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British Pound supported at $1.25? British Pound supported at $1.25? The US dollar index is poised to reach a new multi-month peak. Contributing to DXY’s rise the most is the GBP/USD, with the pound losing 0.45% against the USD due to recent comments from the Bank of England’s governor. On Wednesday, Governor Andrew Bailey spoke in front the Treasury select committee, saying " I think we are much nearer now to the top of the (tightening) cycle. And I'm not therefore saying we're at the top of the cycle because we've got a meeting to come”. In case you forgot, the Bank of England has implemented rate hikes in its previous 14 meetings, and it is expected to increase borrowing costs once more later this month, pushing the rate to 5.5%. The above remarks were tempered by comments that suggest that rates will be higher for shorter than expected, saying “(we) are signaling that the fall in inflation will continue and - as I've said a number of times - I think will be quite marked.” It is this later comment that might be the cause for the British pound dipping beneath the crucial $1.25 level, marking its lowest value since early June. There might be support at this level though, as the bearish bias becomes potentially overextended.
by BlackBull_Markets
GBPUSD - AnalysisReexamination & Unsuccessful Attempt at the Daily Resistance Point 1.2620. Monitoring the price thresholds on both the daily and 15-minute charts of GBPUSD. The price has surged back towards the significant daily resistance mark at 1.2620. 1.2620-31 signifies the daily resistance threshold coupled with the 79% Fibonacci retracement level. We are keeping a vigilant eye on the possibility of the price surging and then encountering failure around this intraday resistance zone, which could lead to a subsequent downtrend, with a target set at the daily support level of 1.2544.
Short
by Blackerberg
GBP/USD 📉 GBP/USD Analysis - Bearish Head and Shoulders Pattern Alert 📉 Overview: Hey traders! 📊 I've been closely monitoring the GBP/USD pair and wanted to share my analysis with you all. I've spotted what seems to be a potential bearish reversal pattern – the Head and Shoulders. Technical Analysis: 🔍 Looking at the price action, we've witnessed a sequence of higher highs followed by two lower highs, forming the classic "Head and Shoulders" pattern. The head sits right in between the shoulders. Additionally, I've drawn a neckline connecting the lows of the shoulders. Breakout Watch: 🔔 The key moment to watch out for is the breakout below the neckline. This could potentially signal a trend reversal from bullish to bearish. A confirmed close below the neckline, preferably with increased volume, might indicate a potential downside move. Price Target and Stop Loss: 🎯 If the breakout occurs, I'll be looking at measuring the distance from the head to the neckline and projecting it downwards from the breakout point to estimate a potential target level. My stop loss will be placed above the right shoulder to manage risk. Risk and Considerations: ⚠️ Remember, trading involves risks, and patterns don't always play out as expected. I'll be keeping a close eye on broader market trends, news events, and using additional indicators for confirmation. I'd love to hear your thoughts and insights on this analysis! Feel free to share your opinions and observations in the comments below. Happy trading! 📈📉
Short
by WaveRiders2
📈GBPUSD analysis, Weekly insight into price behavior📉FX:GBPUSD FOREXCOM:GBPUSD Hello Traders, please check out my previous ideas. This is my first analysis on GBPUSD daily. If the Pound stabilizes above the yellow zone (crossing the weekly Bollinger midline), the price can climb up to the 1.30 level. In the opposite scenario, if the price does not follow the conditions of the previous scenario, the price can fall to around 1.2626. ✌💥If you are satisfied with my analytical content, please share my ideas💥✌ ✍🐱‍👤Otherwise, make sure you leave comments and let me know what you think.🐱‍👤✍ 🤑🍾Thank you for your support. I hope you will gain profit by following my analyses.🍾🤑 CrazyS✌
Long
by CrazyS
2
GBPAUD: Top-Down Analysis & Bullish Setup 🇬🇧🇦🇺 GBPAUD is trading in a long - term bullish trend. After the price set a new high, it started a correctional movement. Bears are currently approaching a 4H intraday support. The price action on an hourly time frame looks very bullish to me. The price formed a double bottom pattern there and broke its neckline. I expect a bullish continuation to 1.4746 / 1.9805 ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
4
EURGBP: Your Trading Plan For Today 🇪🇺🇬🇧 Update for EURGBP. Earlier, we spotted a confirmed breakout of a key daily support. The market is retesting the broken structure at the moment. The price formed a bearish flag pattern on a 4h time frame. Your confirmation to sell will be a breakout of its lower boundary - 4h candle close below a trend line will confirm a violation. A bearish continuation will be anticipated to 0.8515 support then. ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
3
GBPJPY 20/8/2023Starting our week off the same way we have the last few weeks with GJ. Now on Friday we had a slow day for PA but overall we did put a new sell range in, showing deeper sell side prices are to be expected for the next expansion on GJ, now there are some keu points to keep in mind with the range. firstly we have a very weak break on our SWL, this tells us that price is slowing down on the sell side so we should use caution on entry into our sell trade. Secondly we have a very low volume POI as it sits within out Asia range which has a lot lower levels of liquidity than our NY and LDN. thirdly we have a C-swing POI that has pushed price out of our SWL poi bringing us into the 50% level of our range, we also have the ASIA high above our SWH so overall very low risk if we enter this range overall. **KEY NOTE** Jackson hole meetings this week that always shake up the markets so please keep an eye on that event! Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan. We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
by PipSurfingSociety
🔥 NEW: GBPCAD 🔥 DT SWING 🔥Requested by: @YOUNGMILLIONS21 SLO @ 1.7310 📉 SSO @ 1.7250 ⏳ TP1 @ 1.6725 TP2 @ 1.6235 TP3 @ 1.5875 TP4 @ 1.5325 BLO @ 1.4860 ⏳ While major moving averages are reflective of strong buying pressure, overall, the major oscillators are nearing indicating sell signals. This could be point to Price Action being in Supply. The RSI indicator and the MACD indicator are neutral, but the Stochastic oscillator is overbought. STRATEGY: PIP MOVEMENT Scalping: 10 pips Intraday trading: 10-50 pips Swing trading: 50-100 pips Position trading: 100-200 pips
Short
by ProfessorCEWard
4
The Bank of England's DilemmaOf the three central banks that I primarily trade, the Bank of England (BOE) has the biggest puzzle. Today's data was the worst possible for Governor Bailey and his team. Specifically, employment fell by 66,000 and the unemployment rate ticked higher by 0.2% for the second month in a row to 4.2% (the Federal Reserve would be delighted with this turn of events). On the other hand, wages continue to rise in the UK, with the ONS noting that June recorded the highest annual wage growth rate since comparable records began in 2001. In addition, we are now seeing real wages/earnings move back into positive territory for the first time since the end of 2021. The nightmare of central bankers is coming true. What does this mean? It just raises further concerns that the squeeze on the economy is starting to translate to the labor market. And in that lieu, it could lead to a sharper downturn in the quarters to come. This only validates further concerns that the UK could be facing the risks of stagflation, which is certainly not something that the BOE would like to see. Add in higher financing costs and tighter credit conditions alongside the cost of living crisis, and that's not quite the recipe for the pound to be optimistic in the bigger picture. The data is one side of the coin, but the other, more important side, is the chart, as everything is drawn on it. The area described in the previous analysis has so far prevented bears from another charge. The key level for supply is currently 1.2819 . It should be maintained if the falls are to pick up pace. It is also worth paying attention to whether the supply will remain in the downward channel (red lines). We still have important US data today, namely retail sales, which will tell us how strong the American consumer is - this may have a significant impact on GBP/USD prices.
by FinancialMindd