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GBP/USD: Navigating Dollar Strength and Technical SignalsGBP/USD at Crossroads: Navigating Dollar Strength and Technical Signals Under the weight of a resurgent US Dollar (USD), GBP/USD faced downward pressure, descending to its lowest level since mid-December around 1.2610 on Tuesday. While a recovery towards 1.2650 unfolded early Wednesday, the technical landscape hints at the persistence of a bearish bias. Higher Timeframe Dynamics: Zooming into a higher timeframe, our H8 chart reveals a more nuanced perspective. The pair finds itself within a bullish channel, marked by a confluence of indicators. Notably, the 61.8% Fibonacci area, the 78.6% level, the dynamic Support trendline, and the 100 Moving Average collectively act as formidable support. This alignment suggests the potential for a fresh bullish impulse, particularly following the preceding pushdown. Adding another layer to the analysis, the Relative Strength Index (RSI) remains within oversold territory. This technical signal further strengthens the case for a potential pullback, aligning with the broader perspective of a bullish continuation. Economic Data Outlook: On the economic front, focus shifts to key data releases. The ISM Manufacturing PMI is anticipated to show a slight improvement, ticking up to 47.1 in December from 46.7 in November. Simultaneously, JOLTS Job Openings for November are expected to inch higher to 8.85 million from 8.73 million in October. Positive outcomes in these figures could reinvigorate the USD, while mixed data may keep markets on edge, awaiting the release of the Federal Reserve's December policy meeting minutes. Conclusion: As GBP/USD grapples with Dollar strength and technical intricacies, traders find themselves at a crossroads. While the recent downturn is evident, the higher timeframe dynamics suggest a potential reversal. The interplay between technical signals, oversold conditions, and economic data releases sets the stage for a dynamic trading environment. As the market awaits key indicators and Fed minutes, investors remain poised for strategic moves in this ever-evolving currency landscape. Our preference Long positions above 1.2500 with targets at 1.2750 & 1.2850 in extension
Long
by FOREXN1
1
GBPAUD H4 | Rising into resistanceGBP/AUD is rising towards a pullback resistance and could potentially reverse off this level to drop lower towards our take profit target. Entry: 1.87571 Why we like it: There is a pullback resistance that aligns close to the 38.2% Fibonacci retracement level Stop Loss: 1.88102 Why we like it: There is a pullback resistance that aligns close to the 50.0% Fibonacci retracement level Take Profit: 1.86149 Why we like it: There is a pullback support level Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Short
by VantageMarkets
2
GJThese are sell stops which I had placed on the 26th of December 2023, I got caught up and forgot about them. The market is currently not moving so I am at risk of losing these. Having not paid attention I could potentially hit the risk I had planned to lose. I had seen how the market pushed in between two price points (Blue rectangles). Found the probability and the possibility. Set my Trades up. And now we are following through but if we continue the way we are going, we can actually scale in with where the market currently is. This is only advisable once we move SL into profit, above the previous high (about 179.86) I'll keep an eye on it when the market opens and act accordingly.
Short
by Mhangwane1
GBP/USD Eyes 1.2800 Amid Dollar Weakness and UK Retail Sales..GBP/USD Eyes 1.2800 Amid Dollar Weakness and UK Retail Sales Surpass Expectations In the European morning on Friday, GBP/USD is on a positive trajectory, setting its sights on the 1.2800 level. The US Dollar (USD) is consolidating its recent losses as the year comes to a close, with divergent Fed-BoE policy outlooks playing a pivotal role. As thin trading conditions are expected to persist, GBP/USD benefits from the broad-based selling pressure surrounding the Greenback in the latter part of Thursday's trading. Divergent Policy Outlooks and Dollar Weakness: The USD's losing streak is propelled by the contrasting policy outlooks of the Federal Reserve (Fed) and the Bank of England (BoE). As the Fed leans towards a more accommodative stance, the British Pound gains traction against the weakening US Dollar. Thin trading conditions, typical of the year-end, further contribute to the USD's consolidation and GBP/USD's upward momentum. UK Retail Sales Beat Expectations: Adding to the positive sentiment around the British Pound, the UK's Office for National Statistics (ONS) reported a robust 1.3% monthly increase in retail sales for November. This figure surpassed market expectations of a 0.4% rise by a significant margin. However, the ONS tempered the optimism by revising the annualized Gross Domestic Product (GDP) growth for Q3 lower to 0.3% from the initial estimate of 0.6%. Technical Analysis and Uptrend Continuation: Amid these developments, our technical analysis suggests a continuation of the uptrend for GBP/USD. A pullback to the 50% - 61.8% Fibonacci retracement levels serves as a potential entry point, with a projected take-profit zone around 1.28500. As GBP/USD advances towards 1.2800, fueled by a weakening US Dollar and robust UK retail sales, traders and investors are cautiously optimistic. The divergence in central bank policies and positive economic data create a favorable environment for the British Pound. As the year concludes, attention remains on potential opportunities in the currency markets, with GBP/USD exhibiting resilience in the face of year-end trading conditions. Our preference Long positions above 1.2600 with targets at 1.2850 & 1.2900 in extension.
Long
by FOREXN1
1
GBP/USD Extends Recovery on Upbeat UK Retail SalesGBP/USD Extends Recovery on Upbeat UK Retail Sales, Targets Set for Further Bullish Momentum The GBP/USD pair continues its recovery on Friday, propelled by the positive impact of robust UK Retail Sales data for November. The Office for National Statistics (ONS) reported surprising resilience in households' retail spending, defying expectations of a sharp decline. The upbeat sales figures were driven by a notable 2.8% surge in non-food retail stores, buoyed by significant discounts during the Black Friday Sale. Technical Analysis and Forecast: As forecasted in our previous analysis, the GBP/USD price remains firmly within a bullish uptrend. This week, the price experienced a rebound precisely within the 50% to 61.8% Fibonacci levels area, reinforcing the bullish sentiment. The current outlook suggests the potential for a new swing in bullish momentum, targeting 1.27930 as the initial upside objective. Impact on Bank of England (BoE) Monetary Policy: The robust Retail Sales data for November is likely to affirm the Bank of England's (BoE) commitment to its restrictive monetary policy stance. The growth rate in wages continues to outpace the necessary threshold to bring down inflation to the 2% target. Strong consumer spending, supported by higher wages, challenges the narrative of a clear downtrend in price pressures. Market Sentiment and Future Considerations: The positive momentum in GBP/USD reflects not only domestic economic resilience but also the impact of attractive discounts during the Black Friday Sale. Traders are advised to monitor further economic releases and central bank communications for potential shifts in market sentiment. The GBP/USD pair's trajectory remains bullish, with attention on achieving and sustaining the forecasted target of 1.27930. As market dynamics evolve, the GBP/USD pair's resilience and positive sentiment offer traders an optimistic outlook for further gains. Stay attuned to economic indicators and central bank developments for potential influences on the pair's future movements. Our preference Long positions above 1.25500 with targets at 1.27930 & 1.28500 in extension.
Long
by FOREXN1
1
GJBack-testing this was one of my greatest lessons and pleasures of enjoying exchange and the markets of. 2009, 2014, 2015 & 2023 - These years are crucial because 190.00 beat them down telling them to sit TF down and show respect. Bigger view, zoomed out, 1M - shows 2 double bottoms - this indicates that we were bound to fight upwards - 2020 (1W) we shot up, slowed down May 2021, went up Jan 2022, had frequency (I call being stuck in one place this, because it reminds me of a frequency chart), Jan 2023 (we've been in frequency again) Move to 1D and you see there's more information
by Mhangwane1
Pound H4 | Rising into resistanceThe Pound (GBP/USD) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 1.27433 which is a pullback resistance. Stop loss is at 1.28080 which is a level that sits above the swing-high resistance. Take profit is at 1.26285 which is a pullback support that sits above the 61.8% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Short
by FXCM
Pound H4 | Resistance overheadThe Pound (GBP/USD) is rising towards a pullback resistance and could potentially reverse off this level to drop lower towards our take profit target. Entry: 1.27462 Why we like it: There is a pullback resistance level Stop Loss: 1.27936 Why we like it: There is a swing-high resistance level Take Profit: 1.26286 Why we like it: There is a pullback support that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 78.6% projection levels Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Short
by VantageMarkets