We have outlooked several promising Forex pairs and the result can surprise you!
GBP/USD: trade opportunities
Information is not investment advice
GBP/USD formed a “Piercing line” pattern on the D1. The pair rose to the resistance line that connects April 30 and May 8 highs. There is something similar to an “Inverted Head and Shoulders” pattern on the chart. However, entering bullish positions will be sensible only if the pair rises above 1.2290 (38.2% Fibonacci retracement, 50-day MA). On the downside, the slide below 1.2205 will trigger a decline at least to 1.2165.
Trade ideas for GBP/USD
BUY 1.2295; TP 1.2355; SL 1.2275
SELL 1.2200; TP 1.2165; SL 1.2215
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.