I've been analyzing GBP/USD closely over the past few days, and here's where I stand. The daily historical data shows an overall uptrend from around 1.278 on April 9 to roughly 1.328 on April 18. Although the price has been climbing, I've noticed that momentum is starting to taper off, which makes me question whether this rally might be overextended.
On the fundamentals side, a series of high-impact events are coming up. For example, recent UK PMI readings have come in slightly weaker—manufacturing at 44.1 and services at 51—while US indicators like PMIs and housing data have shown mixed results, such as an unusually sharp drop in New Home Sales MoM. These data points suggest both the dollar and the pound are facing headwinds, and they add a layer of uncertainty over the near-term direction.
Technically, I've set up a sell trade at 1.32480 with the current price now at 1.32830. My chart tells me that if the market dives further.
Overall, while the short-term setup shows some bullish energy, the divergence with longer-term daily averages and the mixed fundamental data make me cautious. I'll be watching for a pullback toward those support levels that might validate my bearish stance.
That's it for me for today.. unless something unexpected happens ..
Have a great weekend!
BTW im looking for another pair to trade comment below your recommendations and why! Thanks!
On the fundamentals side, a series of high-impact events are coming up. For example, recent UK PMI readings have come in slightly weaker—manufacturing at 44.1 and services at 51—while US indicators like PMIs and housing data have shown mixed results, such as an unusually sharp drop in New Home Sales MoM. These data points suggest both the dollar and the pound are facing headwinds, and they add a layer of uncertainty over the near-term direction.
Technically, I've set up a sell trade at 1.32480 with the current price now at 1.32830. My chart tells me that if the market dives further.
Overall, while the short-term setup shows some bullish energy, the divergence with longer-term daily averages and the mixed fundamental data make me cautious. I'll be watching for a pullback toward those support levels that might validate my bearish stance.
That's it for me for today.. unless something unexpected happens ..
Have a great weekend!
BTW im looking for another pair to trade comment below your recommendations and why! Thanks!
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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.