Technical Overview:
The key pivot point for GBP/USD is at 1.2700, which aligns with the 100-period SMA and the 23.6% Fibonacci retracement. If this level holds as support, we could see interim resistance at 1.2730 and further at 1.2760. On the flip side, supports are at 1.2660, 1.2640, and 1.2600, making it crucial for the pair to stabilize above 1.2700.
Fundamental Overview:
The pair showed a bullish tilt as it climbed to a weekly high of 1.2747 before correcting toward 1.2700. The U.S. GDP growth got revised lower, and employment data also came in weaker than expected, causing the USD to lose some strength. However, comments from BoE Chief Economist Huw Pill have made it challenging for the Pound to maintain its gains.
Market Sentiment:
The cautious market stance has allowed the USD to erase some of its weekly losses, causing GBP/USD to edge lower. However, upcoming U.S. data releases could provide the catalyst for a bullish move, especially if unemployment benefits rise, putting the USD under renewed selling pressure.
Final Thoughts:
Given the current technical and fundamental indicators, I'm leaning bullish on GBP/USD. Keep an eye on key data releases and policy comments, as these could be the triggers for the next big move. Let's seize this opportunity and ride the wave to profits! 🚀📈
The key pivot point for GBP/USD is at 1.2700, which aligns with the 100-period SMA and the 23.6% Fibonacci retracement. If this level holds as support, we could see interim resistance at 1.2730 and further at 1.2760. On the flip side, supports are at 1.2660, 1.2640, and 1.2600, making it crucial for the pair to stabilize above 1.2700.
Fundamental Overview:
The pair showed a bullish tilt as it climbed to a weekly high of 1.2747 before correcting toward 1.2700. The U.S. GDP growth got revised lower, and employment data also came in weaker than expected, causing the USD to lose some strength. However, comments from BoE Chief Economist Huw Pill have made it challenging for the Pound to maintain its gains.
Market Sentiment:
The cautious market stance has allowed the USD to erase some of its weekly losses, causing GBP/USD to edge lower. However, upcoming U.S. data releases could provide the catalyst for a bullish move, especially if unemployment benefits rise, putting the USD under renewed selling pressure.
Final Thoughts:
Given the current technical and fundamental indicators, I'm leaning bullish on GBP/USD. Keep an eye on key data releases and policy comments, as these could be the triggers for the next big move. Let's seize this opportunity and ride the wave to profits! 🚀📈
Comment:
still valid to enter, it is a bullish for sure.
Comment:
The GBP/USD currency pair is showing bullish signs today, Here are some key points:
Summary:
Overall Signal: Strong Buy
Moving Averages: Buy (11 signals) vs. Sell (1 signal)
Technical Indicators: 7 Buy signals, 1 Sell signal, 2 Neutral signals
Technical Indicators:
RSI(14): 50.807 (Neutral)
STOCH(9,6): 62.092
STOCHRSI(14): 76.244 (Overbought)
MACD(12,26): -0.001
ADX(14): 14.561
Williams %R: -27.451
CCI(14): 96.8567
ATR(14): 0.0014 (Less Volatility)
ROC: 0.067
Bull/Bear Power(13): 0.0013
Pivot Points (As of Sep 01, 2023, 09:10 GMT):
Classic: R1 at 1.2682, S1 at 1.2669
Fibonacci: R1 at 1.2685, S1 at 1.2672
Camarilla: R1 at 1.2678, S1 at 1.2674
The strong buy signals from both moving averages and technical indicators suggest a bullish outlook for the GBP/USD pair today. The overbought condition indicated by the STOCHRSI could be a point of caution, but other indicators like RSI and MACD are neutral to positive.
Summary:
Overall Signal: Strong Buy
Moving Averages: Buy (11 signals) vs. Sell (1 signal)
Technical Indicators: 7 Buy signals, 1 Sell signal, 2 Neutral signals
Technical Indicators:
RSI(14): 50.807 (Neutral)
STOCH(9,6): 62.092
STOCHRSI(14): 76.244 (Overbought)
MACD(12,26): -0.001
ADX(14): 14.561
Williams %R: -27.451
CCI(14): 96.8567
ATR(14): 0.0014 (Less Volatility)
ROC: 0.067
Bull/Bear Power(13): 0.0013
Pivot Points (As of Sep 01, 2023, 09:10 GMT):
Classic: R1 at 1.2682, S1 at 1.2669
Fibonacci: R1 at 1.2685, S1 at 1.2672
Camarilla: R1 at 1.2678, S1 at 1.2674
The strong buy signals from both moving averages and technical indicators suggest a bullish outlook for the GBP/USD pair today. The overbought condition indicated by the STOCHRSI could be a point of caution, but other indicators like RSI and MACD are neutral to positive.
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