The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The GBP/USD pair continues to move downwards from the level of 1.2314. Yesterday, the pair dropped from the level of 1.2314 (this level of 1.2314 coincides with the ratio of 78% Fibonacci) to the bottom around 1.2155.
Today, the first resistance level is seen at 1.2235 (the daily pivot point) followed by 1.2314, while daily support 1 is found at 1.2105.
Also, the level of 1.2235 represents a weekly pivot point for that it is acting as major resistance/support this week.
Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2234 towards the first support level at 1.2105 in order to test it.
If the pair succeeds to pass through the level of 1.2105, the market will indicate a bearish opportunity below the level of 1.2105 to set at 1.2028.
However, if a breakout happens at the resistance level of 1.2314, then this scenario may be invalidated.
On the downside long term:
If The price is in a bearish channel in coming time. Amid the previous events, the pair is still in an uptrend. On the one-hour chart, the GBP/USD is still below the MA 50H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the GBP/USD pair remains below MA 50 H1, it may be necessary to look for entry points to sell at the end of the correction. A break of 1.2026 minor support will bring retest of 1.1761 and 1.1679 low instead. Forecast : Pound Sterling is currently trading at 1.1850. However, if the trend reverses from this point, then a possible future share price target could be 1.2026. If the price of Pound Sterling is trading above 1.2026 then possibility of upside targets getting achieved is higher around the level of 1.2100.
*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।
