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British Pound / U.S. Dollar

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GBPUSD trade ideas

GBP/USD: BOE Is Ready for the Big Cut!GBP/USD shows mixed signals, remaining below 1.2350, influenced by economic and political factors in both the UK and the US. After a strong rally on Monday, the pair lost momentum on Tuesday, driven by the recovery of the US Dollar and overall disappointing UK labor market data. The rise in the unemployment rate to 4.4% and a slowdown in employment growth weigh on the Pound, despite an annual wage increase of 5.6%. From a technical perspective, the RSI on the 4-hour chart signals a loss of bullish momentum, approaching the neutral level of 50 after being in the overbought zone. Key support levels are located at 1.2230 and 1.2200, while resistances are seen at 1.2350. The Pound is also affected by an uncertain macroeconomic context, with Trump's comments indicating potential tariffs on China, Mexico, and Canada, supporting a recovery in the Dollar due to its safe-haven status. In the absence of significant US economic data, investor focus shifts to stock market performance: a negative opening on Wall Street could support the Dollar, exerting additional bearish pressure on GBP/USD. In the short term, the pair may remain under pressure, with a potential test of key support levels, unless more solid signs of Pound strength or Dollar weakness emerge.
Short
by Forex48_TradingAcademy
1
GBPUSD Bearish 1 Hour Divergence.1. Market Analysis: Asset: GBPUSD Timeframe: 1-hour Pattern: Bearish divergence 2. Divergence Details: Bearish Divergence: A bearish divergence occurs when the price forms higher highs, but the oscillator (like RSI or MACD) forms lower highs. This suggests that buying momentum is weakening, and a downward reversal might be on the horizon. 3. Trade Setup: Entry Point: Consider entering a short position if a bearish candlestick pattern forms after the divergence confirmation on the 1-hour chart. Look for strong confirmation like a bearish engulfing or shooting star pattern. Stop-Loss: Place the stop-loss above the recent swing high on the 1-hour chart to manage risk. This positioning protects against an unexpected upward move. Take-Profit: Identify key support levels for take-profit targets, aiming for a 1:2 risk-reward ratio. Target areas could include previous support zones or Fibonacci retracement levels. 4. Risk Management: Position Size: Calculate your position size based on your risk tolerance and the stop-loss distance. Typically, risk only a small percentage of your capital (e.g., 1-2%) on this trade. Risk-Reward Ratio: Aim for at least a 1:2 risk-reward ratio, meaning that your take-profit target is at least twice the distance of your stop-loss. 5. Additional Confirmation: Volume Analysis: Check if there is a decrease in volume as the price reaches higher highs. This can add weight to the bearish divergence setup. Support and Resistance Levels: Ensure the trade setup aligns with strong support and resistance zones for additional confirmation. 6. Trade Execution: Place Orders: Set your sell order, stop-loss, and take-profit levels based on the criteria above. Monitor the Trade: Keep an eye on the trade and adjust the stop-loss to break even or trail it if the price moves in your favor. 7. Review and Adjust: Post-Trade Analysis: After the trade closes, review the outcome to understand what worked well and any areas for improvement in future trades.
Short
by MAAwan
Fundamental Market Analysis for January 17, 2025 GBPUSDUK Gross Domestic Product (GDP) growth showed signs of recovery in November, although it fell short of market forecasts. It registered a marginal decline of 0.1% compared to the 0.2% expected for the month, and only slightly up from the previous -0.1% decline. UK industrial production remained stable in November, contracting by 0.4% and missing the forecast increase to 0.1% compared to the previous decline of -0.6%. In the US, December retail sales data softened, falling to 0.4% m/m in the core reading. Analysts had anticipated a decline to 0.6% from a revised 0.8% in the previous month. The core retail sales figure, excluding auto spending, rose to 0.4% m/m from 0.2%, meeting analysts' average forecasts. The conflicting data did not prompt significant fluctuations in investor sentiment. UK retail sales data for December is scheduled for release at the start of the London session on Friday, and is expected to rise to 0.4% from November's 0.2%. On an annualised basis, retail sales are expected to rise to 4.2% from the previous reading of 0.5%, a high median figure for an economic area that has regularly failed to meet market expectations in recent months. Trading recommendation: We follow the level of 1.22000, if we consolidate above it we consider Buy positions, if we rebound we consider Sell positions.
by Fresh-Forexcast2004
GBP/USD two main support levels? want to know then read caption.Hello trading view family I have come with GBP/USD setup in analysis chart, what are your opinions about it share it in comment section. More details are given below read them.. 1. Resistance Zone : Highlighted in red near the 1.23500 price level, with red arrows indicating potential selling pressure if the price approaches this zone. 2. Support Levels: Support Level 1: Marked in green near the 1.21700 price level, indicating a zone where buyers might step in. Support Level 2: Located lower, near the 1.20660 price level, suggesting another possible area of strong buying interest. 3. Current Price : The live price is displayed at 1.21996, with a slight upward movement (+0.02%). 4. Potential Price Movements: Arrows on the chart indicate possible upward bounces from the support levels, heading toward the resistance zone. 5. Candlestick Patterns: The chart is composed of candlesticks, representing price action over 4-hour intervals. This analysis outlines areas of interest for traders, focusing on key price zones where reactions might occur. Key levels: Support levels: 1.21700 and 1.20660 Resistance: 1.23500 Target is 1.23200 Kindly support me like comment and share.
Long
by Jacks_Trading_Service
GbpUsd could correct from important supportLast week, GBP/USD saw a sharp decline, dropping over 400 pips from its recent high after briefly spiking above former support, which has now turned into resistance. The pair is currently trading at 1.2150. Although the overall trend remains strongly bearish, a short-term correction and upward move is possible. The 1.2070 level serves as key technical support, and with the psychological 1.2000 level nearby, short-term traders might find buying opportunities in this zone. If a rebound occurs, the 1.2300 level could serve as a potential target for such a trade.
Long
by Mihai_Iacob
6
symmetrical triangle pattern forming in the GBP/USD currency paiThis chart shows a symmetrical triangle pattern forming in the GBP/USD currency pair. The price is consolidating within two converging trendlines, indicating a potential breakout. Key observations: 1. Support and Resistance: The lower trendline acts as dynamic support, with the price bouncing off it. The upper trendline serves as resistance, capping upward movement. 2. Potential Breakout: If the price breaks above the upper trendline, it may indicate a bullish continuation, targeting higher levels around 1.2300 or beyond. A breakdown below the lower trendline could signal bearish momentum, with potential downside levels near 1.2150. 3. Volume Consideration: Watch for increased volume during the breakout to confirm the move. Traders might wait for confirmation of the breakout direction before entering trades.
Long
by SOPHIA_06
gbpusdGBP/USD is mired in near-term technical consolidation near the 1.2200 handle as key inflation metrics from the US and UK growth figures loom large through the midweek sessions. From a technical perspective, last week's breakdown through the 1.2350 horizontal support was seen as a key trigger for bearish traders. A subsequent fall and acceptance below the 1.2200 mark supports prospects for deeper losses. That said, the Relative Strength Index (RSI) on the daily chart has dropped below the 30 mark. This makes it prudent to wait for some consolidation or a modest bounce before positioning for an extension over a three-month-old downtrend. In the meantime, the 1.2200 mark now seems to act as an immediate hurdle. Some follow-through buying beyond the Asian session top, around the 1.2210 area, could trigger a short-covering move and lift the GBP/USD pair beyond the 1.2245-1.2250 intermediate hurdle, towards reclaiming the 1.2300 round figure. The latter should act as a key pivotal point, which if cleared would negate the negative bias and shift the near-term bias in favor of bullish traders.
Long
by Eliana74
GBPUSD - Potential Long from Key Support ZoneThe GBPUSD pair is currently approaching a significant demand zone near the 1.20200 - 1.22000 level. Historically, this area has served as a robust support level, often leading to strong bullish reversals. The recent bearish momentum has pushed the pair into this critical area, increasing the likelihood of buying interest emerging. A bullish confirmation, such as a strong rejection pattern, bullish engulfing candles, or long lower wicks, would signal potential upward movement. If buyers regain control, the price may head toward the 1.24427 level. This setup suggests a potential short-term rebound, aligning with a corrective move within the broader market structure.
Long
by TrendDiva
GBPUSD Weekly: Retracement or Just Playing Hard to Get?Halamakkkk, I thought I was going to have a nice 2-3 weeks break from looking at the chart! But clearly, the weekly chart is playing with me. The weekly chart really confused me because last week the market closed with a so-called "Inverted Hammer," meaning the seller momentum is still there to push it further downward. But at the same time, the market is also showing that it closed below the Bollinger Band, which means it's oversold! Think, think, think. But but but buuuuttttt, the risk-reward for this to be a BUY is too good to ignore. So, on Monday I’ll set a pending order with Entry point on 1.21700, SL on 1.19411 and TP on 1.26000. The TP might change if it doesn't hit by end of Friday. Entry 1.21700 SL 1.19411 (Weekly fibo 1.414) TP 1.26000 (Weekly REE point) Weekly chart
Long
by Penglipur_Lara
1
GBP/USD slips after soft UK retail salesThe British pound is lower on Friday. In the European session, GBP/USD is currently trading at 1.2201, down 0.27% on the day. The pound can't find its footing and is down 2.5% in January and a massive 8.8% since October 1. UK retail sales ended the week on a disappointing note. December retail sales declined 0.3% m/m, down from a downwardly revised 0.1% gain in November and shy of the forecast of 0.4%. Quarterly, retail sales fell 0.8% in the fourth quarter. The weak retail data indicates that the UK consumer held tight on the purse strings during the crucial Christmas season. Consumers remain cautious over inflation worries and expectations that interest rates will stay high. Consumer spending is a key engine of economic growth, and the decrease is retail sales has raised fears of stagflation, a toxic mix of high inflation and low growth which will further hurt businesses and households. The UK economy posted negligible growth of just 0.1% in November, after back-to-back months of no growth. Finance Minister Rachel Reeves could not have been pleased with the soft GDP and retail sales numbers. Reeves delivered a "tax and spend" budget in October 2024 and has admitted that she needs the economy to show stronger growth in order to increase tax revenue and carry out her spending plans. If the weak economy does not turn around soon, Reeves could find herself on the hot seat. In the US, retail sales gained 0.4% m/m in December after an upwardly revised gain of 0.8% in November and below the forecast of 0.6%. Annually, retail sales rose 3.9%, below a downwardly revised 4.1% gain in November and above the forecast of 4.0%. The numbers show that consumer spending remains solid and the Federal Reserve isn't under pressure to lower interest rates anytime soon. GBP/USD is testing support at 1.2225. Below, there is support at 1.2188 1.2274 and 1.2311 are the next resistance lines
by OANDA
1