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!
GBP/USD continued a very subdued upward drift on Wednesday with minimal volatility. No important reports or events in the UK or the US during the day, so traders again had little to react to. To be fair, the market has ignored many releases for months and focused only on the most important events — typically those tied to Federal Reserve policy. This week the major focus remains Friday's US inflation report. Today the European Central Bank announces its decision in the eurozone, but even a rate hike (priced in for weeks) does not guarantee strong intraday moves for the euro or the pound. As noted before: in recent months, the market has largely focused on Fed policy and major global events. Given the technical picture across timeframes and the global fundamental backdrop, sterling still has good medium-term upside prospects.
On the 5-minute TF on Wednesday, price traded more sideways than up or down, so no trading signals were generated. Novice traders had no good grounds to open positions.
On the hourly TF, GBP/USD continues a downward corrective trend that may finish soon. We believe sterling should continue to rise in the medium term under most scenarios, but it is in correction now. On the weekly TF, the move from the lower boundary of the sideways channel toward the top continues and may not be complete. Thus, we expect a resumption of the upward impulse.
On Thursday, novice traders may consider short positions targeting 1.3456–1.3476 if price bounces from 1.3587–1.3598. Long positions can be opened with targets at 1.3587–1.3598 in the event of a bounce from 1.3456–1.3476.
On the 5-minute TF, you can trade the levels 1.3259–1.3267, 1.3319–1.3331, 1.3380–1.3386, 1.3456–1.3476, 1.3587–1.3598, 1.3631–1.3641, 1.3695, 1.3741. No major UK or US events are scheduled for Thursday; the market is likely to ignore US weekly jobless claims and new-home sales data. The ECB decision is the only event that could theoretically move the pound off its current footing today.
Price levels (areas) of support and resistance serve as targets for opening buy or sell trades or as sources of signals.
Red lines indicate channels or trend lines that show the current trend and the preferred trading direction.
The MACD indicator (14,22,3) — the histogram and signal line — is an auxiliary indicator that can also provide signals.
Important speeches and reports (listed in the news calendar) can significantly influence currency pair movements. Therefore, during their release, traders should approach trading with utmost caution, or exit the market to avoid sudden reversals against the preceding move.
Beginner forex traders should remember that not every trade can be profitable. Developing a clear strategy and practicing money management are key to long-term success in trading.
*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।
