GBPUSD Weekly Outlook: New perspective for the week | Follow-up

The Pound Sterling experienced a notable rise of 2.16% to reach 1.27 during the month of June. Despite the relatively weak first-quarter gross domestic product growth of just 0.1%, the sterling showed potential for a continuation of its upward trend.

Interestingly, traders have been factoring in additional rate hikes from the Bank of England due to the country's persistently high inflation rate, which stood at 8.7% in May, the highest among major advanced economies.

In contrast, Federal Reserve Chair Jerome Powell has indicated that the U.S. central bank is likely to resume its rate-hiking cycle after a pause in June. Recent data revealed that the U.S. economy grew more than initially estimated in the first quarter, and jobless claims data indicated a robust labor market.

One of the highly anticipated economic releases from the U.S. is the June official employment report, scheduled for release next Friday. Market consensus suggests an increase of 200,000 in payrolls. These indicators demonstrate that the U.S. economy is showing resilience despite persistent inflation concerns. How will the GBPUSD pair respond to these upcoming events?

This video presents a comprehensive analysis of the bullish and bearish sentiment in GBPUSD, with a particular focus on the technical examination within the Daily and 4-hour timeframes. Key levels, trendlines, and support and resistance levels are explored to identify potential trading opportunities for the upcoming week. Of note, attention is drawn to the week's key level at $1.27000, which aligns with a descending trendline identified in the 4-hour timeframe. The market's reaction to this zone at the beginning of the week will play a crucial role in determining the direction of price action in the days ahead.

Make sure to stay connected to the channel and actively engage in the comment section to stay informed about the latest updates and developments. Thank you for watching, and I am excited to provide you with further insights into my future content.

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:

The beginning of the new week/month seems to have commenced with a bearish tone, as the price action remains below our key level for the week and has also broken below the initial support line at $1.26880. If one missed the opportunity at the breakdown, a potential bearish confirmation may arise with a retest of the market structure. We will delve into this market structure extensively in our upcoming live session for a detailed discussion.

Happy new month!

Trade closed manually:

Sell position closed at break even as buying pressure resumes

Comment:

Over the past six hours, the market has exhibited choppy behavior, with price action returning to the range we identified earlier today. The possibility of sellers influencing the market remains present, especially if the newly identified ascending trendline (blue) is breached, indicating potential selling opportunities. On the other hand, if the price manages to break out or retest both the weekly resistance level at $1.27070 and the descending trendline on the 4-hour chart (as shown in the video), this would create buying opportunities.

Comment:

Over the past 20 hours, trading activities have been confined within a narrow range, with price action trapped between the $1.27070 and $1.26880 levels. Currently, we find ourselves in a situation where we must patiently wait for a breakout or breakdown of this range in order to identify potential trading opportunities.

Good Morning

Trade active:

Buy position triggered, time to secure position

Trade active:

UPDATE

Trade active:

The price action seems to have finished retracing the initial leg that began yesterday, as buying pressure regained strength around the week's key level of $1.27000. This reaffirmed the significance of the ascending trendline once again. The trendline will continue to serve as a reference point to guide our trading decisions for today.

Good Morning

Trade active:

UPDATE

Trade closed: stop reached:

Stop-loss hit; We still maintain a bullish bias while a sell stop stays below the $1.27000 key level

Trade active:

Great news! We have successfully recovered from the earlier loss on GBPUSD, as we currently have a minimum of two positions running in profit. It is advisable to secure these positions while remaining attentive for additional trading opportunities.

Trade active:

Secure buy positions as sellers continue to struggle around the week's key level at the $1.27000 zone.

Good Morning

Trade active:

A total of 140 pips in profit from 3 positions; time to secure positions as we look out for more trading opportunities.

Trade active:

Considering the current circumstances, if you currently hold a buying position, it would be prudent to secure all positions. Uncertainty has resumed, and thus far, I have yet to identify a promising breakthrough. Therefore, it is advisable to exercise patience and wait for a substantial setup to develop before taking further action.

Good Morning

Trade active:

Fall out from our live session this morning; new buy position at the breakout of the $1.27450 level. Secure position

Trade active:

Three buy positions running with a total of 250 pips in profit; secure all buy positions as we round off for the week. Well done guys!