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Gbpusdforecast

GBPUSD:Pound Breaks Through Selling PressureThe British pound started to dip slightly on Wednesday but turned around to show signs of strength. At this point, the market has broken above the top of the inverted hammer/shooting star from the last couple of days, which is a very bullish sign. That being said, there is still a significant amount of resistance above extending all the way to the 1.36 handle. That is an area where we had seen the most recent selloff, so it will be interesting to see what happens next going forward. That being said, this is a market that will continue to see a lot of noisy behavior and I think what we have here is a situation where the British pound looks good, but it also needs to prove itself. To the downside, the 1.34 level has offered significant support, so breaking back down below there would be a very strong turn of events, but we will have to wait to see whether or not that happens. More likely than not, we will probably see signs of exhaustion above just waiting to get involved to the downside. If we do break above the 1.36 handle, that could be a major change in attitude. Pay close attention to the yield differences between the United States and the United Kingdom, as tapering in the bond market purchase program could be one of the main reasons why the US dollar continues to strengthen. The Bank of England has been very dovish, so that has had a major influence on what we are seeing here as well. In the short term, it looks like we might get a little bit of a recovery, but it is still a market that is very much in a downtrend and that is something that cannot be ignored. If we do break down below the lows again, then it is likely that we could see this market go looking towards the 1.30 handle, but that is a longer-term call more than anything else. It is also worth noting that the US Dollar Index has broken out quite significantly, but might be a little extended, so a pullback against the greenback for the next couple of days might make a little bit of sense. In the short term, it looks like we might get a little bit of a recovery, but it is still a market that is very much in a downtrend and that is something that cannot be ignored.
Short
by SmoothJB
$GBPUSD - Bullish flagHi guys! 👋🏻 🔔 RSI and MACD indicators on a 4-Hour GBPUSD are signalling an upcoming bullish reversal. The pair has also formed a double bottom pattern when GBPUSD retraced strongly after a retest of $1.34200 level. 🔔 Based on the price action, and taking into account a conceivable volatility this week during the release of the Economic data from the US, GBPUSD may also retest the $1.34200 and $1.33200 below that. 🔔 The retest of $1.33200 will complete a 5-wave move of the bullish flag and we can expect an escape from the bearish downtrend channel. However the indication of a high purchasing power on November 5 after a retest of $1.34200, RSI and MACD indicators signal that the uptrend reversal of the pair is already in progress. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
Long
by azizelliott
8
GBP/USD Analysis Ahead Of BOE Monetary Policy And Rate Decision The Pound is getting a boost from traders who expect the Bank of England (BOE) to hike their interest rates on Thursday. Markets are split, with most expecting no change at this time, but CME Group's BOE Watch Tool shows that markets have priced in a 55% chance for 15 basis point rate hikes. It might be enough alone, even without any other actions taken by policymakers like buying stocks or bonds. The GBP/USD exchange had some relief yesterday after reaching on nearly 1.3600 price zone. But yesterday, it formed a nice bullish candle. The BOE could also opt-out to make a "dovish rate hike" and reassure markets that they will wait and see how inflation reacts to the policy before deciding what are next. BOE governor remarks on the outlook for CPI should be taken into consideration. If BOE adopts a cautious tone, many investors may believe it is good news about GBP from a long-term perspective. But since economists think his comments will dampen market expectation of Bank Rate hikes any time soon. The Pound is getting a little bit better against the Dollar. It's still going down, but at least it's not declining as fast. So there are some positive signs that we may be seeing an end in sight. A few days ago, we saw how GBP has been suffering lately due to uncertainty over Brexit negotiations. However, things seem like they're starting to turn around after comments made by FOMC Chairman Jerome Powell yesterday. He said he doesn't think policymakers will hike rates until 2022 (instead of 2021) if economic conditions continue on their current path without any significant disruptions or shocks hitting markets first before then announcing another rate cut once QE ends). So, if we see BOE keeps their policy unchanged, that will hurt GBP/USD, and it may test 1.3420 very soon. The Bank of England is a hot potato right now. The new Chief Economist Huw Pill and external member Catherine Mann have expressed concerns over earlier monetary policy tightening. At the same time, according to some economists, Dave Ramsden and Michael Saunders cheered hawks at the previous meeting's policy discussion with an eye on future rate increases and increasing inflation expectations ahead of possible hikes later this year or early 2022' predictions. It could be good news for those heavily invested in stocks but could hurt those living off their savings accounts once more interest rates start climbing again from here on out. We all know current BOE governor Bailey is a hawkish member, so if he delivers his speech as usual, what we saw before GBP/USD may test 1.3690/1.3710 immediately. If the BOE hike rates today or hints they will hike rates this year or early in the next year, it is not hard for GBP/USD to test 1.2790/1.3800 or above. Technical Analysis GBP/USD closed the candle yesterday with a full-body bullish candle. However, the market dropped nearly 60 pips from the recent high now. From the present rate, strong support is identified at the 1.3600 price zone. If BOE doesn't deliver a hawkish statement, GBP/USD may break below 1.3600 will test 1.3550/1.3500 very soon. Another scenario is, BOE may deliver a dovish statement, but they will hike rates 15 bp. in that case, GBP/USD may drop nearly 1.3550 initially but will bounce about 1.3690 price zone. Or GBP/USD will spike to the 1.3690/1.3710 price zone and back towards the 1.3550 price zone. To break above 1.3710, We need a hawkish statement as well as a 15Bps rate hike. On the other side, to break below 1.3550, we need dovish information with no rate hikes. Keep in touch with us to get more updates.
by Gold_Trading_Expert
1
GBPUSD , Do the channel can support the price again ??Hello guys I hope that anyone take profit from the market until today In here we have a amazing descipline chart , the price is moving in upward channel and have reaction the the up or down of the channel The price is near the trendline below of the channel and we expect like past , that can support the price to rise But we need at first to take signal and see the powerful of the price then we can buy and take position Dont forget use stop loss and attention to money management Good Luck Abtin
Long
by Abtin00
GBPUSD Trading IdeaG'day, Guys. Our yesterday BITCOIN analysis follow as predicted. Today we going to analyse Currency Pair GBPUSD. Technically, this pair is currently on a solid downtrend on a bigger timeframe which is for me correction market structure completed. Personally, I expect this price continues a downtrend rally for the next few weeks. From here, I draw multiple lines that we can take advantage of every potential entry to maximize profit. From here, the downtrend will be confirmed after uptrend trendlines are broken and create a solid breakout at 1.37500 price tag and I will be targeting 1.36035 prices for first take profit and continue to dance with the minor market structure within a small timeframe. Let's see what gonna happen next... "Dance with the Market"
Short
by EYFMarkets