I entered long at 1.32274, and as of April 16, 2025, at 10:00 PM, GBP/USD is trading at 1.32150, meaning I’m currently down 12.4 pips.
Trade Analysis
GBP/USD broke below 1.3225, which was acting as a support level earlier.
Bearish momentum has increased, but the next key support at 1.3205 might offer buyers a chance to defend the price.
The pair failed to push above 1.3245 resistance, meaning sellers are still in control at this stage.
Technical Indicators
RSI is near 31.90, suggesting the pair is close to oversold conditions and might attempt a bounce.
Stochastic RSI at 15.29 confirms that downward pressure is slowing, but no clear reversal is seen yet.
MACD remains negative, reinforcing weak momentum unless buyers step in soon.
Upcoming Market Events
Tomorrow’s U.S. Jobless Claims & Housing Data at 8:30 AM could impact GBP/USD significantly.
If jobless claims rise and housing numbers disappoint, USD may weaken, helping my trade recover.
If jobless claims remain low and housing holds up, USD could strengthen, pushing GBP/USD lower.
Trade Decision: Hold or Close?
Reasons to Hold:
GBP/USD is near key support at 1.3205, which could trigger a bounce.
Indicators show oversold conditions, meaning buyers might step in soon.
A recovery above 1.3225 could bring price back toward 1.3245–1.3265.
Reasons to Close:
Breaking below 1.3205 could lead to further downside, possibly toward 1.3173.
Momentum still favors USD, which could keep GBP/USD pressured.
Failure to reclaim 1.3225 soon may signal continued weakness.
Final Thoughts
I’m closely watching 1.3205—if GBP/USD finds support there, I may hold the trade. If price keeps dropping, I’ll consider exiting to minimize losses. The next 10 hours will be critical with major U.S. economic data coming up, so I’ll adjust my strategy accordingly.
Trade Analysis
GBP/USD broke below 1.3225, which was acting as a support level earlier.
Bearish momentum has increased, but the next key support at 1.3205 might offer buyers a chance to defend the price.
The pair failed to push above 1.3245 resistance, meaning sellers are still in control at this stage.
Technical Indicators
RSI is near 31.90, suggesting the pair is close to oversold conditions and might attempt a bounce.
Stochastic RSI at 15.29 confirms that downward pressure is slowing, but no clear reversal is seen yet.
MACD remains negative, reinforcing weak momentum unless buyers step in soon.
Upcoming Market Events
Tomorrow’s U.S. Jobless Claims & Housing Data at 8:30 AM could impact GBP/USD significantly.
If jobless claims rise and housing numbers disappoint, USD may weaken, helping my trade recover.
If jobless claims remain low and housing holds up, USD could strengthen, pushing GBP/USD lower.
Trade Decision: Hold or Close?
Reasons to Hold:
GBP/USD is near key support at 1.3205, which could trigger a bounce.
Indicators show oversold conditions, meaning buyers might step in soon.
A recovery above 1.3225 could bring price back toward 1.3245–1.3265.
Reasons to Close:
Breaking below 1.3205 could lead to further downside, possibly toward 1.3173.
Momentum still favors USD, which could keep GBP/USD pressured.
Failure to reclaim 1.3225 soon may signal continued weakness.
Final Thoughts
I’m closely watching 1.3205—if GBP/USD finds support there, I may hold the trade. If price keeps dropping, I’ll consider exiting to minimize losses. The next 10 hours will be critical with major U.S. economic data coming up, so I’ll adjust my strategy accordingly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.