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U.S. Dollar / Pound Sterling

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USDGBP trade ideas

Fundamental Market Analysis for October 21, 2024 GBPUSDThe GBP/USD pair has been unable to capitalise on the modest recovery gains recorded over the past two days and has been fluctuating in a narrow range around 1.30500-1.30450 during Monday's Asian session. Spot prices remain close to the one-month low reached last Thursday and are likely to extend the recent pullback from the 1.34350 area, the highest level since March 2022. The unexpected decline in the UK Consumer Price Index (CPI) to its lowest level since April 2021 and below the Bank of England's (BoE) 2% target has increased the likelihood of an interest rate cut of 25 basis points (bps) at the 7 November meeting. Furthermore, market expectations are that the Bank of England may cut interest rates again in December, which could continue to exert pressure on the British pound. This, along with the bullish sentiment surrounding the US dollar, indicates a negative outlook for the GBP/USD pair. The market is increasingly confident that the Federal Reserve (the Fed) will continue to moderate rate cuts next year, which is keeping US Treasury yields high and acting as a tailwind for the dollar. Furthermore, geopolitical risks are providing additional support for the US dollar. In the absence of any market-important economic releases from the UK or the US, the aforementioned fundamental backdrop indicates that the path of least resistance for the GBP/USD pair is downwards. Therefore, any intraday upward movement should be viewed as a potential selling opportunity. However, those with a bearish outlook may wait for a consolidation below the 1.30000 psychological mark before placing new bets and positioning for a decline towards the 100-day simple moving average (SMA) support, which currently sits at around 1.29600. Trading recommendation: Trading predominantly Buy y orders from the current price level.
Long
by Fresh-Forexcast2004
Could the Cable rise from here?The price has reacted off the resistance level which is a pullback resistance and could potentially rise from this level to our take profit. Entry: 1.3033 Why we like it: There is a pullback resistance level. Stop loss: 1.2981 Why we like it: There is a pullback support level. Take profit: 1.3146 Why we like it: There is an overlap resistance level that aligns with the 38.2% Fibonacci retracement. 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.
Long
by VantageMarkets
Could the Cable rise from here?The price is reacting off the pivot and could rise to the 61.8% Fibonacci resistance which acts as a pullback resistance. Pivot: 1.3034 1st Support: 1.2977 1st Resistance: 1.3103 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
GBPUSD : Two probabilities for 10/21/2024GBPUSD with a high probability to make the decision in 10/21/2024 ✅️ : 🔸️If the price exceeds the green bar 🟩, with the bar closing in the hour above: there will be a high chance of entering a purchase as indicated in the chart, respecting the day, news and the stop loss. 🔸️If the price exceeds the red bar 🟥, with the bar closing in the hour below: there will be a high chance of entering a sale as indicated in the chart, respecting the day, news, and the stop loss.
Short
by Abderrahmane_24
1
GBPUSD Swing Analysis (20-25/10/2024)Hello Traders. Following last week trade forecast: 1.GBPUSD is still bullish for me long term. Price will take some time to form our expected setup. 2. On this timeframe i have highlighted the range the market has been trading within after bearish BOS. Price did not see a stronger bullish run after high impact news on Friday but instead price remained trading between the Wednesday High and Low. 3. I have used those high and low to highlight the range the price is within and applied by FIB set up to get the premium sell Entry with the stop loss just above the previous strong High. Note: For me this is a B+ setup since it is counter trend trading. therefore we should be mindful with the risk at hand. Price can invalidate our set up by pushing above the strong high.
Short
by Ocean98
Buying Opportunity for GBP/USD: Potential Entry at 1.3040The GBP/USD pair is currently trading at 1.3062, presenting a good buying opportunity during a potential correction. Trading Strategy: Entry Point: 1.3040 (Buy at Fibonacci retracement level) Stop Loss: 1.3000 (Below key psychological support) Take Profit: 1.3100 (Targeting the nearby resistance level) Technical Analysis: RSI Indicator: Shows neutral momentum, suggesting a possible bounce. MACD: Reflects positive momentum as the price approaches the support area. Moving Averages (SMA 50 and 200): Support the bullish trend. Fundamental Analysis: Monitor U.S. economic data, particularly the jobs report, as it may influence the overall direction of the pair. Pay attention to any geopolitical developments that may affect the British pound. This trade aims to capitalize on the upcoming price movement. Please ensure to follow news and economic data related to both the British pound and the U.S. dollar for informed decision-making.
Long
by tickmill9
Analysis of GBP/USDThis is my setup on the daily timeframe from last week. The setup is no longer valid, as there is a possibility that the price will continue in a downtrend if the Dollar maintains its bullish momentum. I will definitely wait for the market to open on Monday to see how the price will guide me in terms of trading. We shouldn't make assumptions about what will happen, but rather do our analysis and let the price show us what it intends to do. Based on that, we can open positions accordingly.
by andricstrahinja95