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GBPUSD: Bullish Rebound Confirmed, Eyes Set on 1.28321In the intricate realm of global finance, the decisions and policies of major central banks wield considerable influence over currency markets. One such pivotal institution is the Federal Reserve, the central bank of the United States, whose recent policy trajectory has had a discernible impact on the GBPUSD currency pair. This essay delves into the nuanced dynamics that unfolded in response to the Federal Reserve's dovish stance and its consequential effect on the GBPUSD exchange rate. The Federal Reserve's Dovish Turn: Central to this narrative is the Federal Reserve's decision to temper the pace of interest rate hikes. The Fed opted for a dovish stance, signaling a cautious approach towards tightening monetary policy. Powell's inclination towards dovishness, characterized by a reluctance to aggressively raise benchmark interest rates, marked a departure from more hawkish postures seen in the last year. Impact on GBPUSD: Commencing on December 14th, an observable surge in the GBPUSD exchange rate ensued, catapulting from 1.25002 to 1.27937. This substantial uptick was emblematic of market participants reacting to the Federal Reserve's dovish signals, with investors seeking higher-yielding assets in response to the diminished allure of the U.S. dollar. The relative attractiveness of the British pound against its American counterpart found favor among traders, contributing to the pronounced rise in the exchange rate. Support Levels and Resilience: While the GBPUSD pair experienced a subsequent correction, touching the support level at 1.26124, its resilience was noteworthy. The bounce back from this support level underscored the underlying strength and confidence in the pound, even in the face of corrective movements. This resilience is indicative of a market sentiment that continues to favor the British currency. Future Trajectory: A Glimpse at 1.28321: As the GBPUSD pair rides the waves of market sentiment and central bank policies, forecasts point towards a potential further ascent. The likelihood of the exchange rate climbing to 1.28321 is grounded in the persisting dovish stance of the Federal Reserve, which, if sustained, could continue to dampen the appeal of the U.S. dollar in comparison to other currencies. Rejection at Support: Unleashing Bullish Momentum In the 2-hour timeframe, GBPUSD witnessed a crucial rejection at the 1.26903 support level, signaling a robust defense by bulls. This pivotal event serves as a potent indicator of underlying strength, hinting at a potential shift in market sentiment and affirming the narrative of a bullish continuation. Technical Analysis: Bullish Rejection Pattern Beyond numerical significance, the rejection at 1.26903 represents a convergence of market forces. Buying interest surpassed selling pressure, forming a bullish rejection candlestick pattern. Traders interpreting this pattern would likely see it as a confirmation of the market's intent to resume its upward trajectory. Continuation of Uptrend: Fueled by Resilience Confirmation of the rejection aligns with GBPUSD's resilience amid corrective movements. Buoyant market sentiment, driven by the Federal Reserve's dovish stance, acts as a catalyst for renewed upward momentum. Surpassing the previous high of 1.27937 becomes critical, paving the way for an ascent towards the envisioned target of 1.28321. Traders armed with confirmation from the rejection may target this milestone in the ongoing bullish trend. Risk Management: Navigating Uncertainties While the support rejection supports a bullish outlook, prudent risk management remains crucial. Unforeseen geopolitical or economic developments could introduce volatility, necessitating vigilance. Traders must be mindful of stop-loss levels and stay attuned to evolving market conditions. Conclusion: In the dynamic realm of currency markets, the rejection at the support level of 1.26903 serves as a pivotal chapter in the ongoing saga of GBPUSD. It not only validates the resilience of the pound but also provides a technical confirmation for those seeking to ride the anticipated wave of bullish momentum. As the pair gears up for a potential ascent towards 1.28321, traders and analysts alike will closely monitor the evolving landscape, mindful of the delicate balance between opportunity and risk in the ever-shifting currents of the foreign exchange market.
Long
by fardycurry
Where will the gold go?Hello Traders NEW MARKET IDEA BUY GOLD Technical Analysis & Fundamental analysis Gold rose above $2,055 an ounce on Friday, inching closer to the record high, as the latest data from the US supported bets of early monetary easing by the Fed in 2024. US PCE prices unexpectedly declined by 0.1% mom in November, contrary to market forecasts of a flat reading, while core prices increased by 0.1% compared to forecasts of 0.2% advance. Coupled with the previous revision of the country's Q3 GDP, the readings solidified hopes for the first rate cut by the Fed in March. Gold was on track to gain for the second week since prospects of lower interest rates environment boosted the appeal of a bullion.
OANDA:XAUUSDLong
by AbdelRahmanLSaYed
🌟📈 Forex Trading Opportunity: CAD/CHF Analysis 💱🔍🔹 Post Static Level Breakout in Daily Timeframe: Following the breakout of a static level in the daily timeframe and subsequent weakness, there's a possibility of a false breakout with a strong upward movement. 🔹 Entry Trigger on Exiting Consolidation: Exiting the specified consolidation zone can be considered as an entry trigger. 🔹 Potential Downward Movement: The likelihood of a downward movement in line with the primary market trend remains high. This analysis can be used to enter the market in higher timeframes or after direction clarification in lower timeframes, according to your strategy. 🔑 Related Categories: Breakout Analysis Consolidation and Trigger Points Market Entry Strategies How are you approaching the CAD/CHF pair? What’s your strategy for entering this market? Share your views and tactics! 💬🌐 #ForexTrading #CADCHF #MarketAnalysis 📚 Remember: Forex trading involves significant risks. Stay informed and always align your trades with your personal trading strategy and risk management rules! 🧠💼
by tradecitypro
2
GBPUSD December 8 2023 Sell TradeAs you can see GBP USD is in a bullish momentum, but i see a clear manipulation of highs from 4h going to 15min TF each. So i decided to take sell trade in one of the POI (point of interest) i am seeing in the charts, of course based on proof not on speculation. After seeing validity on 1H TF , I checked again the 15minutes TF (my favorite TF for pending order to maximize risk to reward ratio) only to find out that it gives me a reason to sell and aim for that level ( check the charts for details.) . Another key factor here is always checked the market structure starting from daily-4h-3h-2h-1h-30min-15min for confluences. RR: 1:6 (simple trade) wyckoff schematics trade. work smart :)
by glyrad
15
EURUSD : FOREX Edu for DayTraders 📉Hi Traders, Investors and Speculators of Charts📈📉 Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year 🏫 For the biggest part, I prefer to trade reactive rather than predictive. Chart patterns really come in handy with this strategy. Here are my top easy to spot chart patterns, specifically focused on bullish chart patterns today. The green highlight dots are to help identify the margins of the pattern and the purple highlighted dot is where entry can be taken. Please enjoy this free educational gold nugget ! Are you also trading crypto? Check out this altcoin idea with bullish upside potential : _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
Long
by CryptoCheck-
38
EUR/CAD in a Crucial Zone 📊 EUR/CAD Trading Range: In the daily timeframe, the Euro to Canadian Dollar (EUR/CAD) pair is currently near the top of its trading range. The range's ceiling is around 1.5050, and the floor is at 1.4245. 🔝 Approaching Range High: The pair has ascended within an upward channel from the bottom to the top of this range and is now forming a head and shoulders pattern in the 4-hour timeframe near the range’s ceiling. 📉 Short Position Potential: A break of this channel could activate the head and shoulders pattern, presenting an opportunity to enter a short position. 📈 RSI Overbought Indicator: The Relative Strength Index (RSI) is in the overbought territory, which could further validate our analysis. 🛑 Stop Loss Strategies: A riskier stop loss can be placed above the breakout candle, while a more conservative one can be set above the range’s high. 🔍 ECB President's Speech Impact: Today's speech by Christine Lagarde, President of the European Central Bank, could significantly impact this analysis. A tilt towards a rate hike in her speech could lead to a breakout of the trading range from the top. 🔑 Related Categories: Pattern Analysis Resistance and Support Central Bank Policies #EURCAD #ForexAnalysis #TradeCityPro 📚 Remember: Forex trading involves significant risk. Stay updated and make informed decisions! 🌍💹
Short
by tradecitypro
13
EURUSD Outlook 2023/2024 The FOREXCOM:EURUSD has been mitigating the price zone of 1.12147 and 1.17122 since 2015, and had a rejection move from the zone on July. On the 1W Time Frame: 1. Price did a change of character 2. Price tapped the 0.618 premium zone There are 3 things that can happen 1. Price rejects the premium zone and pushes down 2. Price enters a more premium zone, then pushes down 3. Price breaks the structure high and pushes up This is the overall outlook for FOREXCOM:EURUSD , check out some trading ideas that I have on my profile.
by FX_Apprenticeship
USDCHF: 07/11/2023: Looks Bearish Well, as you can see, the price dropped after sweeping the liquidity and creating a valid order block. On the other hand, the price broke the previous low and shifted the market structure so now we searching for sell. There is a breaker block that the price entered into, if the price can break this breaker block we can expect to move higher to the bearish order block, and then with LTF confirmation, we can execute the sell position. 💡Wait for the update! 🗓07/11/2023 🔎 DYOR 💌It is my honor to share your comments with me💌
Short
by VahidTradingCR
3