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GBP/USD_SPT - GBP/USD

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GBPUSD_SPT trade ideas

Time to Short GBP/USD The GBP/USD currency pair has recently experienced a pronounced bearish trend, breaking crucial support below the 1.29 level. This movement indicates a failure in its previous bullish breakout attempt, which has led to cautious sentiment among traders. Currently, the pair is navigating through a volatile trading environment characterized by numerous fluctuations, prompting a warning for traders dealing with GBP pairs like GBP/USD and GBP/JPY. Key Actionable Insights and Takeaways - GBP/USD's recent drop highlights the ongoing bearish momentum, prompting traders to seek short positions. - Watch for potential rebounds; however, any stabilization or upward movement will likely face resistance around 1.29. - Continued focus on the US dollar's performance against the pound will drive the direction of USD. Summary of Expert Opinions on GBP/USD Experts are largely anticipating further depreciation of the GBP against the USD, with a bearish outlook predominating in their analyses. The perspective rests heavily on economic fundamentals, particularly focusing on upcoming inflation data which may further influence currency valuations. Based on the wisdom of all professional traders - Target 1: 1.27663 - expected in the near term. - Target 2: 1.27000 - for a longer perspective within the upcoming weeks. - Stop 1: 1.2900 - the recent high and psychological resistance level. - Stop 2: 1.2950 - providing additional overhead protection for shorts. Notable News or Events Affecting GBP/USD Upcoming economic data releases, particularly inflation metrics from both the US and UK, will play a crucial role in shaping the pair's trajectory. A stronger- than-expected US inflation report could bolster the greenback, while signs of inflationary pressure from the UK could conversely weaken the pound.
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by CrowdWisdomTrading
GBP/USD Chart Analysis: Bears Apply Pressure to Key SupportGBP/USD Chart Analysis: Bears Apply Pressure to Key Support According to ICE data, the U.S. Dollar Index futures have reached highs last seen in early July 2024. The dollar’s strength is attributed, in part, to anticipated economic stimulus measures outlined by the newly elected President Donald Trump during his campaign. This has put pressure on other currencies paired with the dollar. Currently, the British pound is trading near 1.28400, close to a three-month low. Today’s technical analysis of the 4-hour GBP/USD chart reveals: → long-term price fluctuations have shaped an upward channel since May; → the pair is near a key support level at the lower boundary of this channel; → a downtrend channel (in red) has formed since early October, highlighting recent bearish control; → the ATR indicator is at an annual high, indicating heightened volatility. Key economic events are on the horizon: → UK labour market data on Tuesday at 10:00 (GMT+3), → U.S. CPI figures on Wednesday at 16:30 (GMT+3), → speeches by the Fed and Bank of England heads on Thursday. With these events approaching, traders may anticipate continued wide fluctuations around the lower boundary of the upward channel. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
Fundamental Market Analysis for November 11, 2024 GBPUSDThe GBP/USD pair starts the new week on a softer note, although it fails to find continued selling and remains range-bound around the 1.29000 mark amid mixed fundamentals. The US Dollar (USD) is holding below the four-month high reached last week amid expectations that US President-elect Donald Trump's policies will spur inflation and limit the Federal Reserve's (Fed) ability to aggressively ease policy. This, in turn, is seen as a key factor acting as a headwind for GBP/USD, although the Bank of England's hawkish stance is helping to limit rate cuts. In fact, the Bank of England has warned that the expansive Autumn Budget presented by Chancellor Rachel Reeves is expected to spur inflation, suggesting a cautious stance on rate cuts in 2025. In addition, risk-on sentiment is helping to limit the rise of the safe-haven US Dollar and providing some support for the GBP/USD pair, allowing for some caution before making aggressive bearish bets. Investors also seem reluctant and may prefer to stand back ahead of important macroeconomic releases from the UK and US. This week's economic calendar includes UK employment data on Tuesday, US consumer inflation data and the Producer Price Index (PPI) on Wednesday and Thursday respectively, followed by preliminary UK Q3 GDP and US retail sales on Friday. Trading recommendation: Watch the level of 1.29000, if the level is fixed below consider Sell positions, if the level bounces back consider Buy positions.
by Fresh-Forexcast2004