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Pre-CPI Analysis11th September DXY: Consolidating, should stay below 101.50, CPI Pending, break below trendline to trade down to 100.85, key support at 100.55 NZDUSD: Buy 0.6175 SL 20 TP 60 AUDUSD: Buy 0.6690 SL 30 TP 60 GBPUSD: Sell 1.3115 SL 20 TP 65 or Sell 1.3030 SL 20 TP 60 EURUSD: Could retrace to trendline and reject, Sell 1.1075 SL 20 TP 60 USDJPY: Sell 140.70 SL 50 TP 130 USDCHF: Sell 0.8484 SL 20 TP 80 USDCAD: Sell 1.3570 SL 35 TP 70 Gold: Retest of 2530, rejection down, below 2517 could trade down to 2485
TVC:DXY
by JinDao_Tai
Analysis of GBP/USD Today: Bulls Face ChallengesAnalysis of GBP/USD Today: Bulls Face Challenges UK labour market data was released today. According to Dow Jones Newswires: → Employment growth exceeded expectations, and unemployment benefit claims came in lower than forecast. ING analysts believe this supports the view that the Bank of England will cut interest rates more cautiously compared to the Federal Reserve. → Capital Economics analysts also suggest that the Bank of England is unlikely to lower rates for a second consecutive month at next week’s policy meeting. The initial reaction to the positive UK labour market news was a bullish impulse for the pound, with GBP/USD rising from around 1.3080 to break above 1.3100 shortly after the release. However, the pair then retraced towards its “initial levels,” indicating that bulls are struggling to capitalise on the strong data. This could also signal the dominance of bears. Technical analysis of GBP/USD today points to further bearish signals: → The price failed to stay above the previous high around 1.314. → A bearish engulfing pattern at the market’s peak (as shown by the first red arrow). → A long upper wick on the 6 September candlestick (as indicated by the second red arrow). Bulls may find support (shown by the blue arrow) from the median of the linear regression channel (in blue). But is this enough to prevent GBP/USD from continuing the downward trend seen since late August and falling towards the channel’s lower boundary? Much will depend on tomorrow's US inflation data. The Consumer Price Index (CPI) figures will be released at 15:30 GMT+3. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2
Market Analysis: GBP/USD RecoversMarket Analysis: GBP/USD Recovers GBP/USD is attempting a fresh increase from the 1.3090 zone. Important Takeaways for GBP/USD Analysis Today - The British Pound is attempting a recovery above the 1.3130 zone against the US Dollar. - There was a break above a key bearish trend line with resistance at 1.3120 on the hourly chart of GBP/USD at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.3265 zone. The British Pound traded below the 1.3200 zone against the US Dollar. A low was formed near 1.3090 and the pair is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low. There was a break above a key bearish trend line with resistance at 1.3120, and the pair settled above the 50-hour simple moving average. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3175, and the 50% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low. The next major resistance is near the 1.3225 level. If the RSI moves above 60 and the pair climbs above 1.3225, there could be another rally. In the stated case, the pair could rise toward the 1.3265 level or even 1.3320. On the downside, there is a major support forming near 1.3150. If there is a downside break below the 1.3150 support, the pair could accelerate lower. The next major support is near the 1.3090 zone, below which the pair could test 1.3020. Any more losses could lead the pair toward the 1.3000 support. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2
GBPUSD - Set and ForgetElliott Wave Count: Wave 1-3: The impulsive movement upwards is clear, with Wave 3 being the most extended. Wave 4: A corrective phase, consolidating near the support level around 1.31000. Wave 5 (Projected): The anticipated upward move, targeting the 1.34024 resistance level, which marks a key zone for the completion of the Elliott Wave cycle. Key Levels: Support Level (S1 H4): 1.31000, marking the bottom of Wave 4. Resistance Levels (R2 H4): 1.32660 and 1.34024, representing potential targets for the projected Wave 5. Confirmation (Buy Stop): Set above the trendline break at 1.31300 to confirm the upward move. Entry Strategy: Buy Stop Order: Place a buy stop at 1.31300, slightly above the current price to confirm the breakout of the corrective phase and the start of Wave 5. Target: Take Profit: Set your take profit at 1.34024, which is the upper resistance level and the projected completion of Wave 5. Stop Loss: Stop Loss: Place your stop loss just below the support at 1.31000 to protect against any false breakouts or downward continuation.
Long
by TradingDame
1
GBPUSD IS BULLISH AND WHAT'S NEXT?The GBP/USD has broken above the major resistance at 1.31450, forming a well-defined bullish channel that has been guiding the price steadily upward. The upper boundary of this channel has acted as a strong resistance, and there is a possibility of a short-term pullback as the price approaches this level. This potential reversal could lead to a retest of the previous resistance. It's important to closely monitor how the price reacts to both the resistance level and the channel boundaries to make informed trading decisions.
Long
by traderchamp_
Analysis of GBP/USD: The Pair Approaches 2023 HighAnalysis of GBP/USD: The Pair Approaches 2023 High Yesterday, the Purchasing Managers' Index (PMI) data for both the UK and the US were released. According to ForexFactory, the UK figures were as follows: → Flash Manufacturing PMI: actual = 52.5, forecast = 52.1; previous = 52.1; → Flash Services PMI: actual = 53.3, forecast = 52.8; previous = 52.5. As SPGlobal reports, the August PMI data signalled another significant expansion (the largest since April) in the UK's private sector output, supported by strong growth in new orders. In contrast, the US figures were less encouraging: → Flash Manufacturing PMI: actual = 48.0, forecast = 49.5; previous = 49.6; → Flash Services PMI: actual = 55.2, forecast = 54.0; previous = 55.0. In response to yesterday’s PMI releases, the GBP/USD rate has been climbing this morning towards the 2023 high around the 1.3140 level. Notably: → Since the August low, the pair has risen by over 3.5%; → A key driver of bullish sentiment for GBP/USD is the weakness of the US dollar, driven by expectations of a Fed rate cut in September. Technical analysis of the GBP/USD daily chart today shows: → The price has broken upwards out of the consolidation triangle (which we mentioned on 15 August) and confidently surpassed the psychological barrier at 1.3000; → The RSI indicator has entered overbought territory; → The last few daily candles show long upper shadows, indicating increased selling activity; → The upper boundary of the ascending channel (shown in blue) could act as resistance. Given these factors, it is reasonable to suggest that the rally might be losing momentum, and even if the bulls manage to challenge the 2023 high, it could potentially result in a bull trap. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2
Market Analysis: GBP/USD SurgesMarket Analysis: GBP/USD Surges GBP/USD started a fresh increase above the 1.2920 zone. Important Takeaways for GBP/USD Analysis Today - The British Pound is eyeing more gains above the 1.3130 resistance. - There is a connecting bullish trend line forming with support near 1.3100 on the hourly chart of GBP/USD at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2880 level. The British Pound started a steady increase above the 1.2920 resistance zone against the US Dollar. The pair gained strength above the 1.3000 level. The bulls even pushed the pair above the 1.3050 level and the 50-hour simple moving average. The pair tested the 1.3130 zone and is currently consolidating gains. There was a minor decline below the 1.3100 level. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high. However, the bulls remained active near the 1.3070 level. There is also a connecting bullish trend line forming with support near 1.3100. If there is another decline, the pair could find support near the 1.3070 level. The first major support sits at the 76.4% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high at 1.3050. The next major support is 1.3000. If there is a break below 1.3000, the pair could extend the decline. The next key support is near the 1.2880 level. Any more losses might call for a test of the 1.2650 support. Conversely, the bulls might aim for more gains. The RSI moved above the 60 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.3130. An upside break above the 1.3130 zone could send the pair toward 1.3200. Any more gains might open the doors for a test of 1.3250. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2
Bearish drop?The Cable (GBP/USD) has reacted off the pivot which has been identified as a pullback resistance and could fall to the 1st support which acts as an overlap support. Pivot: 1.3044 1st Support: 1.2939 1st Resistance: 1.3106 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.
Short
by ICmarkets
GBP/USD Analysis: Rate Steady After Key Data ReleasesGBP/USD Analysis: Rate Steady After Key Data Releases Yesterday, important U.S. inflation data was released, as reported by ForexFactory: → Core CPI (MoM): actual = 0.2%, forecast = 0.2%; previous = 0.1%; → CPI (YoY): actual = 2.9%, forecast = 3.0%; previous = 3.0%. Today, market participants learned about the change in the UK’s monthly GDP: actual = 0.0%, forecast = 0.0%; previous = 0.4%. However, these news releases had little impact on the GBP/USD exchange rate, likely because the actual figures were in line with expectations. Today's technical analysis of the GBP/USD chart shows that the price is consolidating within a narrowing triangle (marked in green). The upper line of this triangle aligns with a fan line that has been expanding downwards, with price action tracing the fan's contours since the second half of July. Which Way Will the Triangle Break? If the bulls take the initiative and attempt to break upwards out of the triangle, they may quickly encounter resistance around the 1.2900 level—this is not only a round psychological number but also the 50% retracement level of the bearish impulse from the July 17 peak to the August 8 low (A→B). Today, data on U.S. retail sales and the labour market will be released at 15:30 (GMT+3). There’s a possibility these reports could surprise the market, leading to sharp movements in GBP/USD and disrupting the current state of temporary stability. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2