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British Pound / U.S. Dollar

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GBPUSD trade ideas

#GBPUSDRising Wedge Breakdown: The price is breaking down from a rising wedge pattern. Rising wedges are generally seen as bearish reversal patterns, especially when the breakdown occurs after a significant rally, which suggests a potential reversal of the uptrend. Fair Value Gap (FVG): The chart highlights an FVG (Fair Value Gap), which could indicate that price might have filled this inefficiency, signaling the potential start of a bearish move. After the FVG is filled, price often resumes its primary direction, in this case, downwards. Bearish Trendline Break: The price has either tested or broken below a key trendline that has supported price action for a significant period. A clear break below this trendline often leads to further downside as the market turns more bearish. Projection of Bearish Momentum: The red arrow drawn on the chart suggests a projected significant downward move, with a potential target far below the current price level, reinforcing the bearish outlook. Given these technical factors, the chart suggests that the pair might be due for a correction or a more extended downtrend. A short position could be considered if price continues to break down below support levels and confirms the wedge breakdown. Proper risk management is essential in case of a reversal.
Short
by TheRealHawk
Fundamental Market Analysis for October 24, 2024 GBPUSDEvents to pay attention to today: 11:30 GMT+3. GBP - PMI Composite 22:45 GMT+3. GBP - BOE Governor Andrew Bailey Speaks GBPUSD: On Wednesday, the GBP/USD exchange rate fell by an additional 0.5%, reaching a new ten-week low and moving closer to 1.29000. The UK and US will release Purchasing Managers' Index (PMI) data on Thursday, with updates provided on a rolling basis. Investors will also be monitoring speeches from central bankers at both the Bank of England (BoE) and the Federal Reserve (Fed). The Pound declined further on Wednesday, with markets showing weakness due to a broad US Dollar recovery and investors awaiting an overall decline in the UK PMI for October. The median market forecast is for a slight downturn in UK activity figures, with the services PMI for October expected to fall to 52.2 from 52.4 in the previous month. In the US, the median market forecast is for a mixed outcome in October's PMI reading. The manufacturing PMI component is expected to rise to 47.5 from 47.3, while the services PMI component is expected to fall slightly to 55.0 from 55.2. Trading recommendation: Trading predominantly Sell orders from the current price level.
Short
by Fresh-Forexcast2004
Analysis GBP/USD As I mentioned in yesterday's analysis, the price continued with its bearish momentum and collected the first liquidity (LQY) below. Today, I took advantage of the drop and opened a sell position, which I just closed since the New York Stock Exchange is nearing its end. Tomorrow, we have impactful news for both EUR and GBP, so I will take a break from trading tomorrow and wait to see how everything unfolds during and after the news. Yesterday, I noted that the day closed as a Doji, but that today would still be bearish, which indeed happened. On the hourly (H) charts, there’s a clearer picture of the liquidity areas above, so the news could push the price bullish in order to collect the sell orders above.
by andricstrahinja95
GBP/USD analysis - 23 Oct 20241.3000 acts as an important level today & if price stays below this level then we expect it to hit our target profit at 1.29675. If price breaks above 1.3000 then it should hit 1.3025. Below is our recommendation; Trade 1 (Risk 0.5% of your account size); Sell GBP/USD @ 1.2990 Stop Loss @ 1.3000 Take Profit @ 1.29675 Trade 2 (Risk 1% of your account size); Buy Stop GBP/USD @ 1.3000 Stop Loss @ 1.2990 Take Profit @ 1.3025 *Total risk is 1.5%, In case Trade 1 hits target profit then Trade 2 order must be deleted.
Short
by PalmTreeTradingUK
GBPUSD APPROACHING DISCOUNT PRICES📊GBPUSD CHART ANALYSIS Trend?📈📉 •4H - Bearish⬇️📉 •Daily - Bearish until next UNMITIGATED demand zone⬇️📉 •Weekly - Bullish📈(retracement phase) -The pound 💷 has been strong for the whole year making higher highs and higher lows. We have an overall bullish weekly trend with an UNMITIGATED demand zone and fair value gap below our recently violated higher low. - Price is slipping lower just before nfp and with new month ahead. We can anticipate price to open lower and give us a low of month before continuing a steep bullish trend📈⬆️. An update will be posted next month on this pair. For now, price is too 🏦💱expensive to fill enough buy orders to fuel the bullish trend further (or atleast to reverse market to new trend)
by ZIPHO67
GBP/USD: Is the Dollar Weakness Back?After a brief two-day recovery, GBP/USD reversed course on Monday, losing 0.5% and continuing to show signs of weakness on Tuesday morning, trading slightly below the 1.3000 level. Market sentiment was cautious at the beginning of the week due to escalating geopolitical tensions in the Middle East, which bolstered demand for the US Dollar as a safe haven. The US economic calendar features the Richmond Fed Manufacturing Index for October, though it is not expected to significantly impact the market. Additionally, Bank of England Governor Andrew Bailey will deliver a speech at the Bloomberg Global Regulatory Forum in New York, but without expected comments on monetary policy, the event could have a minimal effect on the pound. The next important data releases for GBP/USD will be on Thursday, with the preliminary PMI Manufacturing and Services Index data for the UK and the US, which could provide further direction for the pair. It is also worth noting that on Tuesday, the market closed the day with a doji candle, opening up a potential bullish opportunity. We will see if today, during the London session, the market provides a clear confirmation to go long. Happy trading, and have a great day!
Long
by Forex48_TradingAcademy
1
GBP/USD: Time to Ride the Bear Train?GBP/USD: I can see that we're trading below the 21 EMA on both the weekly and daily timeframes, indicating that the bears still have control. On the weekly, price is rejecting a critical level around 1.30992, with a continuation of bearish momentum heading toward the next key weekly support at 1.27575. This makes me lean towards a bearish bias in the medium term. On the daily, we see the price approaching that same support zone around 1.27575 with some room for a retracement. The 4-hour chart shows price action consolidating and potentially setting up for another move to the downside. What we want to look for here is a clean break below 1.2975 or a retracement to around 1.3058 to possibly reenter for a sell. With this setup, I’d be looking to get in between 1.2980 and 1.3000 on a lower timeframe confirmation, targeting the weekly support of 1.27575. Make sure you stay patient and let the trade come to you.
Short
by SheenaL
2
Bouncing Between Support and Resistance: A Simple yet Effective This straightforward approach leverages the fundamental concept of support and resistance levels to identify potential reversal points. By drawing these key levels on the chart, you'll visualize the trading range as a "floor" and "slab," similar to a ball bouncing within these boundaries, same work candles do between support and resistance Case Study: GBP Observing the GBP chart, we notice three instances of instant reversals occurring at resistance levels and five at support zones. This illustrates the strategy's potential effectiveness. Trade Entry Guidelines: To minimize losses, consider the following entry rules: 1. Sell Signals: Enter short positions when the trend approaches resistance levels. 2. Buy Signals: Enter long positions when the trend approaches support levels. By employing this strategy, traders can capitalize on predictable price movements and maximize profits.
Education
by Fxjames0009