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British Pound / U.S. Dollar

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GBPUSD trade ideas

Latest GBPUSD Comments Today - October 21, 2024Looking at the GBPUSD chart, we can see that the price is moving within a clear downtrend channel. Currently, the price is right next to the upper trendline of this channel, indicating that selling pressure may dominate and continue to push the price lower. Today's trading trend: SELL scalp. Trading strategy: For those considering trading, it is reasonable to look for a selling opportunity in the resistance area near $1.3050, with a target of $1.2950. Place a stop loss above the resistance area of ​​$1.3070 to limit risk. Wishing you a profitable and safe trading week.
Short
by Bentradegold
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
Analysis GBP/USDOn the weekly chart, we see that the price is following my previous analysis. The price is now creating a potential lower low on the daily chart, but as I see it, the price will continue with the downtrend and form a new lower low below the current level. Today's session closed with a Doji candlestick, which could indicate a potential pullback or the continuation of bearish momentum. What we can also observe on the weekly chart is that the price has several liquidity (LQY) areas before forming a higher low in the weekly structure. On the hourly charts, we saw a pullback today. In line with Dollar-related news, both the EUR and GBP are expected to be bearish tomorrow.
by andricstrahinja95
GBPUSD: Bearish Movement ContinuesGBPUSD is currently experiencing a downward trend, with the price consistently decreasing within parallel channel on a 4-hour timeframe. Following a test of the upper limit of this channel, there was a significant negative response. The price set a new lower low today, breaking through a strong horizontal support level. This indicates a strong presence of sellers in the market, suggesting that the price is likely to continue its downward trajectory. The target price is set at 1.292.
Short
by linofx1
7