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Gbpusdforecast

GBP/USD. It's time for pound to gain the weight.The GBP/USD has been falling for a month now and globally since last summer. The decline in the pound led to its strong oversold. There are bullish divergences on the charts of different timeframes. We think it's time to buy the pound against the US dollar. The divergence signals of H1 and H4 charts suggest an upward movement within a few weeks. If the situation goes in this way, the bullish divergence of the weekly chart will form completely and this may stimulate a longer-term growth of the GBP. As the main option, we consider the formation of an Reverse Head-and-Shoulders figure. The first target of growth is the resistance level near 1.33000 (also, 1.33141 is a 1.618 Fibonacci extension of the 1.31943-1.30005 impulse 10-14.03; 1.33220 is a 50% fibo-correction from the decline 1.36435-1.30005 10.02 -14.03). The next target is around 1.33900 (the target of the classic Head-and-Shoulders pattern realisation with the horizontal neckline). How to trade Open long with the first target 1.33000 (close deals whole or partially). In case of partial closing, use a floating stop-loss to protect profits and, depending on the reversal pattern, determine a target level for the complete closing the trade. Set the stop-loss below 1.30000.
Long
by ForbesRatingN1
GGBP/USD is challenging its strong support zone. Will it bounce?After breaking below the trendline support, what bit confirmed that the GBP/USD will test its significant support level, and it happens. Now the question is will GBP/USD bounce from the strong support level? We have seen gold and oil didn't respect any substantial resistance. EUR/USD is falling apart and not the following support as well. So, can GBP/USD respect the support zone and bounce? From my view, GBP has 50/50 chances. As long as GBP/USD is above 1.3150, I believe that GBP/USD will bounce nearly 1.3350 zones. After that, if the Russia-Ukraine war turns into a more critical situation or if GBP/USD breaks below the 1.3150 zones, it has a big room to drop till 1.2800. So, I suggest you put one sell limit order at 1.3350 or sell after a breakout at 1.3150. Our first target to the downside is 1.3000, and the final target is 1.2800. Remember: as long as the Russia-Ukraine war exists, we should not buy GBP and EUR. As commodities prices rise, commodities currencies are rising like AUD, NZD, and CAD. Otherwise, they would also drop. Please like, comment, share, follow, and join me if you like my analysis.
by Gold_Trading_Expert
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