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GBP/USD Dips, Awaits UK CPI DataGBP/USD faced consecutive losses, trading around 1.2160 in Asian markets on Wednesday. Positive US economic data applied pressure. The pair retreated after reaching 1.2200, the 23.6% Fibonacci retracement level, the 50 and 100-day Simple Moving Averages (SMAs) confirming significant resistance. The 4-hour chart's Relative Strength Index (RSI) dropped to 40, indicating accumulating bearish momentum. Immediate support lies at 1.2130 (static level). Closing below it in the 4-hour timeframe could bring further selling pressure, possibly testing temporary support at 1,2100 (static, psychological level) before targeting 1,2050, the recent downtrend's endpoint. If GBP/USD rises above 1,2200 and confirms it as support, it could aim higher towards 1,2250 (static) and 1,2300 (38.2% Fibonacci retracement level). The pair reversed its trend after breaching 1,2200 on Monday, dropping to the 1.2150 region on Tuesday. Short-term technical outlook indicates bearish momentum and potential additional losses if the 1,2130 support fails. US Retail Sales data for September is on the economic horizon, with a negative surprise possibly impacting the USD. However, GBP/USD might stand firm unless a significant, positive market sentiment change occurs. Stay tuned for updates on this evolving situation.
by Gwen_Humuna
1
GBPUSD after falling will increase againGBPUSD was last trading over 0.2% higher at $1.2202. Investors also digested producer and consumer prices data out of China on Friday that showed deflationary pressures were slightly stronger than expected. "What we've got is a fairly weak growth story (from China), and that's weighing on the price numbers," said Rob Carnell, regional head of research in the Asia-Pacific region at ING. He added that the government could feel pressure to offer further support to the economy, albeit limited. Bloomberg News reported earlier in the week that China is considering raising its budget deficit for 2023 as the government prepares to unleash a new round of stimulus to help the economy meet the official growth target. China's trade data for September, meanwhile, showed exports and imports both shrank at a slower pace for a second month, providing some encouragement to authorities.
Long
by FalCol_TradingMaster
GBPUSD 4H : support further rise GBPUSD New forecast The price perfectly fulfills my last idea and price reached to our first target + 80 pip . The British pound against the dollar pair succeeded in touching our expected target at 1.2310, and attempts are being made to penetrate it now, to support the chances of extending the bullish corrective wave and heading towards achieving additional gains up to 1.2370. Therefore, we will continue to favor the upward trend for the coming period, keeping in mind that failure to breach 1.2310 and rebound downwards to break 1.2247 will stop the expected rise and put pressure on the price to return to the main bearish path again. The expect range trading for today it will be between the resistance line 1.2310 and support line 1.2247. Additionally ,Today News will affect the market . support line : 1.2267 , 1.2247 resistance line : 1.2310 , 1.2370 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
GBPUSD Long idea for the coming weeksLooking on the charts, im going to aim for a long position on GBPUSD. On the 4hour chart, previous wicks rejecting more downside as it looks. Also we are in a nice orderblock area and resistance area Going for a buy limit around 1.25785 Stoploss: 1.25451 (just below the last longest 4h previous wick) TP1: 1.27089 TP2: 1.28650 TP3: 1.29090 If it would fall below that 4h long wick(which is touching the bottom of the purple zone) then im not interested anymore in a long position.
Long
by ProdemoNL
GBPUSD sidewise moving in a rangeGBPUSD is sideways moving in a range The GBPUSD traps the price and will move from 1.2780 to 1.2620 from August 1 to date. The US Dollar gained in the last few days, so the GBP index is also in a strong position. The possible positions will be buying and the market will respect to its demand Zone and go ahead to touch 1.278 The possible trading setup is as follows: Entry Point: 1.2639-1.2618 Stop Loss: 1.2590 Take Profit: 1.2800 The setup is valid if we can see some indications, a rejection candle at the support zone and a confirmation candle in H1 or M30.
by Bloom_Forex_Official