GBPUSD Price Action Analysis: Pound Sterling's Momentum Outlook | 14 - 18 Aug 2023

Amidst Uncertainties, Cable Market Grapples Despite U.K. Economy's 0.2% Growth

In a twist against expectations for a flat reading, the U.K. economy witnessed a 0.2% growth in the second quarter, bolstered by a 0.5% monthly increase in June. However, lingering inflation concerns loom, potentially restraining future growth with the looming possibility of further interest rate hikes.

Shifting gears, the U.S. Dollar held steady on Friday, its value scarcely wavering as traders absorbed the latest inflation data. The U.S. consumer price index matched predictions, showing growth in July compared to the previous month. This outcome prompted speculation that the Fed might maintain current interest rates in September, while also prompting a reduction in expectations for a rate cut this year, maintaining rates near 22-year highs.

At this pivotal juncture, the market's focus tightens on impending economic indicators from both economies in the upcoming week. All eyes are on the 1.27000 level; any failure to defend it could usher in a deeper downtrend movement.

GBPUSD Technical Analysis:
Will the pound find solid support at $1.27000, or are we heading towards a potential breakdown and a possible sell-off? The stakes are high, and we're on the edge of our seats!

The spotlight is on high-impact economic events from both the UK and US dockets, including the Claimant Count Change, ILO Unemployment Rate, Retail Sales, Consumer Price Index, and FOMC Minutes. Brace yourselves as the anticipation and the actual events may trigger sharp price movements that could present incredible trading opportunities.

In this video, we've analyzed the Daily and 4-hour timeframes, exploring bullish and bearish sentiments to uncover the most promising trades for the week ahead. We've delved into key levels, trendlines, and support/resistance points, unveiling essential insights into the current market structure.

Keep a close eye on that critical confluence at $1.27000, where an ascending trendline intersects in the Daily timeframe. It's a decisive moment where both sellers and buyers are vying for control, and how the market reacts here will set the course for GBPUSD in the upcoming days.

Stay connected and join the conversation in the comment section to stay updated on the latest developments. Thank you for tuning in, and get ready for more enlightening insights into GBPUSD in our upcoming content. Buckle up for a thrilling journey ahead! Happy trading!

Previous video analysis with daily commentaries on GBPUSD Trading Strategies:

0:04 Disclaimer
0:08 Introduction
1:39 Reference to last week's daily commentaries and results
2:30 GBPUSD chart analysis on the Daily Timeframe
8:40 GBPUSD chart analysis on the 4H Timeframe
6:40 Macroeconomic event for the week and GBPUSD News and Events
9:00 Conclusion on next week's projections/GBPUSD Price Forecast
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Music:

Title: "Somewhere In The Mountains"
Composer: Oleksii Abramovych
Note: The music used in this video is copyrighted and licensed from Storyblocks. Proper attribution is given to the composer, Oleksii Abramovych, and the music provider, Storyblocks. The use of this music is authorized for the purpose of enhancing the video's audiovisual experience.

[pullerstv]

This is exactly the same thing I was sharing with my friends just yesterday. But we're more optimistic for a bullish move than a bearish move