GBPUSD Weekly Outlook: New perspective for the week | Follow-up
During the latter part of the previous week, the GBPUSD price action continued its upward movement as the US Dollar faced obstacles following a less confident recovery.
The release of data on Thursday, which showed a surge in the number of Americans filing new claims for unemployment benefits to the highest level in over 1½ years, prompted investors to sell off their US Dollar positions.
The upcoming week will feature several significant economic events from both economies that will greatly influence the price movements of this currency pair. With indications of a weakening labor market in the U.S., the release of the latest consumer prices index for May on Tuesday will have a significant impact just before central bank officials meet to discuss interest rates.
On the other hand, the Pound Sterling will also be influenced by the release of employment data for May on Tuesday. The preliminary report suggests a projected decrease of 9.6K in Claimant Count Change, contrasting with a significant increase of 46.7 K. The Unemployment Rate is expected to rise to 4.0% compared to the previous release of 3.9%.
In the video, we conducted a detailed analysis of the GBPUSD's bullish and bearish sentiment, focusing on price action-based technical analysis of the Support and Resistance Levels in the 4-hour timeframe. I discussed how these levels can help identify potential trading opportunities in the upcoming week, providing insights and analysis on the GBPUSD chart. It's important to note that we highlighted a key level at 1.25900, which could play a significant role in determining the direction of price action in the coming week. Make sure to follow this channel and stay tuned to avoid missing out on updates in the comment section.
Disclaimer:
Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy.
It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment.
I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it.
Please note that past performance is not necessarily indicative of future results.
The release of data on Thursday, which showed a surge in the number of Americans filing new claims for unemployment benefits to the highest level in over 1½ years, prompted investors to sell off their US Dollar positions.
The upcoming week will feature several significant economic events from both economies that will greatly influence the price movements of this currency pair. With indications of a weakening labor market in the U.S., the release of the latest consumer prices index for May on Tuesday will have a significant impact just before central bank officials meet to discuss interest rates.
On the other hand, the Pound Sterling will also be influenced by the release of employment data for May on Tuesday. The preliminary report suggests a projected decrease of 9.6K in Claimant Count Change, contrasting with a significant increase of 46.7 K. The Unemployment Rate is expected to rise to 4.0% compared to the previous release of 3.9%.
In the video, we conducted a detailed analysis of the GBPUSD's bullish and bearish sentiment, focusing on price action-based technical analysis of the Support and Resistance Levels in the 4-hour timeframe. I discussed how these levels can help identify potential trading opportunities in the upcoming week, providing insights and analysis on the GBPUSD chart. It's important to note that we highlighted a key level at 1.25900, which could play a significant role in determining the direction of price action in the coming week. Make sure to follow this channel and stay tuned to avoid missing out on updates in the comment section.
Disclaimer:
Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy.
It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment.
I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it.
Please note that past performance is not necessarily indicative of future results.
Trade active:
As anticipated in our earlier live session, the buy position has been initiated, and it is now appropriate to adjust the stop-loss to our entry point in order to safeguard the position.
Trade closed manually:
The price action hits the break-even point, resulting in the buy position being closed without profit or loss. We now revert back to the previous state, actively seeking to buy opportunities above the identified resistance and key levels (selling opportunities below the support line on the chart)depicted on the chart.
Trade active:
As predicted in my recent live session, the sell stop order has been activated on the 15-minute time frame. It is advised to secure the sell positions.
Trade active:
Two positions running in profit of 50pips. Please ensure the sell position is secured while we remain vigilant for additional opportunities.
Trade active:
The third sell position has been activated. It is recommended to secure all positions at this point while remaining attentive for additional opportunities.
Comment:
Following a substantial 130 pips movement in our favour on Monday's trading session, the price action retraces and returns to the entry zone located within the previously identified flat channel at the beginning of the week. As a result, we will exercise patience to observe how the price action responds to this zone, which will guide our next course of action. We will delve into this matter extensively during our upcoming live session.
Good MOrning
Good MOrning
Trade active:
An intriguing and straightforward setup was discovered on the 15-minute timeframe, allowing us to position ourselves strategically before the imminent release of the consumer price index in just an hour.
Trade active:
Secure all buy positions as CPI data came in just as expected
Trade active:
It is time to secure all buy positions as we look out for more trading opportunities
Comment:
The price movement has been confined within a range for the past 18 hours as traders shifted their focus to the FOMC meeting, hoping for a catalyst to influence price direction. We will exercise patience and wait for either a breakout or breakdown to identify trading opportunities. Additionally, we will utilize the recently identified ascending trendline as a reference point to guide our trading activities for today.
Good Morning
Good Morning
Trade active:
Following our live session this morning, there has been a development. A new buy position has been initiated as the price broke out above the 1.26200 level. It is advisable to secure the buy position at this point.
Trade active:
While we continue to search for additional trading opportunities, it is advised to secure your buy position. Please be aware that the ascending trendline will continue to serve as our reference point for today's trading activities.
Trade active:
Another buy position triggered, secure all positions now
Trade active:
With the FOMC meeting drawing closer, we currently have two positions running, resulting in a combined profit of 110 pips. It is now the appropriate time to secure all buy positions.
Trade closed manually:
All buy positions have been closed with a modest profit. Our strategy now is to wait for the market influx to stabilize, allowing market participants to process the impact of the unchanged interest rate decision. We will refrain from taking any further action on this pair until the market conditions settle.
Comment:
NOTICE
If you are taken out of any of the existing positions in our portfolio, it is recommended to refrain from opening new positions at this time. Our current strategy involves waiting for the market influx to stabilize, allowing market participants to evaluate the consequences of the unchanged interest rate decision before making any further trading decisions.
If you are taken out of any of the existing positions in our portfolio, it is recommended to refrain from opening new positions at this time. Our current strategy involves waiting for the market influx to stabilize, allowing market participants to evaluate the consequences of the unchanged interest rate decision before making any further trading decisions.
Comment:
After the FOMC meeting, the market volatility appears to have stabilized, and there is noticeable buying pressure around the 1.26400 level. We should remain on standby for potential buying opportunities above the 1.26500 level. However, if the market breakdown/retests the 1.26200 level, we will consider selling opportunities.
Good Morning
Good Morning
Trade active:
Fall out from our live session this morning: Secure buy position
Trade active:
UPDATE
Trade active:
UPDATE
Trade active:
We currently have a total profit of 185 pips across three positions. It is now advisable to secure all of these positions.
Trade active:
Over 260 pips in profit on 3 positions and I just extended my TP to maximize the profit. Secure all positions
Trade closed: target reached:
We have successfully gained around 300 pips in profit from three positions as the price action reached the target zone. Congratulations on a job well done! Following that, the price action has entered a consolidation phase near the 1.27800 zone. I will be providing an update shortly with further details.
Good Morning
Good Morning
Trade active:
Update from our live session today
Trade active:
One more buy position triggered; secure positions
Trade closed manually:
Break-even level hit as selling pressure resumes. A positive variance from the CSI data could influence the Dollar positively. New structure identified on the 1H timeframe (see chart)
Trade smart. Trade consciously
Good Morning