GBPUSD Weekly Outlook: New perspective for the week | Follow-up
Currently, the GBPUSD appears to be in a bullish consolidation phase, trading just below a 15-month peak. Thursday and Friday's trading sessions witnessed the pair oscillating within a narrow range, highlighting the prevailing indecision in the market. As trading activities remain at their highest levels since April 2022, we question whether the bulls are losing momentum or if we are on the cusp of significant profit-taking activities as the new week approaches.
The US Dollar continues to face selling pressure after reaching a fresh 15-month low, as market expectations solidify that the Federal Reserve (Fed) is nearing the end of its policy tightening cycle. Conversely, the Pound Sterling draws support from growing speculation that the Bank of England (BoE) may need to raise interest rates further to curb demand and lower inflation.
Looking ahead to the next trading session, market participants eagerly await impactful economic data from both the UK and US dockets to gain crucial insights and direction.
GBPUSD Technical Analysis:
Specific attention was placed on the 4-hour and 1-hour timeframes. We explore both bullish and bearish sentiments, uncovering potential trading opportunities for the upcoming week. We closely examine key levels, trendlines, and support and resistance levels to reveal essential insights into the current market structure.
Of particular interest is the key level at $1.31000, which underwent multiple tests in the past two days, indicating the presence of buyers at this critical juncture. However, the persistent rejection of the peak price at $1.31400 suggests a potential reversal that could break the key level, triggering a sell-off. The market's reaction to this zone at the start of the upcoming week will play a pivotal role in shaping the direction of price action in the following days.
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 upcoming content on the GBPUSD. Prepare for an enlightening journey ahead!
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 US Dollar continues to face selling pressure after reaching a fresh 15-month low, as market expectations solidify that the Federal Reserve (Fed) is nearing the end of its policy tightening cycle. Conversely, the Pound Sterling draws support from growing speculation that the Bank of England (BoE) may need to raise interest rates further to curb demand and lower inflation.
Looking ahead to the next trading session, market participants eagerly await impactful economic data from both the UK and US dockets to gain crucial insights and direction.
GBPUSD Technical Analysis:
Specific attention was placed on the 4-hour and 1-hour timeframes. We explore both bullish and bearish sentiments, uncovering potential trading opportunities for the upcoming week. We closely examine key levels, trendlines, and support and resistance levels to reveal essential insights into the current market structure.
Of particular interest is the key level at $1.31000, which underwent multiple tests in the past two days, indicating the presence of buyers at this critical juncture. However, the persistent rejection of the peak price at $1.31400 suggests a potential reversal that could break the key level, triggering a sell-off. The market's reaction to this zone at the start of the upcoming week will play a pivotal role in shaping the direction of price action in the following days.
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 upcoming content on the GBPUSD. Prepare for an enlightening journey ahead!
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:
Since the beginning of the week, there has been a notable period of range-bound trading, with the price action becoming confined between the levels of $1.3100 and $1.30820. Recently, sellers have made attempts to break below the support line of this range. It's worth noting that trading activities continue to stay below the key level of $1.31000 for the week, reinforcing the likelihood of sellers influencing market dynamics, particularly in the first half of the week. Additionally, it is important to consider the descending trendline identified on the 1-hour timeframe as a crucial guideline for identifying potential trading opportunities.
Good Morning
Good Morning
Trade active:
Following our live session this morning, the buy position has been activated but is currently experiencing a loss of 13 pips. Considering the prevailing bearish momentum, we will consider entering a bearish position upon the breakdown of the support line.
Trade closed: stop reached:
Stop-loss hit as price action trigger sell stop order at the $1.30820 level
Trade active:
Secure sell position
Comment:
Its a break-even on the buy position; the breakdown followed by the retest of the 1.30820 and the ascending trendline is a structural confirmation for a downtrend
Trade active:
Two positions currently running in profit of 70pips; secure positions
Trade closed: target reached:
TP Target is hit with 270 pips profit from two positions. We anticipate the development of a new trading opportunity as the price is presently trading around the identified ascending trendline on the 4-hour time frame. We shall discuss this in detail during our live session this morning.
Good Morning
Good Morning
Trade active:
Fall out from our live session this morning
Trade active:
UPDATE
Time to secure sell position
Time to secure sell position
Trade active:
The previous sell position was closed as another wave of bearish momentum begins. The descending trendline shall be our yardstick to guide trading activities today. Update coming up soon
Good MOrning
Good MOrning
Trade active:
UPDATE
Second sell position triggered
Second sell position triggered
Trade active:
UPDATE
Two positions running with 140 pips profit; secure position.
Two positions running with 140 pips profit; secure position.
Comment:
Following the closure of all sell positions with a profit of approximately 100 pips, the price has broken out of the descending trendline. Currently, the price is consolidating within a range, and in this situation, we will exercise patience and await signals, particularly a breakout of the range, to identify potential trading opportunities.
Good Morning
Good Morning
Trade active:
Following up on our live session this morning; secure sell position as we continue to monitor price action
Trade smart. Trade consciously
Good Morning