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GBP/USD Sustains Three-Week Rally, Holding Above 1.2550GBP/USD has rebounded to the 1.2550 level after nearing 1.2500 in the latter half of the day following a stronger-than-expected Non-Farm Payroll (NFP) data of 199,000 in November. Despite the recent recovery, the pair remains on track to secure a three-week winning streak. GBP/USD may face immediate support at 1.2550-1.2560 (static level, Fibonacci retracement level of 23.6% of the latest uptrend). Closing below this level in the 4-hour chart could attract technical sellers, opening up the possibility of an extended decline to 1.2500 (psychological level, static level) and 1.2470 (Fibonacci retracement level of 38.2%). On the upside, 1.2600 (psychological level, static level) is considered a temporary resistance level before 1.2640 (50-period Simple Moving Average (SMA) on the 4-hour chart) and 1.2700 (static level, psychological level). GBP/USD closed positively on Thursday but failed to attract additional buyers early on Friday. The last time the pair was seen below 1.2600, with market focus shifting to the US November labor market data. Improved risk sentiment led to a loss in the US Dollar (USD) on Thursday, helping GBP/USD record a small daily gain. On Friday, US stock index futures trading was mixed, suggesting investors should exercise caution. The US Bureau of Labor Statistics monthly employment report is expected to show an increase of 180,000 in Non-Farm Payrolls (NFP) in November. Earlier this week, US employment-related figures indicated loosening conditions in the labor market. A disappointing NFP print below 150,000 could reaffirm the labor market recovery and immediately pressure the USD. On the other hand, a strong NFP index above 200,000 could counter market expectations for the Federal Reserve's policy change starting in March and help the USD maintain its position by the end of the week. According to CME Group's FedWatch tool, markets are currently pricing in a nearly 60% chance that the Fed will cut interest rates to 25 basis points in March.
by Larissa-Trader
GBP/USD Holds Below 1.2600, Despite Modest Daily GainsGBP/USD rebounded to the 1.2600 level after hitting a two-week low around 1.2550 earlier in the day. The US Dollar struggled to find demand on Thursday amid increasing signs of loosening conditions in the US labor market ahead of Friday's employment report. The 1.2600 level (20-period Simple Moving Average - SMA) is considered immediate resistance for GBP/USD, followed by 1.2650 (static level, 50-period SMA), and 1.2700 (static level). On the flip side, strong support lies at 1.2560, marked by the 23.6% Fibonacci retracement level and the 100-period SMA. If GBP/USD drops below this level and utilizes it as resistance, the next downside targets could be 1.2500 (psychological level, static) and 1.2470 (38.2% Fibonacci retracement level). The interplay between these support and resistance levels will likely shape the near-term movements of GBP/USD as traders monitor key technical and fundamental factors.
by Larissa-Trader
GBPUSD Technical Analysis And Trade IdeaLately, the GBPUSD has shown a bullish trend, driven by the strength of the GBP and the relative weakness of the USD. In this video, we delve into a potential trading opportunity by examining scenarios across the 1D and 4H timeframes. We'll provide valuable insights into price action, market structure, trend assessment, and essential technical anaysis factors. However, it's crucial to emphasize that the information shared here is purely for educational purposes, and should not be misconstrued as financial advice.
Long
by fxtraderanthony
GBP/USD Reverses Course Towards 1.2700 Before Weekly Close GBP/USD has extended its recovery from around 1.2600 and is approaching 1.2700 due to the weakened US Dollar. The greenback lost momentum following comments from Fed's Powell. The daily chart for the GBP/USD pair shows it trading around 1.2650 after reaching a peak of 1.2674 in the morning European session. The pair is performing well above its moving averages, with the 20-day Simple Moving Average aiming to cross the 100 and 200 SMAs, often a sign of strong buying pressure. Meanwhile, technical indicators are pulling back from overbought levels but lack downside strength, reflecting limited selling pressure. Looking ahead on the 4-hour chart, the risk seems to be diminishing. The flat 20-period SMA limits the upside around 1.2675, although the 100 SMA maintains a much gentler upward slope than the current level. Finally, technical indicators point southward, with the Momentum indicator dipping below the 100-level and the Relative Strength Index (RSI) holding at a neutral level. A more substantial decline could be anticipated if the exchange rate breaks below 1.2605, the immediate support level. Support levels: 1.2605, 1.2570, 1.2525 Resistance levels: 1.2680, 1.2730, 1.2780 GBP/USD is poised for a stronger stance on Friday, recovering from the Thursday low of 1.2603. Hawkish comments from Bank of England (BoE) officials have supported the British Pound. Monetary Policy Committee (MPC) member Megan Greene stated that monetary policy would need to remain restrictive for an extended period to achieve the central bank's 2% inflation target. Greene also expressed concerns about prolonged inflation. Additionally, BoE's Jonathan Haskel noted that low unemployment rates could keep interest rates elevated. On the data front, the UK released the Nationwide House Price Index, which increased by 0.2% compared to the previous month in November, surpassing expectations. S&P Global also published the final estimate of the Manufacturing PMI for November, adjusted upwards to 47.2 from the preliminary estimate of 46.7.
by Larissa-Trader
GBPUSD Reassesses Support Levels Amidst Building Bearish MomentuThe GBPUSD pair is currently contending with downward pressure as it approaches recent lows near 1.2603. This downward move has caused the currency pair to slide below the 200-hour moving average, standing at 1.26212. Sustaining positions below this moving average may continue to empower sellers. However, there's a noteworthy support zone ranging from 1.2589 to 1.2602. A decisive break below this range could amplify the bearish sentiment. Should this occur, the next significant target for traders would be the 38.2% retracement of the November trading range, situated at 1.25240. This level holds particular significance following the prominent downtrend observed in November; breaching this retracement level is crucial to confirm seller dominance. The next downward momentum could focus on the convergence of the 100 and 200-day moving averages around 1.2475. Conversely, if the support zone between 1.2589 and 1.2602 holds firm, and prices bounce back above the 200-hour moving average at 1.26212, it could provide assurance to buyers that the short-term low might have been established. In this scenario, the next bullish target would be the 100-hour moving average at 1.26714, offering potential for a reversal in the currency pair's direction.
by Larissa-Trader
GBPUSD LONG TERM selling IDEANov 16 Hello Traders In This Chart GBPUSD HOURLY Forex Forecast By FOREX PLANET today GBPUSD analysis 👆 🟢This Chart includes_ (GBPUSD market update) 🟢What is The Next Opportunity on GBPUSD 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 Chart
Short
by ForexPlanet20
GBPUSD Longs from 1.26400 up to 1.27500GBPUSD is showing a clearer picture compared to earlier, which piques my interest in engaging in pro-trend trades to sustain the upward bullish momentum. Currently, the price is in proximity to a favourable demand zone on the 3-hour chart, and I expect a bullish reaction to occur, aiming to surpass the equal lows above. My target lies close to my identified supply level, where I anticipate the price to decelerate after sweeping through liquidity, leading to an accumulation phase and engagement with the supply zone. Subsequently, I'll be on the lookout for sell opportunities to capture a potential bearish reaction back down. Confluences for GBPUSD buys are as follows: - Current trend is temporarily bullish with continuous break of structures to the upside. - Lots of liquidity lying above in the form of equal highs and untouched Asia highs. - Supply Zone 3hr has swept liquidity and caused a short impulsive move up. - Price is slowing down and starting to create Wyckoff Accumulation on lower timeframe. P.S. In an ideal scenario, since this is a pro-trend trade, we could aim for higher targets. However, given the overarching bearish trend on the higher time frame, it's crucial to be adaptable and secure profits at sensible levels. Additionally, the supply zone is strategically positioned, leading me to anticipate a more substantial bearish reaction.
Long
by Hassan_fx
1
GBP/USD looks set to extend its gainsA potentially nice setup is forming on #GBPUSD. High trading activity around 1.2718 during its prior decline could act as a magnet for prices on the daily. The 200-day MA has flipped from resistance to support and no immediate signs of a top on price and OBV is confirming the rally. A strong trend has formed on the 1-hour chart with a potential bull flag. The monthly R3 pivot is capping as resistance, but a break above last week's high assumes bullish continuation. Even if prices retrace first to invalidate the bull flag, it looks like a decent candidate for bulls to seek dips to my eyes and a move towards 12.7.
Long
by CityIndex
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
GBPUSD SHORTGBPUSD is moving in an Ascending channel and the market has reached the higher high area of the channel. We expect the pair to re-test the key support levels listed on the chart, We are taking this trade based on technical analysis and candlestick patterns. These are long-term trades, It is advisable to have enough margin to handle the fluctuation of the markets. Use proper risk management depending on your account size. TRADING RULES: Rule 1: Once the market reaches Target 1, close some of your trades/positions or Move your STOP LOSS price to ENTRY price (break-even) for safe trading. Rule 2: Once the market reaches Target 1, never place a new trade again on the same signal/alert. Rule 3: When the market is consolidating for more than 2 days, please close the trade and wait for the next good opportunity trade signal/Alert. Please like and share for more useful content:
Short
by Pro-Trading-Africa
GBPUSD Shorts from 1.25500 down towards 1.24000This bias for GBPUSD this week is not as clean in terms of price entering an ideal zone however, it's still a possibility that could happen so let's look at how we could sell GU. As we know this market has been in a small uptrend recently but, I am still overall bearish (looking at the HTFs) Therefore, I would be waiting for price to enter a near by supply so we can at least sell down towards a demand zone to continue the temporary bullish trend. Currently, it is approaching a 9hr supply that has caused a small BOS to the downside and price will require some sort of pull back to continue going upwards, hence why this is a counter trend idea. We are also reaching a psychological level of 1.25500 which is another good sign to anticipate a reaction, as this would tell us if price would want to retrace or keep pushing higher. Confluences for GBPUSD shorts are as follows: - Price approaching 9hr supply zone that has caused a BOS to the downside. - The zone also lies between a psychological key figure of 1.25500. - Pending correction is likely to happen due to the impulse move that has been taken place. - Lots of liquidity left below in the form of asian lows and there is huge imbalances as well. - Overall market trend for GU is bearish according to the monthly/weekly time frame. - Price has swept lots of liquidity already to the upside and momentum is dying down slowly. P.S. As price still looks pretty bullish I won't be surprised if this zone doesn't hold however, there is also better supply zones above like the 15hr which looks more probable. For now we will wait for our Wyckoff distribution to play out & see if price gives us an entry model for sells.
Short
by Hassan_fx
1
GBPUSDThe GBP/USD exchange rate hovered around 1.25300, marking its highest point since early September. Despite gold surpassing the 2000 level, GBPUSD showed minimal fluctuations yesterday. The focus now turns to statements from Bank of England (BoE) policymakers regarding the policy outlook, which may influence the pair's movements in the short term. In contrast, the UK's FTSE 100 index opened lower, showing a 0.5% decline. Concurrently, US stock futures turned negative during the relatively calm Asian session. Should safe-haven sentiments return later in the day, the US dollar might experience a reprieve from its downward pressure, potentially limiting the upside for GBP/USD. The dollar's decline persisted on Tuesday, with traders anticipating the release of the Federal Reserve's October meeting minutes and US Existing Home Sales data. This trend follows Monday's market sentiment, where the USD index slipped below August lows, dropping below 104.00. The decline was exacerbated by US Treasury bond yields falling below 4.4%.
Long
by HUMCRYPTOCLUB
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
GBPUSD 4H : Uptrend GBPUSD New forecast The GBP/USD pair faced additional negative pressure yesterday to break the 1.2406 level, and begins the day with further decline to reach the end point of the negative correction. Therefore ,we still prefer the upward trend and still upward scenario will be remain valid supported by moving average 50that is continue to support the price to rise up and our target will be 1.2447 and extend to 1.2508 , taking into account that stabilized under 1.2365 will put the price under sell pressure and postponed the bullish trend . The expect range trading for today it will be between the resistance line 1.2447 and support line 1.2365. Additionally ,Today News will affect the market . support line : 1.2365 , 1.2321 resistance line : 1.2447 , 1.2508 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
11