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Pound

GBP rebounded strongly, beware of traps!GBP/USD GBP/USD continued its technical correction rebound in the short period and climbed above 1.190.However, from the daily line, although GBP/USD has rebounded significantly, it is not enough to change the daily short trend, indicating that the overall trend of GBP/USD at a large level is still weak.In the 4-hour chart, the short-term sustained rebound caused the market to get rid of the weak downward channel and return to the previous level of the channel. Although it still belongs to the downward channel as a whole, the short-term weak market has been technically improved. At present, there has been a decline in the rebound market, which proves that the upward momentum is gradually being consumed, but as long as it can be maintained at the position above 0.190, it is possible to challenge the position above 0.196. If 0.190 cannot be supported, the pair may fall again and touch the boundary position of the descending channel line. In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
Short
by Blessed_V
GBPJPY Potential Forecast | 8th March 2023Fundamental Backdrop 1. Upcoming GDP q/q for the GBP releasing this Friday. 2. A positive print and above forecast will set the GBP for some bullish pressure. 3. Overall, due to interest rate differential and the difference in monetary policy stance of BOE and BOJ, GBP continues to appreciate against the JPY. Technical Confluences 1. Price has officially tapped into the H4 support at 161.91. 2. Price continues to form higher highs and higher lows. 3. Anticipate for price to tap into the H4 resistance level at 166.04. Idea I will be looking for price to continue its bullish momentum and for a break of structure on the lower timeframe which will serve as a confirmation for my long entry.
Long
by OlympusLab
1
GBPUSD Outlook 6th March 2023The GBPUSD completes the downward move following the formation of the Head and Shoulder pattern. As the price test and failed to break below the 1.1920 price area, the GBPUSD has rebound strongly to the upside, above the 1.20 level, and could approach the resistance level of 1.2070. Currently consolidating along the 1.2040 price level, look for further DXY weakness to take the GBPUSD higher. However, a more prudent trade would be to wait for the price to break above the immediate resistance level first. Beyond 1.2070, the next key resistance level is at 1.2150.
Long
by JinDao_Tai
1
GBPJPY Potential Forecast | 6th March 2023Fundamental Backdrop 1. GBP inflation continues to remain elevated at 10.1% for the month of January. 2. BOE continues to take a hawkish stance and most recently raised rates by 50bps to 4.0% in its February meeting. 3. Inflation would need to make a marked fall for the BOE to revise its hawkish stance in the market. 4. BOJ continues to maintain its key short-term i/r at -0.1%, signifying the dovish stance in the market. 5. This wide interest rate differential continues to play a pivotal role in the appreciation of pound over the yen. Technical Confluences 1. Price is currently flirting the H4 support level at 162.8. 2. Price has also retraced past the 50% in the fibonacci retracement. 3. Price is also resting on the Ichimoku cloud on the H4 timeframe and this serves as a dynamic support zone for price to continue higher as well. Idea Looking for long positions on the GBPJPY for price to head up to tap into the HTF resistance at 166.04. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Long
by OlympusLab
EURGBP ShortThere’s been some decent swings in price lately. I believe the reason we witnessed such a dramatic rise and fall in price over the past two weeks was not so much due to euro strengthening over the pound, but because the pound weakened against the dollar more so than the euro. By this I mean that the pace of capital flight from pounds to dollars was more substantial than from euros to dollars. Due to uncertainties around US inflation data and interest rates It was only a matter of time before the latter caught up to the former which happened yesterday. Obviously a lower inflation figure for the pound adds extra selling pressure for the UK but I believe that the EU and UK are largely in a similar situation. Granted the ECB is firm on its next rate rise but I’m comfortable with the risks from here on. Let’s not forget that the UK is still in double digit inflation so a minor tick down is not overly surprising to me. Major central banks will have you believe that inflation is done, job finished. But I don’t buy it, not even close! But I guess we’ll see just how sticky our inflation problems are over the coming months. As you can see from the chart, the price is currently moving within a large ascending triangle (WHITE) with moderate divergence between the price relative to the indicators which suggests weakness when compared to the volume, which is actually quite low I may add. The price had a rejection of the ascending triangle support due to a cooler than expected inflation print. For this reason I believe that if the price can clear the 0.89 area, it will likely rise to the upper limits of the triangle (white) and rising channel (blue), with my POI being around the 0.8970-0.9050 are shown by the white circle. At which point I will be looking to sell this pair in anticipation of a move to the downside and continuing lower to 0.87’s. If the the price struggles to clear the 0.89 area then I will wait for a lower price sell confirmation. If the fundamentals have a shock surprise in store then I will reassess the situation and position myself accordingly. That being said, I believe this pair is still open to significant moves following US fundamentals as the US economy seems to still be running hot as can be seen from last months jobs report and today’s retail sales. Both coming in significantly higher than expected which will force Powells hand to turn up the dial on interest rates in a bid to calm inflation. As such, US data must be factored-in when deciding to trade this pair as recently, it is each currencies respective weakness to the dollar and not each other that seems to be the underlying theme. POI - sell around 0.900 area TP1 - 0.8770 TP2 - 0.8750 TP3 - 0.8720 If the price struggles to clear 0.89 (stranger things have happened) then i will likely wait for a clean break of the ascending triangle (white) before deciding to sell the pair. I asses my SL based on risk factors. It is not a mechanical percentage calculation. As always this is just a basic overview of my opinion and is not a detailed analysis so please do your own analysis and always trade with caution.
by jamesfrench73
EURGBP potential reversal zoneHi; EURGBP has been examined in different dimensions: 1- Strong supply and demand levels that I identify with my own indicator and system. 2- The structure of recently formed waves 3- Current market momentum 4- The structure of classical and price patterns In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis. In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram. ⚠️ Disclaimer: This is a personal opinion and you are responsible for any trading decisions.
Short
by HamidRamezani1992
2
GBPUSD: Big Fundamentals - New Brexit Deal this weekend?We could be a kicking off the week with a lot of GBP movement if there is a new trade deal reached between the UK and Europe over the Northern Ireland Protocol. Today, Dominic Raab (the UK Deputy PM) told the BBC that the 'UK is on the cusp' of securing a new Brexit deal on Northern Ireland. I'm also seeing GU decline slowing and possibly at the end of it's retracement, DXY also seems to be slowing (it doesn't seem to matter how well their economy is doing, the bears seem to be in control for now), so I'm looking for longs on this pair at the start of next week. We should test recent highs around 1.24 and a break through would open the door to test the 1.26's. If a new Brexit deal is reached this weekend I expect a quick uplift, but I think 'being close to a deal' is enough to see this pair grow over the coming days. This trade gives a 1:3 RR minimum if it works out, I'll be keeping a close eye on the news and the Asian open later!
Long
by Finchcliffe
1
GBPUSDGBPUSD has been examined in different dimensions: 1- Strong supply and demand levels that I identify with my own indicator and system. 2- The structure of recently formed waves 3- Current market momentum 4- The structure of classical and price patterns In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis. In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram. ⚠️ Disclaimer: This is a personal opinion and you are responsible for any trading decisions.
Short
by HamidRamezani1992
1