GBP / USD ! Support and good news for GBP ! signal BUYGBPUSD trend forecast November 12, 2024
The GBP/USD slipped back to recent lows on Monday, dipping below 1.2900 as traders await UK wages and jobs data set for release early Tuesday. Despite a quiet US session, risk-on sentiment remained strong, which continued to support the US Dollar.
Good news data forecast for GBP with H1 support - suitable for BUY signal
/// BUY GBP/USD : zone 1.28400 - 1.28200
SL: 1.27800
TP: 40 - 100 - 200 pips (1.30200)
Safe and profitable trading
Buygbpusd
GBP/USD Trade Setup 1 Hour TimeframeOn the 1 hour timeframe, GBP/USD has formed a descending channel, followed by a strong breakout to the upside and a retest.
This pattern has formed at a daily support level. To enter a buy position, we need to observe bullish candlestick patterns for confirmation.
DXY UPDATELooking at dxy h4 current chart, it is really indicating usd bullishness is reversing for. It means we can start to look for buying pairs like XXXUSD and selling pairs like USZZZ.
Go to the chart of the pairs you wanna trade and start to look for confirmation to buy for XXXUSD pair and confirmation to sell for pair USDZZZ.
I wish u all have good trade.
Sterling to Find Supportthe GBP/USD pair is showing some signals of an impulsive wave formation,
i am expecting a wave 4 pullback near 1.2080/1.2050 area in order to long again targeting 1.2380/1.2690 region medium to long term.
with some geopolitical tensions we might see a strong US dollar in the coming sessions considering the Dollar index a safe haven.
tomorrow we will have 50BP hike from BOE as priced in the markets , the strongest hike since 1995 , thus a stronger pound expected after that meeting tomorrow.
good luck !!
GBP/USD. It's time for pound to gain the weight.The GBP/USD has been falling for a month now and globally since last summer. The decline in the pound led to its strong oversold. There are bullish divergences on the charts of different timeframes.
We think it's time to buy the pound against the US dollar.
The divergence signals of H1 and H4 charts suggest an upward movement within a few weeks. If the situation goes in this way, the bullish divergence of the weekly chart will form completely and this may stimulate a longer-term growth of the GBP.
As the main option, we consider the formation of an Reverse Head-and-Shoulders figure. The first target of growth is the resistance level near 1.33000 (also, 1.33141 is a 1.618 Fibonacci extension of the 1.31943-1.30005 impulse 10-14.03; 1.33220 is a 50% fibo-correction from the decline 1.36435-1.30005 10.02 -14.03). The next target is around 1.33900 (the target of the classic Head-and-Shoulders pattern realisation with the horizontal neckline).
How to trade
Open long with the first target 1.33000 (close deals whole or partially). In case of partial closing, use a floating stop-loss to protect profits and, depending on the reversal pattern, determine a target level for the complete closing the trade.
Set the stop-loss below 1.30000.
GBPUSD LongHey Traders, in the coming week we are monitoring GBPUSD for a buying opportunity around 1.33 zone respecting the support line of the descending channel in combination with weekly demand zone. once we will receive any bullish confirmation the trade will be executed.
Remember to use proper risk management, because in swing trading the movements are more violent comparing to short term trading.
Trade Safe, Joe.
Sterling to Find Supportany pullback on the pair GBPUSD will be a good opportunity to long.
if you are a risk taker you can start buying from current levels however do a correct risk management because we might see a 3 waves pullback as wave (2) before the surge can happen.
will look closely into this trade because if we completed the corrective cycle the upside potential is hugeee!!!
EWP: Will GBPUSD touch 1.400 before the next weekend?Price has made significant Low at 20th august,2021.
Extreme low has given us beautiful Impulsive structures.
Wave ((1))
Wave Nature: Motive wave
Type of motive wave: Impulse (Five waves)
Wave ((2))
Wave Nature: Corrective waves
Type of corrective pattern: Irregular or Expanded flat.
Retracement of wave ((2)) : 50% of wave ((1)).
Wave ((3))
Wave Nature: Impulse (3rd wave can only be an Impulse with 5 waves)
Extention of wave ((3)) :
At this motion, price is riding on sub-wave (3) of wave ((3)).
Wave has an extension of ((3)) 161.8%, but the party is not over yet.
We are to get waves (4) and (5) of wave ((3)). one can expect 2.618% of wave ((3)) and even more!
Sub-waves of wave ((3)) :
Wave (1) is an impulse.
Wave (2) is an irregular flat.
Wave (3) is an impulse.
Extention: 161.8% of wave 1
The price extension of wave (3) is 161.8%. If the price breaks the 1.39154 level without any correction, we will have a powerful extension.
Wave (4):
According to rules of alternation, if the second wave seems flat & time-consuming, then wave four can be shart and quick.
We may get a running triangle or a zigzag correction.
Common Retracement: 38.2% of 3rd wave at 1.38305
50% of 3rd wave at 1.38101
61.8% of 3rd wave at 1.37924
50% retracement for wave 4 is acceptable for two reasons:
1. An Important support level is the 1.38107 50% retracement level of Wave 3.
2. Wave 4 is more often complete nearby the sub-wave (4) of wave ((3)).
If the price breaks the hurdle line, we will have a violation of the rule. However, wave two can never overlap the starting point of wave 1.
Conclusion :
If the 3rd wave will crossover 161.8% of retracement extension without correction into wave (4), then we will have a powerful price extension for sub-wave (3) of wave ((3)) or after wave 4.
I will reveal the next move of GBPUSD in the short timeframe analysis soon. Therefore, stay connected.