gbpusd analysis on dated 16-9-2022

196
Copy Trading

The GBPUSD currency pair, often referred to as “Cable” in the financial markets, represents the exchange rate between the British Pound (GBP) and the United States Dollar (USD). It is one of the most widely traded and closely watched currency pairs in the world. The GBP/USD pair reflects the relative strength and economic conditions of the United Kingdom and the United States, making it a crucial benchmark for global trade, finance, and investment.

 

Fluctuations in the GBPUSD exchange rate are influenced by a myriad of factors, including economic data releases, central bank policies, geopolitical events, and market sentiment. Traders and investors analyze these variables to make informed decisions in the foreign exchange market. Historically, the pair has been prone to significant volatility, often responding to events such as Brexit developments, interest rate changes by the Bank of England and the Federal Reserve, and economic indicators like GDP growth and employment figures.

 

The GBPUSD currency pair is a vital instrument for hedging currency risk, conducting international trade, and speculating on the forex market. Its movements have far-reaching implications, impacting not only the British and American economies but also global financial markets. As a result, the GBPUSD remains a focal point for traders, policymakers, and economists seeking insights into the state of the world economy.

 

  • Although the bears are in control, the stalling negative momentum indicates a turnaround is possible
  • We are trading at oversold extremes
  • Previous support located at 1.14050
  • A higher correction is expected
  • Although the anticipated move higher is corrective, it does offer ample risk/reward today
  • Preferred trade is to buy on dips.
Recommendations: Buy/buy limit @ 1.14050        TP/Target: 1.15500
Trailing Stop : 30pips/300point

Related Articles:
GBPUSD Technical Analysis on dated 14-9-2022