GBPUSD: Two Possible Buying Opportunity! Are you buying GU?

7 ต.ค.

Dear colleagues,

I would like to share my analysis of the recent price action in the GBPUSD currency pair. As you may be aware, the pair was rejected at the 1.34 level after setting a new yearly high. This move lower was largely due to a sharp rally in the US Dollar Index (DXY), which was in turn driven by stronger-than-expected Non-Farm Payroll (NFP) data. The NFP report showed that the US economy added a record 254k jobs last month, far exceeding market expectations.

As a result of this data, the GBPUSD pair is now exhibiting strong bearish momentum and is facing significant selling pressure. However, I believe that the current market conditions may present a buying opportunity. While the initial entry point may not be ideal, there is a second entry point that offers a safer and more secure opportunity to enter a long position.

In my opinion, the GBPUSD pair has the potential to rally back up to the 1.34 level as the DXY is unlikely to maintain its bullish momentum. This assessment is based on both technical and fundamental factors, which do not indicate further upside potential for the US Dollar.

I encourage you to consider this analysis and share your thoughts in the comments section below.

Here is our previous charts ON GU

And Here is our view point on DXY/USD:



While last Friday's data may have caused some temporary setbacks, I assure you that the majority of currency pairs are poised for recovery. Your continued support and dedication to your trading endeavors are greatly appreciated. May you all thrive and achieve success in the week ahead.

Team Setupsfx_

24 ต.ค.

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**GBPUSD: Update - 24th October**

As anticipated, the GBPUSD pair presented two potential buying opportunities with GU. However, the price did not adhere to the initial entry point due to an exceptionally bullish sentiment in the DXY market following the US pre-election data indicating a Trump majority. This surge in DXY positivity resonated positively with investors, leading to a significant decline in GU’s value, which reached a record low. This was necessary to accommodate the filling of the Fundamental Value Gap (FVG) within the market.

The price has now reversed from the second entry point, gaining 59 pips. A strong reversal is anticipated, potentially propelling us closer to the first half of our target, which exceeds 250 pips. The final target point will depend on the duration of DXY’s bearish sentiment.

Best of luck in your trading endeavors.