Emerging Swing Trade Opportunity
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GBPUSD sees more downside as the dollar stays strong as doubts about fed rate cuts grow so the UK struggles to find a way out of the market slump that it is currently in.Early gains of +0.15% were seen as the USD came under pressure late in NY, following a +0.05% close. Trump advisors considering gradual tariff hikes led to USD selling in late NY. A survey shows UK firms reduced headcount late last year in response to a tax hike. Mixed daily momentum studies and expanding 21-day Bollinger bands are noted in charts. The 5, 10, and 21-DMAs are sliding, with weeklies remaining bearish, indicating a strong negative slip. The focus is on testing the 1.2038 low from October 2023, followed by the 1.1805 low in March 2023. Friday's high of 1.2322 and the well-tested 1.2465 21 DMA are the first resistance levels. Bulls need a close above the 1.2465 21-DMA to gain excitement. A swing trade opportunity is emerging, with strong daily and weekly resistance at 1.226201/1.241555 which have to confirm upside along the way and act as supports. Ultimately, we want the monthly initial support at 1.24809 to hold, ensuring a guaranteed upside.
No Nonsense. Just Really Good Market Insights. Leave a Boost
TradeWithTheTrend3344
GBPUSD sees more downside as the dollar stays strong as doubts about fed rate cuts grow so the UK struggles to find a way out of the market slump that it is currently in.Early gains of +0.15% were seen as the USD came under pressure late in NY, following a +0.05% close. Trump advisors considering gradual tariff hikes led to USD selling in late NY. A survey shows UK firms reduced headcount late last year in response to a tax hike. Mixed daily momentum studies and expanding 21-day Bollinger bands are noted in charts. The 5, 10, and 21-DMAs are sliding, with weeklies remaining bearish, indicating a strong negative slip. The focus is on testing the 1.2038 low from October 2023, followed by the 1.1805 low in March 2023. Friday's high of 1.2322 and the well-tested 1.2465 21 DMA are the first resistance levels. Bulls need a close above the 1.2465 21-DMA to gain excitement. A swing trade opportunity is emerging, with strong daily and weekly resistance at 1.226201/1.241555 which have to confirm upside along the way and act as supports. Ultimately, we want the monthly initial support at 1.24809 to hold, ensuring a guaranteed upside.
No Nonsense. Just Really Good Market Insights. Leave a Boost
TradeWithTheTrend3344
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