GBPUSD | Perspective for the new week | Follow-up
Updated
Despite a setback in UK Retail Sales last Friday, where September's retailers' receipts fell by -0.9% against the expected -0.1%, the Pound Sterling is finding its footing amidst a weakening US Dollar (USD). As it finds demand around the $1.21000 area; the GBPUSD pair is capitalizing on the current market conditions, aiming to secure gains in the face of global uncertainties.
Looking ahead, market enthusiasts are eyeing Tuesday's UK Labor and Purchasing Manager Index (PMI) figures. Forecasts suggest a decline of 198K job additions in August, a slight improvement from July's -207K. Additionally, there is optimism for an uptick in the UK preliminary PMI, with the PMI Composite expected to print at 48.8, compared to the previous 48.5.
Federal Reserve (Fed) Chairman Jerome Powell's recent comments regarding significant tightening in financial conditions, particularly with higher bond yields, might influence policy decisions, potentially weakening the US Dollar. However, it's essential to acknowledge the ongoing Israel-Hamas conflict, which could prompt investors to seek refuge in safe-haven assets, possibly bolstering the USD against its counterparts.
As we step into the new week, we approach the market with flexibility, keeping our strategies adaptable to changing scenarios.
GBPUSD Technical Analysis:
Will the pound find solid support at the $1.2000/$1.18000 zone, or are we heading towards a potential breakdown and a possible sell-off? The stakes are high, and we're on the edge of our seats!
The spotlight is on high-impact economic events from both the US dockets for clues. Brace yourselves as the anticipation and the actual events may trigger sharp price movements that could present incredible trading opportunities.
In this video, we've analyzed the Daily and 4-hour timeframes, exploring bullish and bearish sentiments to uncover the most promising trades for the week ahead. We've delved into key levels, trendlines, and support/resistance points, unveiling essential insights into the current market structure.
Keep a close eye on that critical confluence at $1.21800. It's a decisive moment where both sellers and buyers are vying for control, and how the market reacts here will set the course for GBPUSD in the upcoming days.
Stay connected and join the conversation in the comment section to stay updated on the latest developments. Thank you for tuning in, and get ready for more enlightening insights into GBPUSD in our upcoming content. Buckle up for a thrilling journey ahead! Happy trading!
Disclaimer:
Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy.
It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment.
I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it.
Please note that past performance is not necessarily indicative of future results
Looking ahead, market enthusiasts are eyeing Tuesday's UK Labor and Purchasing Manager Index (PMI) figures. Forecasts suggest a decline of 198K job additions in August, a slight improvement from July's -207K. Additionally, there is optimism for an uptick in the UK preliminary PMI, with the PMI Composite expected to print at 48.8, compared to the previous 48.5.
Federal Reserve (Fed) Chairman Jerome Powell's recent comments regarding significant tightening in financial conditions, particularly with higher bond yields, might influence policy decisions, potentially weakening the US Dollar. However, it's essential to acknowledge the ongoing Israel-Hamas conflict, which could prompt investors to seek refuge in safe-haven assets, possibly bolstering the USD against its counterparts.
As we step into the new week, we approach the market with flexibility, keeping our strategies adaptable to changing scenarios.
GBPUSD Technical Analysis:
Will the pound find solid support at the $1.2000/$1.18000 zone, or are we heading towards a potential breakdown and a possible sell-off? The stakes are high, and we're on the edge of our seats!
The spotlight is on high-impact economic events from both the US dockets for clues. Brace yourselves as the anticipation and the actual events may trigger sharp price movements that could present incredible trading opportunities.
In this video, we've analyzed the Daily and 4-hour timeframes, exploring bullish and bearish sentiments to uncover the most promising trades for the week ahead. We've delved into key levels, trendlines, and support/resistance points, unveiling essential insights into the current market structure.
Keep a close eye on that critical confluence at $1.21800. It's a decisive moment where both sellers and buyers are vying for control, and how the market reacts here will set the course for GBPUSD in the upcoming days.
Stay connected and join the conversation in the comment section to stay updated on the latest developments. Thank you for tuning in, and get ready for more enlightening insights into GBPUSD in our upcoming content. Buckle up for a thrilling journey ahead! Happy trading!
Disclaimer:
Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy.
It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment.
I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it.
Please note that past performance is not necessarily indicative of future results
Note
The Pound maintains its position above $1.2150, showing resilience despite challenges in extending its winning streak. Current trading activities remain above the demand zone highlighted in the video. A slight uptick in the US Dollar, coupled with the ongoing Hamas-Israel conflict, poses a potential threat to the Pound, especially in anticipation of this week's crucial UK/US data releases.Our focus this morning revolves around the range of $1.21660 to $1.21450. Price action has remained within this range since the beginning of the new week. It's essential to exercise patience and await a clear signal, be it a breakout or a breakdown of this range, for viable trading opportunities. We'll delve deeper into this development during our upcoming live session.
Good Morning
Trade active
UPDATETwo buy positions triggered, secure positions
Trade active
The pair is currently benefiting from a weakened US Dollar and a positive shift in risk sentiment. Despite the UK ILO Unemployment Rate dropping slightly to 4.2% in the quarter to August from a previous 4.3%, the data failed to significantly impact the Pound Sterling. Today, global PMI surveys are set to provide insights into US and UK economic activities for October.As of now, we have two positions running, both in profit, accumulating over 200 pips. Given the upcoming major events later today, it's prudent to secure all positions. Join the upcoming live session for a technical in-depth analysis of the current market condition.
Good Morning
Trade active
The US Dollar faced challenges in extending Tuesday's notable gains, leading to sideways trading throughout the Asian session. Following our discussion in yesterday's live session, counter-trend traders who capitalized on the breakdown of the ascending trendline should consider securing all sell positions. With price action back within the week's initial range, our focus remains on monitoring movements between $1.2800 and $1.21450 for potential new trading opportunities. Detailed analysis of the current market conditions will be discussed during our live sessionGood Morning
Trade active
The Pound Sterling continues to weaken, falling below the $1.2100 level and extending its decline from this week's highs near the $1.22890 zone. This downward pressure on the currency is driven by risk aversion, as tensions in the Middle East and rising US bond yields bolster demand for the US Dollar. The upcoming release of key GDP data further adds to the strength of the US Dollar. However, it is worth noting that the price action has returned to the demand zone highlighted in the video, specifically around the $1.20500/$1.21000 area. Given this development, it is advisable to secure all sell positions while closely monitoring the price action as we prepare for our upcoming live session.Good Morning
Trade active
The US Dollar faced widespread weakness despite the better-than-expected expansion of the US economy. The pair "may" find support after a significant rise in US Q3 GDP data fails to motivate US Dollar bulls, and the declining US Treasury bond yields may not be of assistance.In this regard, a simple setup is identified on the 15-minute time frame. As predicted during our live session this morning, price action seems to be returning to either retest or potentially break the ascending trendline identified on the higher time frame. Therefore, we should exercise patience and observe how market participants react to the current market condition. This will provide us with clues for our next course of action.
Note
GBPUSD is navigating a challenging path amid a risk-on environment that isn't providing the expected support for the pair. Despite trading activities being limited within the previously identified demand zone, there hasn't been a substantial recovery signal following our 15-minute timeframe update from yesterday. Notably, the downside seems increasingly likely as the price undergoes a retest of the ascending trendline we identified on higher timeframes. Intensified selling pressure over the last 18 hours has resulted in the breakdown of the lower timeframe trendline. The levels indicated on the chart remains our yardstick for trading opportunities today.Good Morning
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