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Overview :
Technically : Last week, the GBP/USD pair profit target reached perfectly to the highest price of 1.2978, but it closed at 1.2930. Probably we prepare for another bounce this week.
It was an important one for the GBP/USD pair, with the bounce foretold here a week ago duly taking place around the sot of 1.2978 - 1.2865.
The GBP/USD pair continues to move upwards from the level of 1.2920.
Today, the first support level is currently seen at 1.2865, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.2865, which coincides with the 61.8% Fibonacci retracement level.
This support (1.2865) has rejected our times confirming the veracity of an uptrend. Bias bullish market, above the levels of 1.2865.
According to the previous events, we expect the GBP/USD pair to trade between 1.2865 and 1.3043. So, the support stands at 1.2865, while daily resistance is found at 1.3043.
Therefore, the market is likely to show signs of a bullish trend around the spot of 1.2865. In other words, buy orders are recommended above the spot of 1.2865 /1.2920 with the first target at the level of 1.3003; and continue towards 1.3043.
However, if the GBP/USD pair fails to break through the resistance level of 1.3043 today, the market will decline further to 1.2865 again.
Reason for the trading strategy (fundamentally):
On the downtrend:
If the pair fails to pass through the level of 1.3043, the market will indicate a bearish opportunity below the level of 1.3043. Hence, the market will decline further to 1.2865 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.2751.
Technical levels :
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
