GBPUSD Potential Forecast | 1st March 2023
Fundamental Backdrop
1. Inflation for the GBP continues to be very high.
2. Pessimistic outlook on the economy for GBP as upcoming GDP m/m is widely forecasted to be printed negative, showing the recessionary phase the economy is in.
Technical Confluences
1. The overall bias for GBPUSD is bearish and price can retest the daily support level at 1.186.
2. Price has been on a bearish trend for GBPUSD and is forming lower lows and lower highs as seen by the red highlights signifying the highs and lows.
3. Price rejected off the H4 resistance level at 1.213 and has seen continued bearish.
Idea
I will be looking for price to possibly retest the support at 1.186.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. Inflation for the GBP continues to be very high.
2. Pessimistic outlook on the economy for GBP as upcoming GDP m/m is widely forecasted to be printed negative, showing the recessionary phase the economy is in.
Technical Confluences
1. The overall bias for GBPUSD is bearish and price can retest the daily support level at 1.186.
2. Price has been on a bearish trend for GBPUSD and is forming lower lows and lower highs as seen by the red highlights signifying the highs and lows.
3. Price rejected off the H4 resistance level at 1.213 and has seen continued bearish.
Idea
I will be looking for price to possibly retest the support at 1.186.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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