The GBPUSD currency pair, also known as the cable, is currently finding support at a price range between 1.19428 and 1.19140. This has been previously highlighted in a market analysis or idea shared with investors or traders.
Support refers to a level at which the price of an asset tends to stop falling and potentially reverse, due to the presence of a larger number of buy orders or a greater demand at that price level. In this case, it seems that the cable is being supported at this price range, and may potentially see an increase in price if it is able to maintain this level of support. It is important for traders and investors to be aware of support levels, as they can provide key insights into the supply and demand dynamics of an asset and inform trading decisions.
Traders may look to buy the asset if it is trading near a support level, with the expectation that the price will bounce off the support and rise. On the other hand, if the support level is broken, it could indicate a shift in market sentiment and a potential downward trend in the asset's price.
We anticipate that the GBPUSD pair will reverse at the critical support level. See the chart image for clarity.
Recommend: GBPUSD (Cable) H4 Bearish Outlook 12-26-22
The market is expecting some volatility later today due to the ISM Manufacturing PMI, JOLTS Job Openings, and FOMC Meeting Minutes reports. The details of these reports will determine to a very large extent if the support levels at 1.19428 and 1.19140 will hold or not.
Let's keep our fingers crossed. Please like this idea to help reach others, and also follow me for support.
Many thanks for your time, and I hope to report back soon.
GBPUSD Currency Pair Update 01-05-23
The GBPUSD currency pair price is currently testing the critical support level again as anticipated.
We would love to see rejection in the range between 1.19428 and 1.19140. If this level holds then the price is very likely to continue the daily time frame bullish run. Otherwise, the price will change its trend.
Tomorrow's NFP event report should be watched closely to see how prices would react.
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GBPUSD Currency Pair Update 01-06-23
So, the GBPUSD currency pair reacted nicely to the NFP news reports. As anticipated, the reversal is now playing out.
Next week the GBPUSD pair will hopefully continue the daily time frame bullish run.
Let's keep our fingers crossed. Thanks, everyone for the support. It means a lot to us.
GBPUSD Pair Update 01-09-23
The GBPUSD now cleared the minor resistance at the 1.21170 range.
Let's anticipate a pullback to engage…
Happy Trading! Don't forget to like this idea and follow me for more.
GBPUSD Pair Update 01-13-23
So far so good this idea is playing out as anticipated. The CPI reports released yesterday met market expectations and US dollar easing is inevitable.
In the coming weeks, we hope to see the Cable rally reach the 1.2400 big number, or what most traders refer to as the psychological level.
I will make a clear projection in my next post. Please follow me to stay informed.