 . For a more conservative approach, entering on a re-test of this level will provide additional confirmation of the breakout's validity.
Entry Point: Near 1.30020
Stop Loss: Near 1.29050 (below the support level)
Take Profit Levels:
To maximize the potential profit while managing risk, the following take profit (TP) levels are suggested:
TP-1: 1.30990
TP-2: 1.31960
TP-3: 1.32930
Conclusion:
The overall technical analysis indicates a potential bullish reversal for GBP/USD based on the Inverted Head and Shoulders pattern, support at 1.29050, 0.618 Fibonacci level, and bullish RSI divergence. An entry near 1.30020 with a stop loss at 1.29050 offers a favorable risk-to-reward ratio. The market should be closely monitored for a confirmed breakout or re-test at the neckline level.
Recommendation: Watch for a clean breakout or re-test at 1.30020 for a potential bullish entry, and follow the risk management plan by placing the stop loss near 1.29050.
