GBPUSD Potential Downsides

[Ronald Ray]

According to the confirmation that will take place, this trade suggestion for the GBPUSD Day Trade Trade is to Buy in the Order Block Area TF5M Near Sell Side Liquidity (SSLQ) of the Asian session with a range of 1.22674 to 1.22614.

-This exchange is for news on Event UK Retail Sales.

-Risk Reward 1:3

 

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Edited March 24 by Ronald Ray

[Ronald Ray]

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GBPUSD / 4H

Hello traders, welcome back to another market breakdown.

GBPUSD has been trading in a consolidation around a Key level. The market now is in 50% chance to break higher or lower.

I'll be looking for the short side as it holds low risk and high reward.

Trade safely.

[Ronald Ray]

https://topgoldforum.com/uploads/monthly_2023_05/_GBPUSD-Falsebreakofup-trendresistance.thumb.png.2af27bac8636d18ee31bb49c19c3aabb.png

GBPUSD is forming a strong uptrend. The news on Wednesday had a positive effect on the currency pair and thus the British pound was able to strengthen.

TA on high timeframe:
1) A prolonged uptrend, but not as active. An accumulation is forming, but at the same time the price is at multi-month highs.
2) There is a strong support base of 1.24500 for the price on the high timeframe, if the buyers hold this area, the pound will continue its course.

TA on the low timeframe:
1) An upward price channel is forming, the price is essentially squeezed in a range
2) False break of the resistance at 1.25837, which forms a technical pullback.
3) If the price fails to break the resistance on the retest, it will continue its way to the support at 1.24537

Key resistance 1.25840
Key support 1.25500, 1. 24500

[Ronald Ray]

https://topgoldforum.com/uploads/monthly_2023_05/GBPUSDshortidea.thumb.png.414752ce7c73e5de419618725cd7120a.png

GBPUSD SHORT Opportunity

Hello FX traders, here's a chance to Sell the GBPUSD pair.
Despite the BIG rise recently, the price behavior showed some weakness since the beginning of this year, as it started to show lower highs and lower lows.

What reinforces the expectations of the decline are the fluctuating conditions in the United Kingdom, which will be reflected sooner or later in the pound sterling price against the rest of the currencies.
In this analysis, I rely on the trend line drawn above the price, in addition to the price being the May 2022 peak (1.26500).

The opportunity will be active when the price hits 1.2650
TP1: 1.2470
TP2: 1.2280
SL: 1.2730
Goodluck.

[Ronald Ray]

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↪️GBPUSD is trading in uptrend, the pair stays in the upper half of its ascending regression channel coming from early March. GBPUSD should find it difficult to preserve its bullish momentum in case there is risk aversion. If the price falls below 1.2625 (mid-point of the ascending channel) and starts using that level as resistance, it could extend its slide toward 1.2600...Trade safe 👍✅

[Ronald Ray]

https://topgoldforum.com/uploads/monthly_2023_05/GBPUSDPotentialDownsides.thumb.png.20ea1f6d51f47457175a29acfa3d36c5.png

Hey Traders, in today's trading session we are monitoring GBPUSD for a selling opportunity around 1.26000 zone, GBPUSD was trading in an uptrend and successfully managed to break it out. Currently GBPUSD seems to be in a correction phase in which it is approaching the retrace zone at 1.26 support and resistance zone.

Trade safe.