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GBPUSD Forex Analysis

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GBPUSD Possible Day Trading Setup

The GBPUSD pair has been as high as 1.3274 at the beginning of the day, and the negative news sent it briefly 1.3153. But the pair is back trading around 1.3200, modestly higher within range. The GBPUSD pair has settled below the 23.6% retracement of its latest decline around 1.3320 this week, and despite intraday ranges are generally wide, the pair continues lacking clear directional strength (GBPUSD Forex Analysis).

GBPUSD Forex Analysis 1

GBPUSD Support Resistant Buy

We could use the bearish trend line to confirm the start of a bullish move once it has broken and this would have been a good tactic. The price has not only flipped new support from resistance at 1.3139 but has also in recent hours started to use an old supportive trend line as the base for more upwards movement late in this Asian session. If the price holds up above this trend line with conviction during the first hour of the London session then it is likely we will see a continued rise to 1.3300 or at least very close to it.

GBPUSD Forex Analysis 2

GBPUSD Weakness On Market

Today I found a very solid setup at GBPUSD. The strong supply in a high volume entered the market and I saw decreasing volume on the upward leg. and I used Ichimoku in this example. The price crossed the cloud, Tenkan sen crossed Kijun sen and Chikou sen is below the cloud. I don’t even need to mention that short-mid term trend is bearish. Target set at 1.3075 (140 pips) RISK is 35 pips. (0.5% from account) I will hold position max 4 hours (GBPUSD Forex Analysis).

GBPUSD Forex Analysis 3

GBPUSD Bullish Cypher Pattern

GBPUSD has been losing momentum for the past week as indicated by the stochastics chart despite some upward attempts. Prices are being supported by the 10-day moving average with immediate support coming at around 1.3160. The near-term bias remains bearish with the MACD deep in negative territory.

GBPUSD Forex Analysis 4

GBPUSD Forex Analysis

The Sterling has eroded its initial gains and is now sending GBPUSD to the lower bound of the range below the key support at 1.3200 the figure. The pair met a wave of selling pressure after UK’s Retail Sales have contracted 0.9% during June, more than initially forecasted. Sales stripping the Fuel component have followed suit, also contracting 0.9% on a monthly basis.

GBPUSD Forex Analysis

Borrowing for the three months to June was 8.3 percent lower than a year earlier. Britain’s budget deficit was around 4 percent of gross domestic product in the 12 months to March, down from more than 10 percent in 2010 but still among the highest of rich nations around the world.

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Andrew Pial

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