GBPUSD1! trade ideas
Micro GBPUSD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2287
Pivot: 1.2157
Support : 1.2077
Preferred Case: On the H4, with price moving above the ichimoku indicator and within the ascending channel , we have a bullish bias that price will rise from the pivot at 1.2157 where the pullback support and 50% fibonacci retracement are to the 1st resistance at 1.2287 in line with swing high resistance, 78.6% fibonacci retracement and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 1.2077 where the pullback support, 78.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: The UK's Prelim GDP q/q and GDP m/m are anticipated to show a decline in economic activity. This gives us a bearish view on GBPUSD . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Micro GBPUSD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2287
Pivot: 1.2157
Support : 1.2077
Preferred Case: On the H4, with price moving above the ichimoku indicator and within the ascending channel , we have a bullish bias that price will rise from the pivot at 1.2157 where the pullback support and 50% fibonacci retracement are to the 1st resistance at 1.2287 in line with swing high resistance, 78.6% fibonacci retracement and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 1.2077 where the pullback support, 78.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: The UK's Prelim GDP q/q and GDP m/m are anticipated to show a decline in economic activity. This gives us a bearish view on GBPUSD. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
British Pound Futures (6B1!), H4 Potential for Bullish MomentumType : Bullish Rise
Resistance : 1.2286
Pivot: 1.2161
Support : 1.2047
Preferred Case: On the H4, with icpre moving along the ascending trendline and above ichimoku cloud , we have a bullish bias the price may rise from the pivot at 1.2161, where the 23.6% fibonacci retracement is to 1st resistance at 1.2286, which is in line with the 78.6% fibonacci retracement .
Alternative scenario: Alternatively, price could drop to the 1st support at 1.2047, which is in line with 50% fibonacci retracement .
Fundamentals: The interest rate in the UK is at 1.25% with the recent rate increases from the BoE failing to have an impact on slowing inflation growth, as the UK CPI stands at 9.1%, a 4-decade high. The BoE is under pressure to take on a more aggressive approach in setting future policy rates. Gov Bailey indicated that the BoE could increase interest rates by 50bps as it attempts to address the issue of persistent inflation .
British Pound Futures (6B1!), H4 Potential for Bullish MomentumType : Bullish Rise
Resistance : 1.2286
Pivot: 1.2161
Support : 1.2047
Preferred Case: On the H4, with icpre moving along the ascending trendline and above ichimoku cloud, we have a bullish bias the price may rise from the pivot at 1.2161, where the 23.6% fibonacci retracement is to 1st resistance at 1.2286, which is in line with the 78.6% fibonacci retracement.
Alternative scenario: Alternatively, price could drop to the 1st support at 1.2047, which is in line with 50% fibonacci retracement.
Fundamentals: The interest rate in the UK is at 1.25% with the recent rate increases from the BoE failing to have an impact on slowing inflation growth, as the UK CPI stands at 9.1%, a 4-decade high. The BoE is under pressure to take on a more aggressive approach in setting future policy rates. Gov Bailey indicated that the BoE could increase interest rates by 50bps as it attempts to address the issue of persistent inflation.
Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2181
Pivot: 1.2061
Support : 1.1955
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 1.2061 where the pullback support is to the 1st resistance at 1.2181 where the overlap resistance, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 1.1955 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Due to the current political uncertainty in the UK, rampant inflation and relatively modest interest rate increases, we have a bearish bias on the GBPUSD . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2181
Pivot: 1.2061
Support : 1.1955
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 1.2061 where the pullback support is to the 1st resistance at 1.2181 where the overlap resistance, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 1.1955 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Due to the current political uncertainty in the UK, rampant inflation and relatively modest interest rate increases, we have a bearish bias on the GBPUSD. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2184
Pivot: 1.2061
1st Support : 1.1955
2nd Support : 1.1778
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 1.2061 where the swing high resistance and 61.8% fibonacci projection are. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 1.2184 where the swing high resistance,61.8% fibonacci retracement , 100% fibonacci projection and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 1.1955 where the pullback support is. Should price break 1st support, we would have a bearish bias that price will drop to 2nd support at 1.1778 in line with swing low support and 100% fibonacci projection .
Fundamentals: BoE Gov Bailey commented that in order to bring UK inflation towards the 2% target, the BoE could consider more aggressive rate increases of 50bps. This gives us a bullish bias towards the GBPUSD forex pair.
Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2184
Pivot: 1.2061
1st Support : 1.1955
2nd Support : 1.1778
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 1.2061 where the swing high resistance and 61.8% fibonacci projection are. Once there is upside confirmation that price has broken the pivot, we would expect bullish momentum to carry prices to 1st resistance at 1.2184 where the swing high resistance,61.8% fibonacci retracement, 100% fibonacci projection and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 1.1955 where the pullback support is. Should price break 1st support, we would have a bearish bias that price will drop to 2nd support at 1.1778 in line with swing low support and 100% fibonacci projection.
Fundamentals: BoE Gov Bailey commented that in order to bring UK inflation towards the 2% target, the BoE could consider more aggressive rate increases of 50bps. This gives us a bullish bias towards the GBPUSD forex pair.
Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2184
Pivot: 1.1957
Support : 1.1784
Preferred Case: On the H4, as prices has broken out of descending trendline and RSI moving along an ascending trendline, we have a bullish bias that price will rise from the pivot at 1.1957 in line with the pullback support to the 1st resistance at 1.2184 where the swing high resistance and 100% fibonacci projection are. Take note of intermediate resistance at 1.2069 where the swing high resistance and 50% fibonacci retracement are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 1.1784 in line with the swing low support and 100% fibonacci projection .
Fundamentals: The GBP released weaker than expected employment data, with average earnings at 6.2% (Forecast: 6.7%), and claimant count change at -20.0K (Forecast: -41.2K). However, the overall impact of the data was subdued for several reasons, the DXY is under pressure from a strong Euro , and the data was released earlier than scheduled, catching markets by surprise. This gives us a bullish bias for GBPUSD .
Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 1.2184
Pivot: 1.1957
Support : 1.1784
Preferred Case: On the H4, as prices has broken out of descending trendline and RSI moving along an ascending trendline, we have a bullish bias that price will rise from the pivot at 1.1957 in line with the pullback support to the 1st resistance at 1.2184 where the swing high resistance and 100% fibonacci projection are. Take note of intermediate resistance at 1.2069 where the swing high resistance and 50% fibonacci retracement are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 1.1784 in line with the swing low support and 100% fibonacci projection .
Fundamentals: The GBP released weaker than expected employment data, with average earnings at 6.2% (Forecast: 6.7%), and claimant count change at -20.0K (Forecast: -41.2K). However, the overall impact of the data was subdued for several reasons, the DXY is under pressure from a strong Euro, and the data was released earlier than scheduled, catching markets by surprise. This gives us a bullish bias for GBPUSD.
BRITISH POUND FUTURES (6B1!), H4 Potential for Bearish DropType : Bearish Momentum
Resistance : 1.1953
Pivot: 1.1895
Support : 1.1783
Preferred Case: On the H1, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 1.1895 in line with the pullback resistance to the 1st support at 1.1783 where the 161.8% fibonacci extension and 100% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 1.1953 where the pullback resistance is.
Fundamentals: With no major news events ahead, and the dovish sentiment across the UK and the Eurozone, further downside can be expected, which gives us a bearish bias on the British Pound.
BORIS JOHNSON OR NOT GBP STILL BEARISH!🦊¶REDFOX CAPITAL™¶🦊,
GBP FUTURES!
British pounds have been falling now for several months and now lying on historical support....
Last few days back this currency created a new historical low and bounced up aggressively but still came back into the support that is to say the buy was sponsored by the Government to support the currency from seeing further dumps now after Boris johnson announced resignation this currency once again saw a minor surge up but STILL the PA is still bearish IMO and will continue to see for a while,change can't happen overnight with inflation rate this high.
British Pound, Canadian Dollar - Get Long
Both the Pound and the Canadian Dollar look the same.
Chart really speaks for itself.
I am long 6B through options.
DXY is over done, looks like this chart except inverse.
Target here is 1.21200
Six Hour Chart
BRITISH POUND FUTURES (6B1!), H1 Potential for Bearish DropType : Bearish Momentum
Resistance : 1.2201
Pivot: 1.2109
Support : 1.1952
Preferred Case: On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will drop to the pivot at 1.2109 in line with the swing low support, 78.6% fibonacci projection and 78.6% fibonacci retracement . Once there is downside confirmation, we would expect bearish momentum to carry price to intermediate support at 1.2063 where the swing low support, -27.2% fibonacci expansion , 161.8% fibonacci extension and 78.6% fibonacci retracement are. Should price break intermediate support structure, we would expect price to drop to the 1st support at 1.1952 where the swing low support and 100% fibonacci projection are.
Alternative scenario: Alternatively, price may rise rise to the 1st resistance at 1.2201 where the overlap resistance is.
Fundamentals: With inflation at 9.1 percent, the BoE raised the UK interest rate to 1.25 percent. Retail sales in the UK decreased by 4.7% year over year as a result of rising costs having an impact on consumer spending. This gives us a medium bearish bias towards the British Pound.
BRITISH POUND FUTURES (6B1!), H1 Potential for Bearish DropType : Bearish Momentum
Resistance : 1.2201
Pivot: 1.2109
Support : 1.1952
Preferred Case: On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to the pivot at 1.2109 in line with the swing low support, 78.6% fibonacci projection and 78.6% fibonacci retracement. Once there is downside confirmation, we would expect bearish momentum to carry price to intermediate support at 1.2063 where the swing low support, -27.2% fibonacci expansion, 161.8% fibonacci extension and 78.6% fibonacci retracement are. Should price break intermediate support structure, we would expect price to drop to the 1st support at 1.1952 where the swing low support and 100% fibonacci projection are.
Alternative scenario: Alternatively, price may rise rise to the 1st resistance at 1.2201 where the overlap resistance is.
Fundamentals: With inflation at 9.1 percent, the BoE raised the UK interest rate to 1.25 percent. Retail sales in the UK decreased by 4.7% year over year as a result of rising costs having an impact on consumer spending. This gives us a medium bearish bias towards the British Pound.
BRITISH POUND FUTURES (6B1!), H1 Potential for Bearish DropType : Bearish Drop
Resistance : 1.2335
Pivot: 1.2181
Support : 1.1950
Preferred Case: On the H1, price is moving below the ichimoku cloud and has recently broken out from the ascending trendline which gives us a bearish bias that prices will drop to the pivot at 1.2181 where the 100% fibonacci projection, 50% fibonacci retracement and swing low support are. Once there is downside confirmation that price has drop to pivot, we would expect bearish momentum to carry prices to 1st support at 1.1950 where the swing low support and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 1.2335 in line with the swing high resistance, 100% fibonacci projection and 61.8% fibonacci retracement .
Fundamentals: UK CPI y/y data was released at 9.1% and Core CPI at 5.9%, with the GBP strengthening through the session, giving us a weak bullish bias for the british pound.
BRITISH POUND FUTURES (6B1!), H1 Potential for Bearish DropType : Bearish Momentum
Resistance : 1.2124
Pivot: 1.2057
Support : 1.1855
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 1.2057 in line with the swing high resistance to the 1st support at 1.1855 in line with the 78.6% fibonacci projection and 161.8% fibonacci extension.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1.2124 in line with the pullback resistance, 23.6% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: In the central bank notes, a third of the six members who voted for a hike viewed that the latest increase marked the end of the current hiking cycle while peak inflation revised to more than 10%, adding to the stagflation fears; possible GDP contraction in 2023, giving us a mixed bias for British Pound Futures.
BRITISH POUND FUTURES (ZR1!), H1 Potential for Bearish MomentumType : Bearish Momentum
Resistance : 1.2563
Pivot: 1.2514
Support : 1.2432
Preferred Case: On the H1, price is moving within the descending channel and is below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 1.2514 in line with the overlap resistance to the 1st support at 1.2432 where the swing low support, 100% fibonnaci projection and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1.2563 in line with the swing high resistance and 78.6% fibonacci projection
Fundamentals: We have a mixed bias on the British pound futures since the focus on the pound remains on the political front, with Downing Street indicating no plans for a cabinet change and a resolution to the North Ireland issue likely to be disclosed next week.
Index and price DirectionHow to compare the indexes and futures of currency pairs to get a more precise bias.
BRITISH POUND FUTURES (6B1!), H1 Potential for Bearish dropType : Bearish Continuation
1st Resistance : 1.2660
Pivot: 1.2622
1st Support: 1.2554
Preferred Case: With price reversing off the ichimoku cloud resistance, we have a bearish bias that price will drop to our support in line with the horizontal swing low support, 38.2% fibonacci retracement and 23.6% fibonacci retracement from our pivot in line with the horizontal swing high resistance and 50% Fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance and 61.8% Fibonacci retracement. Take note of intermediary support at 3860.
Fundamentals: Stocks have been under pressure since the start of the year as investors have dumped stocks amid worries over whether the Federal Reserve will be able to tame inflation without triggering a recession, with spillover effects from the war in Ukraine and the possibility of a slowdown in China from a rise in COVID-19 cases adding to the angst. Due to this, we currently have a bearish bias on the index.
