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Gbpusd_forecast

GBPUSD, Already Facing RECESSION..?Hi traders, Lets take a look at Sterling. Fundamental View: Sterling seems like breaking LL due to the uprise in DXY after breaking 20 years resistance. But here Sterling acted as an catalyst and moved way more than expected. It's because of: 1) DXY strengthened by breaking 109 levels. 2) British finance minister Kwasi Kwarteng earlier in the day laid out a plan of historic tax cuts paid for by huge increases in borrowing, which sent British government bonds into freefall and the pound sharply lower. 3) British bond yields were set for their biggest daily rises in decades. 4) Fear of Recession. Technical View: GBPUSD looking for 1985 final support as there isn't any footing nearby. We can expect a pullback for a another fall. GBPUSD can be seen respecting Falling Wedge pattern on Monthly TF. Still Lower TL pointing towards 1.05 zone which is still 300 pips away. This last week of September might be fruitful so Wait for the proper entry or check news calendar. "Miracles are meant to happen." Feel free to like and share your opinions as well.:)
by wickywicks
GbpUsd- Where to sell?Last week I draw attention to the strong 1.14 support for GbpUsd and the possibility of reversal. Also, in these previous posts, I said that a small inverted H&S can be in place, and 1.16 is confluence resistance given by the neckline and the falling descending trend line. As expected, the pair broke above this zone and accelerated its gains to a recent top of around 1.17 so far. However, in my opinion, this is just a correction and GbpUsd should resume its downtrend soon. 1.1750-1.18 is strong resistance and in this zone, I will look for trading opportunities. Note: If you choose to trade this pair keep in mind its extreme volatility and the bad habit of spiking through support and resistance levels
Short
by Mihai_Iacob
4
GbpUsd can rise to 1.1750. Confirmation is needed thoughAfter finding support in pandemic low, GbpUsd has reversed and this reversal combined with the last 24h price action is drawing a potential inverted H&S on our charts. 1.16 is confluence resistance at this moment given by the falling trend line and the neckline of the pattern and a break above would expose important 1.1750 zone resistance. I'm bullish as long as yesterday's low is intact. Yesterday's GbpUsd analysis:
Long
by Mihai_Iacob
15