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GBP/USD Technical & Sentiment Analysis - Short-Term OutlookGBP/USD Technical Analysis with Sentiment Data: Current Price and Support Levels: As of the latest close, GBP/USD is trading at 1.23791. It's important to consider that the current price is in close proximity to significant support levels at 1.23784, 1.23141, and 1.22637. These levels have historically acted as robust areas of price support, potentially attracting buying interest. Major Resistance Levels: On the other hand, the current price is also approaching major resistance levels within the range of 1.23895 to 1.23897 and 1.24213. These are substantial price zones where traders may contemplate taking profits or initiating short positions if GBP/USD reaches these levels. Short-Term Outlook: Given the technical analysis, my inclination towards a short position with the target of revisiting the 3rd support level at 1.22637 as a pullback appears technically sound. Should the price fail to breach the immediate resistance levels and begins to retreat, it could discover support around the levels which I've identified. Sentiment Analysis: It's noteworthy that, based on sentiment data (Myfxbook), 76% of traders are currently in short positions, representing 11,193.20 lots, while 24% are in long positions, accounting for 3,505.61 lots. This indicates a bearish sentiment in the market, with a significantly higher number of traders shorting GBP/USD compared to those taking long positions. Specifically, 35,217 traders are short, while 11,825 are long, which further emphasizes the bearish sentiment. Additional Considerations: Market Sentiment: With the majority of traders holding short positions, it aligns with my short-term outlook. However, we have to keep a close eye on market sentiment as it can change rapidly. Longer-Term Perspective: Maintain a broader perspective even though my primary focus is on the short-term. GBP/USD can be influenced by extended economic trends and political events, so staying well-informed about these influences is imperative. Routine Monitoring: Continuously monitor price action, market sentiment, and adjust strategy in response to evolving market conditions. Remember, trading in the forex market carries inherent risks, and it's vital to maintain a well-defined trading strategy and risk management plan. Seek guidance from a financial advisor or conduct further research before executing any trading decisions. VANTAGE:GBPUSD $XM:GBPUSD #GBPUSD #EAForexGlobal
Short
by EAForexGlobal
GBPUSD Bullish on Hot UK InflationGBPUSD You can find me on tradingview.com Strategy Bullish The British pound held firm around $1.28, staying close to its peak of $1.2848 recorded in June 16th, as hotter-than-expected inflation numbers raised anticipation among investors that the Bank of England would respond to the persistent inflationary pressures by implementing further interest rate hikes. In May, the headline inflation rate remained unchanged at 8.7%, slightly above the projected 8.4% and surpassing the policymakers' target of 2%. Additionally, the core inflation rate accelerated to 7.1%, reaching its highest level since March 1992. The Bank of England will likely deliver a 13th consecutive interest rate hike on Thursday, bringing borrowing costs to fresh 15-year highs. Markets now price another 150 basis points of hiking for a peak at 6%. GBPUSD broke resistance zone 1.2464and closed above 1.2697 GBPUSD made since March14th2023 2consequent HH AND HL. The next HL must close above 1.2382 otherwise the market structrue will not be valid anymore and the danger of bearish structure will be created. If the bullish market structure continues then 2 bullish scenarios are potentially possibel(See green arrows Trendomat and Buy Sell pressure are green what indicates continuation of the bullish trend  $1.29 in the Hands of UK Inflation and Powell With the Bank of England set to deliver its June interest rate decision on Thursday, today’s inflation numbers will materially influence the Bank’s outlook on inflation, the UK economy, and monetary policy. To date, inflation has remained sticky. With a more resilient-than-expected UK economy, the markets expect a hawkish 25 basis-point interest rate hike. An annual inflation rate below 8% could support a BoE pause after the summer. Economists forecast the UK annual inflation rate to soften from 8.7% to 8.4% in May. Investors will need to look beyond the headline figure, with food price inflation and core inflation needing consideration. However, wage growth remains a bugbear that would also need to slow to give the doves more voice. With inflation in the spotlight, investors should track Bank of England commentary for clues on monetary policy and the economic outlook. However, no Monetary Policy Committee members on the calendar to speak, leaving chatter with the media to move the dial. Looking at the EMAs and the 4-hourly chart, the EMAs sent bullish signals. The GBP/USD sat above the 50-day EMA, currently at $1.26889. The 50-day EMA pulled further away from the 200-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals. A hold above the S1 ($1.2716) and the 50-day EMA ($1.26899) would support a breakout from R1 ($1.2810) to target R2 ($1.2855). However, a fall through S1 ($1.21716) and the 50-day EMA ($1.20097) which is on the same time the Monthly average price would bring S2 ($1.19885) into view. A fall through the 50-day EMA would send a bearish signal. Resistance & Support Levels R1 – $ 1.2810 S1 – $ 1.21716 R2 – $ 1.2855 S2 – $ 1.19885 R3 – $ 1.2948 S3 – $ 1.16547 A breakout from the Tuesday high of $1.28067 would signal an extended breakout session. However, the Pound would need the UK inflation numbers and Fed Chair Powell to support a bullish session. In the event of an extended rally, the GBP/USD would likely test the Second Major Resistance Level (R2) at $1.2855 and resistance at $1.29. The Third Major Resistance Level sits at $1.2948. Failure to move through the pivot would leave the First Major Support Level (S1) at $1.2716 in play. However, barring a UK inflation-fueled sell-off, the GBP/USD should avoid sub-$1.2650. The Second Major Support Level (S2) at $1.2668 should limit the downside. The Third Major Support Level (S3) sits at $1.2575.
Long
by DaveBrascoFX
1
👉 GBPUSD Uplink formedGBPUSD Uplink formed The main goal is to buy from the support level for the next week ❤️ If you find this helpful and want more FREE predictions on TradingView . . . . . Please show your support . . . . . . . . Click the 👍 LIKE button . . . . . . . . . . . Leave your feedback below in the comments! ❤️ I use all my transactions in real trading in my account, my account has already reached Profitability: 1549.04%🙏!❤️ It's your turn! Be sure to leave a comment and let us know how you see this opportunity and prediction.
Long
by QuantumLabSignals
XAUUSD: BEARISH EXPANDING TRIANGLE 🔻 XAUUSD: BEARISH EXPANDING TRIANGLE 🔻 BIAS: BEARISH 🔻 TECHNICAL PROJECTION: BEARISH On the H4, we have a bearish bias that price will continue further bearish to 1721.4 &1678.73 target to complete its "e wave" from the bearish descending expanding triangle pattern. FUNDAMENTAL PROJECTION: BEARISH FURTHER DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe. XAUUSD: ()
OANDA:XAUUSD
by maraxrara
(ETH) falls below the important $2800 support zoneAt the start of February, we saw the entire crypto market rebound sharply. Ethereum (ETH) was one of the key performers and at one point, even got closer to $4000. But it has been a sharp fall ever since. More importantly, ETH has fallen below the crucial support zone of $2800. So, how far can bears take this? Here are some highlights: ETH was trading at $ 2734 at press time, down about 5% in the last 24 hours ETH has also fallen below the crucial 20-day exponential moving average It is likely that the coin will fall to its next support of $2400 in the coming days.
EASYMARKETS:ETHUSDLong
by juncrotysys
GBPUSD Selling with a level breach GBPUSD Selling with a level breach ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex trader? Now, It's your turn! Be sure to leave a comment let us know how do you see this opportunity and forecast.
Short
by QuantumLabSignals
3