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GBP/USD Technical & Sentiment Analysis - Short-Term OutlookGBP/USD Technical Analysis with Sentiment Data: Current Price and Support Levels: As of the latest close, GBP/USD is trading at 1.23791. It's important to consider that the current price is in close proximity to significant support levels at 1.23784, 1.23141, and 1.22637. These levels have historically acted as robust areas of price support, potentially attracting buying interest. Major Resistance Levels: On the other hand, the current price is also approaching major resistance levels within the range of 1.23895 to 1.23897 and 1.24213. These are substantial price zones where traders may contemplate taking profits or initiating short positions if GBP/USD reaches these levels. Short-Term Outlook: Given the technical analysis, my inclination towards a short position with the target of revisiting the 3rd support level at 1.22637 as a pullback appears technically sound. Should the price fail to breach the immediate resistance levels and begins to retreat, it could discover support around the levels which I've identified. Sentiment Analysis: It's noteworthy that, based on sentiment data (Myfxbook), 76% of traders are currently in short positions, representing 11,193.20 lots, while 24% are in long positions, accounting for 3,505.61 lots. This indicates a bearish sentiment in the market, with a significantly higher number of traders shorting GBP/USD compared to those taking long positions. Specifically, 35,217 traders are short, while 11,825 are long, which further emphasizes the bearish sentiment. Additional Considerations: Market Sentiment: With the majority of traders holding short positions, it aligns with my short-term outlook. However, we have to keep a close eye on market sentiment as it can change rapidly. Longer-Term Perspective: Maintain a broader perspective even though my primary focus is on the short-term. GBP/USD can be influenced by extended economic trends and political events, so staying well-informed about these influences is imperative. Routine Monitoring: Continuously monitor price action, market sentiment, and adjust strategy in response to evolving market conditions. Remember, trading in the forex market carries inherent risks, and it's vital to maintain a well-defined trading strategy and risk management plan. Seek guidance from a financial advisor or conduct further research before executing any trading decisions. VANTAGE:GBPUSD $XM:GBPUSD #GBPUSD #EAForexGlobal
Short
by EAForexGlobal
GBPUSD: The USD fell, extending the decline from last weekA less aggressive stance from the Federal Reserve caused the U.S. dollar to weaken somewhat in early European trading on Monday, reaching a six-week low and prolonging the previous week's slide. The Dollar Index, which measures the US dollar against a basket of six other currencies, dropped 0.1% to 104.782 at 03:20 ET (08:20 GMT) this morning. Last week, it fell more than 1%, marking the biggest decline since the middle of last year. Following the Federal Reserve's dovish indications regarding additional interest rate hikes during last week's policy-setting meeting, the dollar has declined. The official jobs report released on Friday, which revealed that US nonfarm payrolls rose less than anticipated in October, supported this tone. According to the data, the US labor market is contracting. added to, which has GBP/USD rose 0.1% to 1.2384, continuing last week's strong gains ahead of the release of UK GDP data for the fourth quarter later this week.
Long
by Chart_MasterPro
GBPUSD 4H : Support further rise GBPUSD New forecast The price perfectly fulfills my last idea and price reached to our targets +100 pip. The GBPUSD rose up last week and confirmed breaching the 1.2321 level after closing trading above it last Friday, opening the way for further expected upward correction, recalling that our next target is at 1.2460 and 1.2508. Therefore the upward trend scenario will be remain valid affective during coming period supported by moving average 50 ,taking into account that stabilized under 1.2365 will put the price under negative corrective and forces the price to retest to the previous broken area at the 1.2321 The expect range trading for today it will be between the resistance line 1.2460 and support line 1.2365. support line : 1.2308 , 1.2365 resistance line : 1.2460 , 1.2508 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
2
GBP/USD support zone unbroken, 1.24 in sight?Dear traders, the support zone as highlighted in my chart has remained unbroken so far. Not only that, we also have a couple of bullish reversal candlestick patterns including a hammer candlestick that was formed on 26/10/2023. So, a combination of these factors can lead to a further recovery in GBP/USD. Keep in ming that price has already crossed the moving averages in the lower time frames such as 15 min and 1 Hour So, as long as the support zone stays unbroken, we can expect GBPUSD to reach 1.24 in the coming days . My recommendation is to buy the dips in GBP/USD.
Long
by MarcellusLUX
4
GBPUSD I Potential short from resistance zoneWelcome back! Let me know your thoughts in the comments! ** GBPUSD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
13
GBPUSD 4H :NFP report will affect on the marketGBPUSD New forecast The price of GBPUSD rose yesterday and continues to move within the bullish intraday channel and it was succssecflly to breach the resistance zone , awaiting the resumption of the bullish wave targeting the 1.2270 AND 1.2321 levels as the next main station. Therefore, the positive scenario will remain effective for the coming period. and is obtaining good positive support from the 50 moving average and Stability above 1.2216 will facilitate the price’s task of achieving the proposed target, while breaking 1.2192 will stop the expected rise and put pressure on the price to turn lower. The expect range trading for today it will be between the resistance line 1.2270 and support line 1.2156. Additionally ,Today News will affect the market . support line : 1.2216 , 1.2192 resistance line : 1.2270 , 1.2321 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
2
GBPUSD LOSS - Discussing a LOSS & what I could have done BetterHey guys what's up Brandon here..so as promised I am going to give a breakdown as to why I think I lost the GU trade. This one is entirely my fault as I saw the consolidation where I know liquidity would have been trapped and I chose to ignore it. I also saw that GU was becoming very exhausted yesterday and I also chose to ignore that as well and now I am paying for that. I think it is important to note when you know you did shit and don't make excuses for yourself, this is how I've learnt to analyze the way that I do now. I never made an excuse for myself and I am not about to start now. That being said I welcome your critiques and comments, did you see what I saw? Would you have taken this trade? What would you have done? Let's try to learn and grow together, Even though I am consistently profitable doesn't mean I've stopped learning and growing. The more I learn, the more I realize how much I don't know - Albert Einstein
Short
by Brandon_evo4
GBPUSD LONG TERM Selling IDEAHello Traders In This Chart GBPUSD HOURLY Forex Forecast By FOREX PLANET today GBPUSD analysis 👆 🟢This Chart includes_ (GBPUSD market update) 🟢What is The Next Opportunity on GBPUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the ChartS
Long
by ForexPlanet20
1
GBPUSD 4H : New forecast GBPUSD New forecast The British pound against the dollar pair opens today’s trading with a strong rise, penetrating the 1.2156 level and settling above it, heading towards the resistance 1.2192. Therefore the the downward will scenario will be remain valid and effective but to confirm that should stable under 1.1292 and then will reach 1.2125 and then 1.2140,on the other hand above 1.2156 the price will try to retest to the resistance zone again and then will drop . taking into account that stabilized above 1.2216 will postponed the bearish waves . The expect range trading for today it will be between the resistance line 1.2192 and support line 1.2104. Additionally ,Today News will affect the market . support line : 1.2156 , 1.2125 resistance line : 1.2192 , 1.2216 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
by Arazmajeed
GBPUSD 4H : Under sell pressure GBPUSD New forecast The British pound pair fell against the dollar at the 1.2125 barrier, which formed a strong resistance that forced the price to remain above it. By closely looking at the chart, we find that the recent trading is confined within a bearish continuation flag pattern, and therefore, breaking the support 1.2125 will activate the negative effect of this pattern and push the price to achieve... We expect declines to reach the 1.2104 area, and by breaking it, it will reach 1.2062 in the near term. Therefore, the downward trend scenario will be remain valid and affective during coming period , taking into account that breaching 1.2192 will stop the negative scenario and push the price to build a positive momentum again. The expect range trading for today it will be between the resistance line 1.2192 and support line 1.2104. Additionally ,Today News will affect the market . support line : 1.2125 , 1.2104 resistance line : 1.2192 , 1.2216 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Short
by Arazmajeed
2
GBPUSD 4H :Try to breach the resistance areaGBPUSD New forecast The British pound pair against the dollar continued to rise to test the pivotal resistance 1.2192 - 1.2216, and we notice that the price begins today to attempt to break the resistance area , which its targets begin by breaking to confirm the opening of the way towards heading towards 1.2270. therefore the uptrend scenario will be affective and supported by moving average 50 Waiting to encourage the price to break the 1.2216 level and continue the rise , while keeping in mind that stabilized below 1.2156 will push the price to achieve additional losses of up to 1.2125. The expect range trading for today it will be between the resistance line 1.2216 and support line 1.2156. Additionally ,Today News will affect the market . support line : 1.2156 , 1.2125 resistance line : 1.2192 , 1.2216 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
8
GBPUSD to Possibly Fall of A Cliff (SELL OPPORTUNITY)Hey guys, what's up Brandon here - So I just entered a sell on this pair (GBPUSD) and I briefly Breakdown as to why I took it If we look at the details - everything aligns with sells nicely as the momentum is bearish on almost all timeframes with only 1 or 2 suggesting buys Now on the few timeframes that may be suggesting buys we have to take into consideration that that could be an induction to buy because GU is a bearish market - and my question is why oh why?....Would you want to buy in a bear market I don't think this ever makes sense because in essence what you are really doing is - believe it or not...CALLING A BOTTOM And why would you call a bottom when the market is dropping? I'll take my chances with the sell - I'm prepared to lose as that is one of the things that just comes with the territory so it is what it is Let me know what you guys think
Short
by Brandon_evo4