Get started

Gbpjpyshort

GBPJPYThe FX:GBPJPY retreats on Tuesday by more than 0.20%, as the Japanese Yen (JPY) appreciated further against most G8 FX currencies. Market participants estimate that central banks in developed countries would cut rates, boosting the appetite for the Yen's safe-haven status and Gold. Therefore, the pair is trading at 187.24 after hitting a daily high of 187.87. Even though the GBP/JPY remains bullish, price action during the last couple of days, has formed a ‘double top’ chart pattern, implying that lower prices are coming. Nevertheless to confirm the pattern, the cross must drop below the November 21 swing low at 184.46, but sellers must breach support levels on its way to the latter. The first support would be the Tenkan-Sen at 186.55, followed by the Senkou-Span A at 185.63. A decisive break, the pair would dive to the Kijun-Sen at 184.71, before testing the latest cycle low. Once done, the ‘double top’ chart pattern targets the 180.50 area. On the flip side, if GBP/JPY buyers reclaim the November 28 daily high at 187.87, that could open the door to challenge the year-to-date (YTD) high at 188.80.
Short
by tradingconmike
GBP/USD Holds Above 1.2600 Amid Thin Trading ConditionsGBP/USD is trading near the 1.2600 level, sustaining its recovery post the mixed U.S. PMI data on Black Friday. The pair is strengthened by a weaker U.S. Dollar and robust UK PMI data released on Thursday. Thin trading conditions may amplify GBP/USD price action. The Relative Strength Index (RSI) on the 4-hour chart comfortably stays above 50 on Friday, and GBP/USD continues to trade above the 20-period Simple Moving Average (SMA), reflecting a short-term uptrend. The level at 1.2550 (static level) is marked as a pivot point. After confirming this level as support, GBP/USD could target 1.2600 (50% Fibonacci retracement level of the downtrend from July to October) and 1.2670 (static level from August). On the flip side, 1.2525 (upper limit of the ascending regression channel) may be considered the first support level, followed by 1.2500 (psychological level) and 1.2450 (static level).
by Larissa-Trader
GBP/USD Rises Near 1.2540 After Surging to 1.2575 on ThursdayThe GBP/USD exchange rate is trading closely around the 1.2540 level after experiencing a short-term surge to its highest point in 10 weeks, driven by an unexpected uptick in the UK Purchasing Managers' Index (PMI) data on Thursday. The pair spent the latter part of the trading day navigating through a significantly restricted market due to subdued Thanksgiving holiday activity in the US. The Relative Strength Index (RSI) on the 4-hour chart has maintained above 50, indicating that Wednesday's decline was a technical correction rather than the start of a reversal. However, GBP/USD continues to trade near the upper limit of the upward regression channel, and buyers may choose to exercise caution before betting on additional profits in the near future. On the upside, 1.2550 (static level) is considered the first resistance before 1.2600 (Fibonacci 50% retracement level from the July to October downtrend) and 1.2670 (static level from August). In the event of a retreat below 1.2500 (psychological level, upper limit of the upward regression channel), 1.2450 (50-period Simple Moving Average on the 4-hour chart, static level) could be viewed as the next support level before 1.2400 (psychological level, midpoint of the upward regression channel). GBP/USD dropped to 1.2450 in Wednesday's US trading session, closing in the negative territory, ending a three-day consecutive uptrend. Improved risk sentiment and optimistic UK PMI data helped the pair regain traction and stabilize above 1.2500 on Thursday. The US Dollar strengthened midweek as US Treasury bond yields recovered following weekly data that showed initial jobless claims dropping to the lowest since early October at 209,000. The UK's autumn statement did not elicit a significant market reaction as investors were already informed about the budget proposal details. Commenting on the potential impact of the planned tax cuts for the British Pound, analysts Ulrich Leuchtmann and Tatha Ghose of Commerzbank noted that "lower taxes and public spending might be welcomed by Labour Party voters due to the impacts on individuals, but I find it hard to believe that forex traders and/or a large portion of voters will buy into the Laffer curve," stating that the tax plans may not be interpreted as a positive factor for GBP in this case. Meanwhile, the S&P Global/CIPS Composite PMI in the UK improved to 50.1 in the preliminary estimate for November from 48.7 in October, providing a boost for the British Pound. This reading indicates private sector business activity has expanded beyond the contraction territory. Assessing the survey results, Dr. John Glen, CIPS Director, noted, "November data shows encouraging signs of calmer waters ahead for the UK economy, although there are still signs that we have a short way to go before fully weathering the inflationary storm." Additionally, Manufacturing PMI and Services PMI rose to 46.7 and 50.5, respectively. Market dynamics are expected to ease in the latter part of the day, with trading volumes tapering off on Thanksgiving Day in the US.
by Larissa-Trader
1
GBP/USD Holds Steady as BoE Policy Outlook WeighsThe GBP/USD pair maintains a positive trend for the fourth consecutive day, trading around the 1.2535-1.2540 range in the Asian session, just below the highest level since September 9 touched the previous day. The immediate resistance at 1.2550 is seen against GBP/USD before 1.2600 (Fibonacci 50% retracement level from the July-October downtrend) and 1.2670 (static level from August). On the flip side, the initial support is at 1.2500 (psychological level, static level) before 1.2470, where the Fibonacci 38.2% retracement, the 20-day Simple Moving Average (SMA), and the upper limit of the upward regression channel intersect. Closing below the latter may open up further correction opportunities towards 1.2400 (psychological level, static level). GBP/USD rose above 1.2500 and reached the highest level since early September, nearly 1.2550 on Tuesday. Comments from Bank of England (BoE) policymakers on the policy outlook may influence the pair's action in the near future. On Monday evening, BoE Governor Andrew Bailey stated that they must monitor signs of persistent inflation that could prompt a return to rate hikes. Bailey reiterated that this policy will need to be restricted "for some time," noting that it is too early to consider rate cuts. Bailey and other members of the Monetary Policy Committee will testify before the Treasury Committee on Tuesday. If officials continue to try to persuade the market that they do not necessarily have to raise interest rates, the pound may gather strength to resist its major counterparts. In the U.S. trading session, economic data from the U.S. will present existing home sales data for October, which could cause a significant market reaction. The Federal Reserve (Fed) will release the minutes of the meeting from October 31 to November 1. Given the weak inflation data, which has led the market to begin pricing in the Fed's policy shift next year, announced after that meeting, comments in this publication may be outdated. Meanwhile, the UK's FTSE 100 index opened lower and was last seen down 0.5%. Similarly, U.S. stock index futures turned positive on a quiet Asian trading session. If safe-haven inflows return to the market later in the day, the U.S. dollar may escape selling pressure and limit GBP/USD's upside.
by Gwen_Humuna
1
GBP/USD Rebounds to $1.2500 After Budget AnnouncementGBP/USD closed positively for the third consecutive trading day on Tuesday, reaching its highest level since early September at $1.2560. While experiencing a slight pullback on Wednesday, the pair remains above the $1.2500 mark. UK Chancellor of the Exchequer, Jeremy Hunt, is set to unveil the autumn budget report in the late session. Hunt is expected to announce significant tax cuts for businesses to stimulate economic growth, raise the national living wage, and increase the income of low-wage workers by around 10%. Assessing the impact of these measures on inflation and inflation expectations is challenging, but recent comments from Bank of England (BoE) officials suggest caution in dismissing additional tightening measures in the future. In the latter half of the day, U.S. economic data will reveal durable goods orders for October and weekly initial jobless claims. If the number of initial jobless claims continues to rise, the US Dollar (USD) may struggle to find demand. Investors will also closely monitor developments on Wall Street ahead of the Thanksgiving holiday. In the event that risk aversion prevails after the opening bell, the USD could weaken against its counterparts.
by Larissa-Trader
1
GBP/USD Holds Firm Above 1.2500 Amid BoE Comments GBP/USD saw an increase on Tuesday as the British Pound outperformed following hawkish comments from officials at the Bank of England. The currency pair is holding firm above the 1.2500 level despite the U.S. Dollar's adjustment. The level at 1.2550 (static level) is considered immediate resistance for GBP/USD, preceding 1.2600 (Fibonacci 50% retracement level from the July to October downtrend) and 1.2670 (static level from August). On the flip side, the initial support is at 1.2500 (psychological level, static level) before 1.2470, where the 38.2% Fibonacci retracement level, Simple Moving Average (SMA) 20, and the upper limit of the ascending regression channel intersect. Closing below this level may open up opportunities for a deeper correction towards 1.2400 (psychological level, static level). GBP/USD rose above 1.2500, reaching its highest point since early September, near 1.2550 on Tuesday. Comments from Bank of England (BoE) policymakers on policy outlook may influence the pair in the coming days. On Monday evening, BoE Governor Andrew Bailey stated they must monitor signs of persistent inflation that could warrant an interest rate hike. Bailey reiterated that such a policy would need to be constrained "for some time" and noted it's too early to contemplate rate cuts. Bailey and other members of the Monetary Policy Committee will testify before the Treasury Select Committee on Tuesday. If officials continue to convince the market that they don't necessarily need to raise interest rates, the British Pound may gather strength to resist its major counterparts. In U.S. trading sessions, economic data from the United States will reveal the Existing Home Sales figures for October, likely causing notable market reactions. The Federal Reserve (Fed) will release the meeting minutes from October 31 to November 1. Given the weak inflation data, prompting market speculation about the Fed's policy changes next year, comments in this release may already be outdated. Meanwhile, the UK's FTSE 100 index opened lower, last seen down 0.5%. Similarly, U.S. stock futures turned positive after a quiet Asian trading session. If safe-haven inflows return to the market in the latter half of the day, the U.S. Dollar may escape downward pressure, limiting GBP/USD's upward momentum.
by Larissa-Trader
1
GBP/USD Surges Amid Weakening USDThe GBP/USD pair garnered buying interest during the Asian trading session on Monday, reaching a three-day high around the 1.2470 region. Despite this, the spot price remains below the key resistance of the 100-day Simple Moving Average (SMA) near the psychological level of 1.2500 and the two-month high touched last week. The US Dollar (USD) struggles to register any meaningful recovery and remains near its lowest level since September 1, serving as a primary support factor for the GBP/USD pair. Reports on US CPI and PPI released last week indicated that the inflation nightmare has finally subsided. This allows the Federal Reserve (Fed) to maintain its stance in the December meeting, exerting downward pressure on the USD. Furthermore, markets are assessing the possibility of the Fed starting interest rate cuts in early 2024 and designing a soft landing for the economy. This has pushed the yield on the 10-year US government bond to its lowest in two months at 4.379% on Friday. Additionally, the overall positive trend in the Asian stock markets weakens the safe-haven appeal of the greenback, further supporting the GBP/USD pair. However, markets have set expectations for the Bank of England (BoE) to commence interest rate cuts from their 15-year highs amid looming economic recession risks. Betting odds have been reaffirmed by weaker UK retail sales figures, adding to a series of negative information from the previous week and aligning with the gloomy prospects of the UK economy. This may impede any further upward movement for the GBP/USD pair. Even from a technical standpoint, last week's rejection near the 1.2500 level or the 100-day SMA barrier suggests caution, prompting traders to wait for a strong buying surge before betting on new price hikes. In the absence of any relevant economic information from the UK or the US, USD price dynamics will continue to play a crucial role in influencing the GBP/USD pair, allowing traders to seize short-term opportunities.
by Larissa-Trader
GBPJPY Long Term SELLING Trading IdeaHello Traders In This Chart GBPJPY HOURLY Forex Forecast By FOREX PLANET today GBPJPY analysis 👆 🟢This Chart includes_ (GBPJPY market update) 🟢What is The Next Opportunity on GBPJPY Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexPlanet20
Pullback from YTD highs, as evening-star loomsFX:GBPJPY retraces from weekly highs reached on Wednesday at around 188.24 and hovers around the 187.00 figure late in the New York session, as a three-candle chart pattern emerges that could warrant further downside pressure on the pair. In the near term, the GBP/JPY is consolidating near the year's highs, though it’s forming an ‘evening-star’ chart pattern. However, sellers must reclaim the Tenkan-Sen at 186.41, alongside the November 14 swing low of 186.04 to exacerbate a deeper pullback below the Senkou Span A seen at 185.47, ahead of the Kijun-Sen at 184.52. On the other hand, if buyers reclaim 188.00, that could open the door for further upside, with buyers targeting the year-to-date (YTD) high at 188.24, followed by the 190.00 mark.
Short
by tradingconmike
GBP/USD Strengthens Above 1.2400 Amid Dollar Challenges"The GBP/USD pair consolidates its overnight slide from the 100-day Simple Moving Average (SMA) around the psychological level of 1.2500, or the two-month high, trading in a narrow range in Thursday's Asian session. Meanwhile, the spot price attempts to hold above the significant 1.2400 mark, contingent on the price dynamics of the U.S. Dollar (USD). The U.S. Dollar Index (DXY), tracking the greenback against a basket of currencies, struggles to capitalize on the modest recovery from its lowest since September 1, amid the Federal Reserve's dovish expectations. These bets were reassessed after Tuesday's U.S. CPI report, indicating a milder-than-expected decline in consumer inflation, suggesting a cooling economy. Furthermore, markets are increasingly pricing in the possibility of the Fed starting interest rate cuts in the first half of 2024, driving down U.S. Treasury bond yields and acting as a hurdle for the greenback. Additionally, the prevailing risk-acceptance environment is seen weakening the safe-haven status, providing some support for the GBP/USD pair. However, the upward trend is constrained as more anticipate the Bank of England (BoE) initiating interest rate cuts soon, reinforced by a slight drop in UK consumer inflation on Wednesday. In fact, the UK's monthly CPI remained unchanged, and the annual rate plummeted sharply from 6.7% to 4.6% in October – hitting a two-year low. Moreover, the core CPI also decreased from 6.1% in September to 5.7%. The mixed fundamental backdrop ensures caution among risk-seeking traders, waiting for clear short-term direction, especially with no significant macroeconomic data from the UK on Thursday. Meanwhile, the U.S. economic calendar includes regular weekly jobless claims, the Fed Philly Manufacturing Index, and industrial production figures. This, along with U.S. bond yields and broader risk sentiment, may influence USD price dynamics and allow traders to seize short-term opportunities around the GBP/USD pair.
by Larissa-Trader
GBPJPY → Struggles around 188.00, on soft UK inflationThe British Pound (GBP) remains steady against the Japanese Yen (JPY) during Wednesday’s mid-North American session after reaching a daily high of 188.24; the pair has fallen below the 188.00 mark, courtesy of weak inflation data from the UK. Therefore, the GBP/JPY hovers around 187.94, virtually unchanged. From a technical perspective, the FX:GBPJPY is upward biased, but a daily close below 188.00 could pave the way for a deeper pullback, which could extend toward the 187.00 figure. If sellers push prices below that level, the next demand area could be the Tenkan-Sen at 185.75m followed by the Senkou Span A at 185.13. the next support would be 185.00. On the other hand, the GBP/JPY uptrend would continue if it remains above 188.00, with the first resistance seen at the current year-to-date (YTD) high of 188.28. Sentiment further improvement would put into play the November 2015 swing high at 188.80 before buyers challenge the 190.00 figure.
Short
by tradingconmike
2
GBP/USD Slips to 1.2450 on Weak UK Inflation DataGBP/USD faces modest downward pressure, dropping to 1.2450 in European trading on Wednesday. UK CPI inflation fell to 4.6% YoY in October from 6.7% in September, causing the British Pound to lose ground. The pair struggles to find firm footing above the 1.2300 level on daily closing basis, potentially paving the way for an extended recovery toward the psychological level of 1.2350. The 14-day Relative Strength Index (RSI) points upwards around the midline, indicating an ongoing upward momentum for the pair. The next resistance level is envisioned at the 200-day Simple Moving Average (SMA) at 1.2437. However, if the upward trend stalls, immediate support will likely be seen at the 50-day SMA at 1.2255, below which the 21-day SMA at 1.2205 may test bullish commitments. Further decline could challenge the 1.2100 demand area. The extended three-day recovery of GBP/USD in European trading on Tuesday, driven by positive mixed employment data in the UK, appears to be limited as traders exercise caution ahead of the highly significant US Consumer Price Index (CPI) data. The outcome of Wednesday's UK inflation data could significantly impact the Bank of England's interest rate outlook, adding volatility to the British Pound. Ahead of the crucial US CPI data, FXStreet's Senior Analyst Yohay Elam notes that unexpected results above 0.2% could lead to market reevaluation. A surprise decline in inflation might fuel Wall Street's rally while exerting pressure on the US Dollar. However, an as-expected release may immediately positively affect stocks and create pressure on the US Dollar, even if the core CPI remains high. Simultaneously, the pair may receive signals from improving risk sentiment, reflected in the slight uptick of 0.12% in the US S&P 500 futures contract.
by Gwen_Humuna