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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Technical Market Outlook:
The GBP/USD pair has been trading inside a horizontal range located between the levels of 1.2044 - 1.2008, which is between the 50 and 100 MA. The market remains under the bearish control (higher time frame trend is down). The level of 1.2087 will now act as a technical resistance as well, so a breakout above this level of needed in order to rally higher. The momentum is positive on the H4 time frame chart, but is not that strong yet as the bulls are trying to regain the control back. The level of 1.1914 remains the key short-term technical support. Please be aware of the 50 MA and 100 MA bearish cross on the H4 time frame as well.
Weekly Pivot Points:
WR3 - 1.20820
WR2 - 1.20580
WR1 - 1.20444
Weekly Pivot - 1.20340
WS1 - 1.20204
WS2 - 1.20100
WS3 - 1.19860
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.
*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।
