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
It appears that the British pound had been preparing for a bullish breakout, as it has been consolidating for a while. GBP/USD surged by 180 pips due to moderately weak U.S. employment data on Friday. Along the way, the price broke through the resistance range of 1.2271/87 and the MACD line on the daily chart.
The target range of 1.2430/47 is just ahead, formed by the price channel line and the extreme levels from last December. The price can start a corrective move from this range, but afterwards, we expect the pair to rise towards the target levels of 1.2524 (April 4th high) and 1.2617 (the average low from August 3rd and 14th).
On the 4-hour chart, there is a minor correction. The correction is supported by the MACD indicator line at 1.2335 on the daily chart. Once the corrective phase ends, we expect the pair to move to the target range of 1.2430/47.
Today, in the UK, the Construction PMI for October will be published, and an increase from 45.0 to 46.0 is expected. This data could provide support for the pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.