Hello traders, in our idea published yesterday, we advised buying GBP/USD@1.2540 zone as it was a support level. Currently, with price at 1.2661, the buy trade is in over 120 pips profit .( We have linked the previous idea below for you to cross-check) Now, let us take a look at the daily chart. We can clearly see that price has climbed back above the 100-day...
Hello traders, as I had predicted a week ago, GBP/USD fell after hitting the 1.28 resistance level. Currently, price is back at the 1.2530 zone. Please note that, there is a likelihood of further rebound in GBP/USD . Price has already rebounded more than 40 pips. We have already bought GBPUSD 1.2540 with initial target at 1.2650 If price dips again, I...
Hello traders, FOMC has given as GBP/USD a boost to the upside as the market believes Fed will cut rates soon although the Federal Reserve has kept rates unchanged for now. Technically, we do not have too many cues to go on. However, price has reached the 1.28 supply level. A bigger resistance level lies at 1.3150. For now, we are not selling GBP/USD. ...
Hello traders, GBP/JPY pulled back 300 pips from the highs at 193.50. However, the dynamic support level on the 4Hour chart has prevented further declines. As you can see in the chart, 190.40 level has held well so far. In view of the above, if price tests the support level again, we would consider buying GBP/JPY@190.40 with Stop Loss placed below 190 and TP at...
Hello traders, GBP/JPY's uptrend shows no signs of slowing down. As we had predicted in the previous idea, price has broken through the 191 level and currently it has crossed 193 as well. The uptrend is being fueled by the ultra-low interest rates in Japan which is weighing negatively on the JPY. That being said, there is a key level at 195.50-196 zone which...
Hello traders, Gold has breached the 2200 historical level due to US Dollar weakening across the board. However, the uptrend might not last long as price is approaching the top of the channel(technically) We recommend traders to watch out for bearish candlesticks in the 2205-2225 zone . If there is bearish price action in the zone that we have highlighted in...
Previously, on 4 March 2024, we sold GBPJPY at the 191 level and managed to take 300 Pips profit when price dipped to 188. Since then, GBP/JPY is staging a recovery. Currently, the price action doesn't support any further selling. Also, with FOMC around the corner, we recommend traders to be careful with their trades. However, if price reaches the 191.50-192...
GBP/USD has been on the backfoot lately with price falling more than 150 pips after touching 1.2880 level a couple of weeks ago. We witnessed a false breakout of the resistance level and since then, GBPUSD is on a downtrend. With FOMC on Tuesday, we could have wild swings on all USD pairs including GBP/USD. So, we recommend traders to be careful as price could...
After reaching the 1.0970 level, EUR/USD has pulled back strongly and currently, price is hovering below the 1.09 level. With the super-important FOMC event on Wednesday, major market players are on the sidelines here. Technically, the dynamic support on the 4H chart is holding so far. We recommend traders to stay away from executing any new trades before the...
Gold has rallied strongly for a month. However, with market participants in doubt about Fed's interest rate decision, Gold's rally has come to an end. In fact, in the last few trading days, Gold has declined continuously. The impulse and price action of the decline suggests that the fall may not be over yet. If the Federal Reserve doesn't cut rates as much...
GBP/JPY is on a relentless uptrend fueled by ultra-low interest rates in Japan. On Friday, The Bank of Japan (BoJ) Governor Kazuo Ueda stated that it was too early to declare victory on inflation. On the other hand, the currently prevailing technical recession in Japan could lead to BoJ delaying its plan to tighten the monetary policy. All these factors are...
Hello traders, EUR/USD managed to stage a recovery after falling to the 1.07 level last week. However, it appears, EUR/USD has run into some hurdles at the dynamic resistance on the 4hour chart. So, if the bearish price action persists and the price continues to struggle at the 1.0790 level, EUR/USD may decline to the 1.07 and 1.670 levels once again.
In the daily chart, GBP/USD looks bullish. We will give you reasons as to why we think buying the dips is the best idea for Cable Traders. Firstly, the key level around 1.25 was successfully defended by the buyers. The price has also climbed back above the 100-day exponential moving average level, which is a bullish sign. The immediate resistance is at the...
GBPJPY's strong uptrend has run into a roadblock recently. The level of 190 is proving to be a hard nut to crack for the GJ bulls. Technically, the price has reached the top of the price channel in the GBP/JPY daily chart. Fundamentally, with the interest rates in Japan being so low compared to Britain, the Japanese Yen is inherently weak against the British...
Dear traders, GBP/USD has been unable to break the dynamic resistance on the 4-hour chart. Hence, the bears now have the upper hand. Minor support at 1.2160 exists, which if broken could open the doors to 1.19 As long a price is unable to break the dynamic resistance in the 4H chart, I would prefer to sell the rallies in GBPUSD. I have already sold at 1.2280...
Dear traders, USD/CHF is consolidating in the support level for quite some time. Although, the price has drifted lower, USD/CHF has not broken the support level. Please note that even on the daily chart, 0.9550 is a crucial level as the 100 Day EMA lies there. So, a reversal to the upside is quite likely at this stage. For traders looking to buy, a buy entry...
Dear traders, as I predicted in my previous ideas, GBP/USD rose more than 450 pips from the 1.1950 level. Currently, however, price has dropped quite a bit. Currently, GBP/USD is in an untradeable zone . So, I recommend traders to wait for price to hit a demand or supply zone before trading. If bearish price action is formed at the 4H resistance near 1.24 then...
Dear traders, USD/JPY is struggling to break the resistance level. As you can see, bearish candlesticks have formed at the 4H chart. I am expecting a decline in price of USD/JPY towards 132.50. I have already sold at 134.90 and currently holding the sell with targets as indicated in the chart.