empty
10.04.2024 12:31 PM
GBP/USD on April 10. USD does not rely on traders' support

Hi, dear traders! On the 1-hour chart, the GBP/USD pair rose to the resistance zone of 1.2705–1.2715 and rebounded from it on Tuesday. The instrument made a reversal in favor of the US dollar. This allows us to expect some decline in the direction of the support zone of 1.2584–1.2611. If the price settle above the zone of 1.2705–1.2715, it will increase the likelihood of further growth towards the next zone 1.2788–1.2801.

This image is no longer relevant

The situation with waves recently has not raised any questions. The last completed bearish wave easily broke the last low (from March 19), and the new bullish wave is not yet strong enough to break through the last high from March 21. Thus, the trend for the GBP/USD pair is bearish, and there are no signs of its end. The first sign of the bulls going on the offensive could be a breakout of the high from March 21. But to reach the 1.2788-1.2801 zone, the bulls need to cover a distance of about 140 pips, which is unlikely to happen in the coming days. If a new downward wave does not break the low of April 1, this will also be a sign of a change in the trend to bullish, but this wave has not even begun yet.

There was no important news for the pound sterling and the US dollar on Tuesday. However, today a crucial report on inflation will be released in the US, which is already causing conflicting sentiment. On the one hand, inflation may accelerate again, which will arouse another wave of hawkish comments from FOMC policymakers. Any increase in hawkish expectations provides support to the US dollar, which has been going through hard times in recent months. On the other hand, the greenback did not grow in response to the US nonfarm payrolls released last week. Besides, the US dollar ignores the fact that the number of potential rate cuts in 2024 has been steadily declining. Last but not least, the US currency does not react with growth to any events at all. Thus, the bulls may continue to attack, even if inflation in the US turns out to be higher than traders' expectations.

This image is no longer relevant

On the 4-hour chart, GBP/USD reversed in favor of the British pound after forming a bullish divergence at the RSI indicator and consolidation above the level of 1.2620. However, the bearish divergence of the CCI indicator enables us to expect a reversal in favor of the US dollar and some fall in the instrument. In my opinion, it will be short-lived. The bearish trend remains on the 1-hour chart, but on the 4-hour chart, the horizontal movement is going on.

Commitments of Traders Report (COT)

This image is no longer relevant

The sentiment of the non-commercial category of traders became a little more bullish over the last reporting week. The number of long contracts increased by 7,091, but the number of short contracts decreased by 1,153. The overall sentiment among major players remains bullish but has begun to weaken in recent weeks. The gap between the number of long and short contracts is already less than twofold: 98K versus 55K.

In my opinion, there are still prospects for the British pound to weaken, but over the past 3 months, the number of long contracts has increased from 61K to 98K, whereas the number of short contracts has remained virtually unchanged. I believe that over time, the bulls will begin to get rid of buy positions, since all possible factors for buying the British pound have already been worked out. However, the bears are still showing their weakness almost every week, which prevents the pound sterling from a downward move.

Economic calendar for US and UK

US: consumer price index due at 12-30 UTC

US: FOMC minutes due at 18-00 UTC

On Wednesday, the economic calendar contains two major reports. So, their influence of the information background over market sentiment will be strong today.

Outlook for GBP/USD and trading tips

Yesterday, short positions on the British pound could be opened on the condition of a dip from the zone of 1.2705– 1.2715 with the target at 1.2584–1.2611. Long positions were possible when GBP/USD closed above the 1.2584–1.2611 zone on the 1-hour chart with the target at 1.2705. This target was hit yesterday. Traders may open new buy positions when GBP/USD closes above the zone 1.2705–1.2715 with the target at 1.2788.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Ramalan untuk EUR/USD pada 30 Mei 2025

Pada hari Khamis, pasangan EUR/USD membuat pembalikan mendadak memihak kepada euro dan meningkat ke zon rintangan 1.1374–1.1380. Pemulihan dari zon ini memberi kelebihan kepada dolar A.S. dan kemungkinan penyambungan semula

Samir Klishi 10:58 2025-05-30 UTC+2

Ramalan untuk GBP/USD pada 30 Mei, 2025

Pada carta jam, pasangan GBP/USD turun ke paras 1.3425 pada hari Khamis, kemudian pulih dan berpusing memihak kepada pound British. Ini memulakan proses pertumbuhan ke arah tahap Fibonacci 161.8% pada

Samir Klishi 10:41 2025-05-30 UTC+2

Ramalan untuk EUR/USD pada 30 Mei 2025

Seperti mata wang anti-dolar lain, euro dengan cepat mengatasi berita negatif dari U.S. Court of International Trade dan menutup hari dengan kenaikan sebanyak 76 pip. Pagi ini, harga menghampiri rintangan

Laurie Bailey 05:26 2025-05-30 UTC+2

Ramalan untuk GBP/USD pada 30 Mei, 2025

Pada hari Khamis, pound British mencapai paras sokongan sasaran pada 1.3433, selepas itu ia berbalik arah ke atas dan menutup hari dengan keuntungan sebanyak 20 pip. Pengayun Marlin perlahan-lahan berpusing

Laurie Bailey 05:26 2025-05-30 UTC+2

Ramalan untuk USD/JPY pada 30 Mei 2025

Yen Jepun mencatat pergerakan ketara semalam, susut lebih daripada dua angka dari paras tertinggi harian hingga ke penutupan. Gelombang pengukuhan yen yang kuat itu berterusan hari ini, bermula sejak sesi

Laurie Bailey 05:26 2025-05-30 UTC+2

Isyarat Dagangan EMAS untuk 29-30 Mei 2025: jual di bawah $3,317 (7/8 Murray - 21 SMA)

Dari segi teknikal, emas dilihat sebagai terlebih beli, namun begitu, pembetulan teknikal mungkin berlaku dalam beberapa jam akan datang, dan ini boleh dianggap sebagai peluang untuk menjual di bawah 3,335

Dimitrios Zappas 15:58 2025-05-29 UTC+2

Isyarat Dagangan untuk EUR/USD bagi 29-30 Mei 2025: jual di bawah 1.1360 (21 SMA - 5/8 Murray)

Di awal sesi dagangan Amerika, euro diperdagangkan sekitar 1.1331 dan sedang mengalami pemulihan teknikal yang kuat selepas mencapai tahap 4/8 Murray pada 1.1230. Euro mungkin meningkat dalam beberapa jam akan

Dimitrios Zappas 15:53 2025-05-29 UTC+2

Ramalan untuk EUR/USD pada 29 Mei 2025

Pada hari Rabu, pasangan EUR/USD terus mengalami penurunan dan mengukuh di bawah zon sokongan di 1.1260–1.1282. Oleh demikian, penurunan harga hari ini mungkin berlanjutan ke paras seterusnya bagi penarikan semula

Samir Klishi 11:15 2025-05-29 UTC+2

Ramalan untuk GBP/USD pada 29 Mei 2025

Pada carta setiap jam, pasangan GBP/USD jatuh ke paras 1.3425 pada hari Rabu. Pemulihan daripada paras ini akan menguntungkan pound dan berpotensi membawa kepada kenaikan ke arah 161.8% anjakan Fibonacci

Samir Klishi 11:10 2025-05-29 UTC+2

EMAS: Harga Emas Mungkin Terus Menurun

Harga emas terus berada di bawah tekanan disebabkan oleh inisiatif prosiding undang-undang di Amerika Syarikat dan pengukuhan dolar AS dalam pasaran Forex. Nampaknya sejumlah besar peserta pasaran bertaruh bahawa pertempuran

Pati Gani 09:49 2025-05-29 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.