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!
The British pound is in an even more challenging position than the euro. Despite the UK's greater energy independence compared to the Eurozone, the pound responds more acutely to developments in the Middle East and to energy price fluctuations. For the EUR/USD instrument, the wave structure is clearer and more comprehensible, suggesting potential for growth. In contrast, the GBP/USD waves simply alternate. Even if they can be "packed" into a specific wave structure, such patterns are not useful as they lack clear interpretation.
Overall, the situation in the currency market remains unchanged. The news background is currently the most important factor. However, only those news items related to the Iran-US-Israel conflict are relevant. There is no ceasefire, no negotiations, and oil prices continue to rise. Additionally, Yemen threatens to block the Bab-el-Mandeb Strait, further complicating oil logistics from the region. This is why demand for the US dollar has increased on four of the five days this week, while the market has simply ignored economic data. It is worth noting that the inflation report was released in the UK this week, but it had no significance for traders.
Next week, the UK will release the final GDP report for the fourth quarter, and that's about it. However, the market has never favored British data releases, and under the current circumstances, they play no role. If traders decide to react to economic data, it will likely be the US labor and unemployment reports that take precedence. Geopolitics will remain the primary focus. In trading the British pound, I would currently recommend relying on the euro.
Based on the analysis of EUR/USD, I conclude that the instrument remains within an upward segment of the trend and, in the short term, has completed the formation of a downward wave set. Since the five-wave impulse structure is complete, my readers can expect price increases over the next week or two, with targets around 1.1666 and 1.1745, corresponding to the 38.2% and 50.0% Fibonacci. Further movements of the instrument will depend entirely on events in the Middle East.
The wave structure of the GBP/USD instrument has become quite complex and difficult to read. We now see a seven-wave downward structure on the charts, which does not clearly represent a pattern. Most likely, there is an extension or complication within one of the waves. However, this does not make the wave pattern any clearer. If the wave pattern has once become complicated to the point of unreadability, it may become even more complicated multiple times. Therefore, I believe we should focus on the wave analysis of the EUR/USD instrument, which looks much clearer. It should also not be forgotten that geopolitical factors can send both instruments into a new decline at any moment. If this does not occur, the euro and the pound could see increases within the context of corrections.
*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।
