GBPUSD buying opportunity – GBPUSD forecast

Intermediate

GBPUSD day trade outlook: Rebound bias, despite dip

A Wednesday prod up to new cycle high at 1.3267 after Tuesday’s very strong advance above the key peak from March 2020 at 1.3200, and despite a significant sell-off below 1.3150  support, whilst above 1.3045 we still see upside forces from the recent surge plus the earlier August dip and a bounce from 1.3005 (above key 1.2981 support), to keep the risk to the upside into Thursday. 

Day trade setup

  • We see an upside bias for 1.3168; a break here aims towards the new cycle high at 1.3267 and maybe even a key peak from December 2019 at 1.3284.
  • But below 1.3045 aims for 1.3005 support, which we would look to try to hold; below possibly opens risk down to key 1.2981.

GBPUSD intermediate-term outlook

The early July push above 1.2542 signalled an intermediate-term shift to a bull trend.

  • Upside risks: We see an intermediate-term bull trend to aim for 1.3200, 1.3286 and maybe 1.3515.
  • What changes this? Below 1.2981 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.
6 Hour GBPUSD Chart
6 Hour GBPUSD Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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