Traders, GBPUSD can rise as an FCP M pattern has been completed. However this may not be able to push the price too high as the DXY is still rising and strong. So if you are looking for a smaller bounce then look for a confirmation on this GBPUSD pair and take the entry.
On the chart there are 2 arrows which point at the approximate profit targets. Take one step...
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Short set-up at 1.21000
Confluences:
- Bearish market structure with LLs and LHs being printed
- Last week's break of strong support level of 1.21000 with closure below support indicating continuation of selling momentum
- previous 4H candle closure indicates = rejection of 1.21000 key level for further downside mvnt, a retest of the support-turned-resistance...
An interesting, longer time-framed perspective of cable.
7 year distinct range
6 year distinct range
1.20 represents a key level. Does cable break below the 6 year range low? Or are we set to see reversion back to 1.40?
Only time will tell.
GBP/USD update
The cable (GBP/USD) rose to 1.226, smashing the 50-day moving average for the first time since early February 2022, as speculators increased their expectations for a 50 basis point BoE rate hike this week, which would be the largest interest rate increase in 27 years, pushing borrowing costs to 1.75%, the highest level since 2009.
With UK...
Swing trade: GBPUSD was down trending for several weeks, after Boris Johnson left office, pound gained some strength but it was very short term move, now FED is expected to hike interest rates 75bps at least.
(1) Bearish trend for a long period of time.
(2) Expected to rebound at the area given (refer chart). And continue slightly to drop.
(3) DXY projected on rallies inline with interest hikes until the inflation rate 'enough' for cooling down U.S economy.
Looking at long term trends for GBP-USD we are coming to a level that is almost underheard of in forex GBP being low to the dollar.
Right now looking at the weekly unless something happens we see a continuation to 1.165xx range from there it could be anyone's game.
We expect a lot of volatility around this number and range In fact if you draw a box from the top...
Next Wednesday we will get UK's GDP data, it is expected to be negative as recession fear soars.
Boris Johnson will likely continue to serve till October which not bullish for Sterling.
A good entry point for a sell position would be 1.218 for a TP of 1.19
As pound is in a sell trend, so we will simply follow the trend, but keep in mind it has to change its trend now. so just try to follow the trade. take some pips as told. and wait for a buy entry.
GBP/USD forms a Bear Pennant, putting prices at risk of resuming the former downward trend from mid-June (flag pole). A break below support puts the May and June lows in danger, with further losses possible.
Technically GBP looks ready to revisit 1.2500
Dollar is likely to weaken for a while
That offers rooms for GBP to advance
1.21 should offer support
Drop below 1.21 is an invalidation of the setup
GBP/USD (Great British pound VS Us Dollar)
In a weekly chart, We can clearly see the ending diagonal (falling wedge) on the chart and now it's time for a reversal. When the ending diagonal form after then We will see a sharp reversal to the opposite side. Most probably we will break the $1.4 area in some weeks or months.
DISCLOSURE - Please be informed that the...
We see Price break a level of support and form a new low. The level that got broken has a probability of acting as a level of resistance.
SUPPORT TURNS RESISTANCE.
TIP: Use Conviction
![GBPUSD: POUND -DOLLAR SHORTS [GBPUSD]](https://s3.tradingview.com/z/zJcf8jsn_mid.png "POUND -DOLLAR SHORTS [GBPUSD]")
