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!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
As Wall Street indices concluded with a downturn, the global markets painted a mosaic of mixed sentiments. The S&P 500 dipped, the Dow Jones edged lower, and the Nasdaq saw a minor decline. In contrast, Asia-Pacific markets like the Nikkei and S&P/ASX 200 notched modest gains, while Chinese indices trended upwards. European futures hint at a lower open, setting a cautious tone for the GBP/USD pair as it navigates through critical levels.
The trading landscape is riddled with divergent forces: Russell 2000's gain contrasts the mild downtrend in major US indices; Asia-Pacific markets oscillate with Nikkei's rise and Kospi's fall; and China's indices ascend amidst global uncertainties. Federal Reserve's Schmid recommends patience in rate adjustments amid persistent inflation, while cryptocurrencies face skepticism as viable currencies.
Japan's inflation report shows a deceleration, yet above expectations, bolstering the JPY. Furthermore, reports suggest China may lift tariffs on Australian wines by month-end, adding a twist to the commodities narrative. The energy sector displays a mixed bag, with oil inching up as US gas prices drop. Precious metals are on the rise, adding another layer to the intricate web of market dynamics.
GBP/USD's hourly chart indicates a tug-of-war at the 1.2700 supply zone, with several 'Bearish Engulfing' patterns hinting at a looming reversal or at least a challenge in maintaining upward momentum. The 'Shooting Star' candlestick pattern underscores the bears' defiance against the bulls' recent charge.
Key Technical Observations:
Bullish View: Should the currency pair sustain above the weekly pivot of 1.26698 and overcome the supply zone, it might set its sights on the resistance levels WR1 and WR2, with WR3 as an ambitious target.
Bearish Perspective: Inability to breach the supply zone could prompt a retreat towards WS1 and possibly lower to WS2 and WS3, should the bearish pressure mount.
Pivot points serve as markers for potential market turns, offering traders a roadmap for possible support and resistance territories. The GBP/USD's proximity to these points will be instrumental in shaping the weekly market sentiment.
The price movement in relation to these pivot points will be crucial for determining the market sentiment for the coming week. Traders often watch these levels for potential reversals or breakouts.
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
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*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।
