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Gbpusdtechnical

Identifying support and resistance levelsIdentifying support and resistance levels is crucial for effective technical analysis when trading GBP/USD or any other financial instrument. Here's how traders can identify support and resistance levels on GBP/USD charts: **1. Historical Price Levels:** - Look for historical price levels where the GBP/USD exchange rate has previously reversed direction or experienced significant price movement. These levels are likely to act as support or resistance in the future. **2. Swing Highs and Lows:** - Identify swing highs and lows on the GBP/USD chart, which represent peaks and troughs in price movements, respectively. Swing highs often act as resistance levels, while swing lows serve as support levels. **3. Round Numbers and Psychological Levels:** - Round numbers, such as whole numbers and half-numbers (e.g., 1.3000, 1.3500), tend to attract attention from traders and may act as psychological support or resistance levels. **4. Pivot Points:** - Pivot points are calculated based on the previous day's high, low, and close prices and are used by many traders to identify potential support and resistance levels for the current trading day. **5. Moving Averages:** - Moving averages, such as the 50-day and 200-day moving averages, can act as dynamic support or resistance levels. Traders often observe how price interacts with these moving averages to gauge the strength of the trend. **6. Trendlines:** - Trendlines drawn on GBP/USD charts can also serve as dynamic support or resistance levels. An upward trendline may act as support, while a downward trendline may act as resistance. **7. Fibonacci Retracement Levels:** - Fibonacci retracement levels, derived from the Fibonacci sequence, are commonly used to identify potential support and resistance levels based on the ratio of key Fibonacci numbers (e.g., 38.2%, 50%, 61.8%). **8. Volume Profile:** - Volume profile analysis involves observing the volume traded at different price levels. High-volume nodes (areas with significant trading volume) often act as support or resistance levels. **9. Consolidation Zones:** - Identify consolidation zones or trading ranges where price has moved sideways for an extended period. The upper and lower boundaries of these zones may act as resistance and support levels, respectively. **10. Price Patterns:** - Certain price patterns, such as double tops, double bottoms, head and shoulders patterns, and triangles, can also help identify potential support and resistance levels. By incorporating these methods into their technical analysis, traders can effectively identify key support and resistance levels on GBP/USD charts, allowing them to make more informed trading decisions and manage risk effectively.
Education
by FrankFx14
GBPUSD : Current Situation & Technical , Fundamental View- DXY is currently at 104.43 LEVEL. Above the DXY 100 is a very good STRONG condition. Also the GBP FEATURE stays at 1.2227 LEVEL. The GBPUSD PRICE has gone below the DYNAMIC S / R LEVELS. Maybe DYNAMIC S / R LEVELS can be UP before moving further. Then most of the time the PRICE can be sold in the form of STRUCTURE. - Currently the SENTIMENT of the OVERALL MARKET is RISK OFF. Also EQUITIES is giving a slightly MIXED RISK Tone. VIX INDEXES DOWN. Also COMMODITIES are now showing a NEUTRAL BIAS. Currently the MARKET has a RISK OFF SENTIMENT. So stay tuned and maybe RISK ON on the NEWYORK SESSION in the market. - GBPUSD PRICE can be UP to 1.2861 LEVEL before DOWN. Then it can be DOWN to 1.1950 LEVEL. According to this week's ECONOMIC INDICATOR DATA and MARKET SENTIMENT. Then GBPUSD UP to LIVEL 1.2861 can be USD if a NEGATIVE SENTIMENT is received. FED UPDATES are very important for that.
by benny_marshall
GBPUSD : Current Situation & Technical , Fundamental View TREASURY SEC YELLEN is set to make a SPEECH for USD today. Also, today is the most important day for the FOMC MEETING. It is a very HIGH VOLATILE EVENT and we look forward to the decisions that are made there. Today is not an important day for GBP. But CONSTRUCTION PMI DATA is due to be released today for GBP. It's the LOW IMPACT NEWS. But there is some significance. - DXY is currently at 99.74 LEVEL. Also the GBP FEATURE stays at 1.3056 LEVEL. GBPUSD PRICE is slightly lower than DYNAMIC S / R LEVELS. Maybe DYNAMIC S / R LEVELS can be UP before moving further. Then most of the time the PRICE can be sold in the form of STRUCTURE. - Currently the SENTIMENT of the OVERALL MARKET is NEUTRAL. But it's too heavy for RISK OFF status. Also the EQUITIES are turning a bit red. VIX is getting a bit UP. Also COMMODITIES are now showing a DOWN SIDE BIAS. There is a NEUTRAL BIAS currently on the market. But because of VIX UP, EQUITIES DOWN, COMMODITIES DOWN the MARKET RISK is OFF. - GBPUSD PRICE can be UP to 1.3162 LEVEL before DOWN. Then you can DOWN to 1.2905 LEVEL. The PRICE will move according to this week's ECONOMIC INDICATOR DATA and MARKET SENTIMENT. FOMC MEETING is taking place today. Watch out for any changes.
by benny_marshall
Gbp/Usd :Likely to the 10 week range top around 1.2620Gbp/Usd got a strong support around 1.2075 ,many times tested (even with a fat finger once march low 1.1410) and failed to break .Although on daily TF , 50-55 Exponential moving average around 1.2350-1.12360 stands as a strong resistance ,breaking the daily fib pivot 1.2272 is likely which will makes further way up to test the 1.2340 & 1.2491 resistance respectively . On the other side , if price breaks the 1.2190 hourly support then once again a test to the major support around 1.2075 is possible thus keeping the pair in the same 10 week range . On Calendar we have data numbers from the US later on and MPC member Saunders speech as well Prelim GDP q/q Core Durable Goods Orders m/m Durable Goods Orders m/m Unemployment Claims Prelim GDP Price Index q/q Pending Home Sales m/m Trend : Range Resistance : 1.2340 ,1.2420 & 1.2490 Support : 1.2190 ,1.12120 & 1.2075
Long
by Alremeithi
2
GBPUSD Update: Bearish H4 TF OverviewIndicators: Moving Averages: Below all MAs + Bearish Golden Cut CRVWATR: Low – Potential Downside Rooms – Triple RSI: Bearish MFI: Overbought to Neutral – Bearish- 20 Period Volatility: Increasing in favor of Bears. 50 Period Volatility: Low Harmonic Summary: Emerging Bullish Three Drives 1.29000 – 1.28700 for Long Opportunity. – We will send notification – Fundamental Weight: Bearish near term. – Increasing BoE Rate Cut Expectations – Additional info is on the chart.
Short
by chartreader_pro
1