GBPUSD | Perspective for the new week | Follow-up

1 ต.ค. 2023

According to recent data from the UK's National Statistics, the second-quarter Gross Domestic Product (GDP) registered a 0.2% QoQ growth, aligning with the initial estimate and continuing the trend from the previous reading. Dive deep into the market dynamics as late-week price action propelled Cable back to the opening levels of the previous week, hovering around $1.22600.

Intriguingly, the GBP's recent sell-off appears oversold, hinting at potential corrections. With a potentially bullish close for the week, the market is showing signs of strengthening correction risks, possibly extending gains to 1.2350 in the short term. Yet, the GBPUSD pair faces challenges amidst the dominant US Dollar.

GBPUSD Technical Analysis:
Will the pound find solid support at the $1.21100 zone, or are we heading towards a potential breakdown and a possible sell-off? The stakes are high, and we're on the edge of our seats!

The spotlight is on high-impact economic events from both the US dockets for clues. Brace yourselves as the anticipation and the actual events may trigger sharp price movements that could present incredible trading opportunities.

In this video, we've analyzed the Daily and 4-hour timeframes, exploring bullish and bearish sentiments to uncover the most promising trades for the week ahead. We've delved into key levels, trendlines, and support/resistance points, unveiling essential insights into the current market structure.

Keep a close eye on that critical confluence at $1.22600. It's a decisive moment where both sellers and buyers are vying for control, and how the market reacts here will set the course for GBPUSD in the upcoming days.

Stay connected and join the conversation in the comment section to stay updated on the latest developments. Thank you for tuning in, and get ready for more enlightening insights into GBPUSD in our upcoming content. Buckle up for a thrilling journey ahead! Happy trading!

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

2 ต.ค. 2023

บันทึกช่วยจำ

Since the early hours of today, sellers have encountered significant resistance around the $1.21800 zone, showcasing the notable strength of the buyers in this area. As a result, the current market sentiment appears to be decidedly bullish. We are closely monitoring the situation, and our inclination towards selling the Pound this morning would only be triggered if the price action manages to convincingly breakdown/retest the $1.21760 level

Good Morning

2 ต.ค. 2023

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UPDATE

3 ต.ค. 2023

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We currently have two active sell positions, generating a total profit of over 120 pips. I advise securing all sell positions while we remain vigilant for upcoming trading opportunities. The upcoming release of the JOLTS Job Openings data is highly anticipated, as it will provide valuable insights into potential price action movements.

Good Morning

4 ต.ค. 2023

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BoE Governor Andrew Bailey's steadfast stance on retaining the UK's 2% inflation target has cast a shadow of caution across the market. His statement has induced a risk-averse sentiment, leading market participants to tread carefully, especially when it comes to significant positions.

Over the last 24 hours, the market has been trapped in a narrow range, fluctuating between $1.21000 and $1.20600. This tight range vividly illustrates the prevailing indecision among traders.

Trading Strategies:

1️⃣ Securing Sell Positions: It's imperative to safeguard all sell positions at this juncture. The $1.20600 area is gradually transforming into an accumulation zone, signaling a potential shift in market dynamics.

2️⃣ Vigilance Ahead: With our sights set on the horizon, we eagerly anticipate the release of the ADP Employment Change and ISM Service PMI data. The way the market anticipates these crucial indicators will serve as our guide going forward.


Good Morning

5 ต.ค. 2023

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We've banked 70 pips in profit from two buy positions. This unfolded as price action broke out of the grip of the descending trendline and the $1.21000 level.

🌟 Pound Sterling Growth: The Pound Sterling attracted bids, benefiting from a correction in the US Dollar spurred by weaker-than-anticipated US ADP Employment Change data. Additionally, a robust rebound in the UK's Services PMI data has further bolstered the Pound's position.

💼 Securing Our Gains: It's time to act prudently. Let's secure all positions now, recognizing the market's vulnerability amidst these fluctuations. By locking in our gains, we're ensuring our profits.

🔍 What's on the Horizon: As the day progresses, we're eagerly awaiting the release of the US weekly Jobless Claims report. We hope that the anticipation of this event will provide us with valuable clues on the chart.

Good Morning

6 ต.ค. 2023

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Amidst economic uncertainties in the UK, the Pound Sterling is actively seeking to increase its gains against the US Dollar. Market sentiment has remained positive over the past 48 hours, contributing to an upward trend that has already resulted in over 100 pips in profit of buy positions. This has given buyers a significant advantage ahead of the release of the NFP data today. While we continue to monitor the market for potential trading opportunities, it is advisable to secure all positions at this time and capitalize on the current profitable position.

Good Morning