The 4H death cross has been completed ending the previous downtrend after the GBPUSD found willing buyers in the 1.24-1.25 range.

Fortunately, my March 27 long trade plan has exited in profit with 3 to 1 risk:reward ratio yesterday even after a momentary dip last week.

https://www.finlogix.com/analysis/20240327/gbpusd-intraday-analysis-and-trading-plan-for-march-27-2024

Sticking to the already ruled out trade plan matters!

This marks my first win for the GBPUSD pair this year.

There is only one British major economic release this week that is due on Friday, the UK GDP month-over-month report.

The markets are expected to enter moderate to heavy volatility as the US CPI figures upcoming tonight.

Re-assessing GBPUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Spinning Top with a Slightly Longer Head Wick now a Long-Legged Red Spinning Top

Monthly Candle: Previous close is a Red Long Upper Shadow with a Small Body current is a Green Long Lower Shadow

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Small Red Hammer

March’s rally was heavily sold off back to the previous monthly open.

The GBPUSD continues to struggle with last year’s July highs but April's good start looks promising to the upside.

Meanwhile, the US dollar depicted by its DXY index has lowered recently against its rivals including the British Pound.

Also, the recent dips in US treasury yields are likely to keep the Greenback in bid tone.

Upcoming US CPI inflation figures are expected to ease in March.

For now, I’m seeing a next wave upward after holding the 1.25 sub levels last week.

On Monday, I’ve pre-analysed the pair seeing a tiny to moderate corrective structure first for the next moving up wave. So I continue focusing on buying setups only.

The previous down trend together with the 4H death cross I’ve mentioned during my previous analysis got invalidated after holding above the mentioned 1.25 sub levels last week.

For today’s trade plan, first I’m assuming that the GBPUSD will fall after the initial release of the US CPI figures tonight then rallies upward breaking the 1.27 nearby external highs then succeeding upper resistances next.

Here’s the following updated long entries:

This time I’m giving enough room for the stop loss in case the opposite direction happens.

Let’s see how this new trade plan goes.

GBPUSD Intraday Analysis and Trading Plan For April 10, 2024

Apr 10 2024

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