GBPUSD(
GBPUSD) is moving near the Resistance zone($1.354-$1,350) and has managed to break the Support line.
In terms of Elliott Wave theory, it seems that GBPUSD has completed the Zigzag Correction(ABC/5-3-5), we can expect the next five bearish waves.
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Fundamental Analysis
1-Weak UK Economic Data:
Recent reports including Retail Sales, Industrial Output, and PMIs have come in below expectations.
Labour market is softening, and wage growth is decelerating.
2-Dovish Expectations for BoE:
With inflation cooling down, the Bank of England is expected to hold or even cut rates soon, reducing support for the pound.
3-Stronger USD Outlook
Despite some weaker U.S. data, the Fed maintains a hawkish stance. U.S. retail sales and inflation still support the dollar overall.
4-UK Political Risk
Upcoming UK elections on July 4 are adding uncertainty and downside risk to GBP.
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I expect GBPUSD to attack at least the Support lines based on the above explanation.
Targets: 1.3
1)1.3353 USD =>Risk-To-Reward: 1.51
2)1.3315 USD =>Risk-To-Reward: 2.00
Note: Stop Loss(SL): 1.3549 USD
Please respect each other's ideas and express them politely if you agree or disagree.
British Pound / U.S Dollar Analyze (GBPUSD), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
GBPUSD) is moving near the Resistance zone($1.354-$1,350) and has managed to break the Support line.In terms of Elliott Wave theory, it seems that GBPUSD has completed the Zigzag Correction(ABC/5-3-5), we can expect the next five bearish waves.
--------------------------------------------------------
Fundamental Analysis
1-Weak UK Economic Data:
Recent reports including Retail Sales, Industrial Output, and PMIs have come in below expectations.
Labour market is softening, and wage growth is decelerating.
2-Dovish Expectations for BoE:
With inflation cooling down, the Bank of England is expected to hold or even cut rates soon, reducing support for the pound.
3-Stronger USD Outlook
Despite some weaker U.S. data, the Fed maintains a hawkish stance. U.S. retail sales and inflation still support the dollar overall.
4-UK Political Risk
Upcoming UK elections on July 4 are adding uncertainty and downside risk to GBP.
--------------------------------------------------------
I expect GBPUSD to attack at least the Support lines based on the above explanation.
Targets: 1.3
1)1.3353 USD =>Risk-To-Reward: 1.51
2)1.3315 USD =>Risk-To-Reward: 2.00
Note: Stop Loss(SL): 1.3549 USD
Please respect each other's ideas and express them politely if you agree or disagree.
British Pound / U.S Dollar Analyze (GBPUSD), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Trade was activated at $1.3471
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.