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 GBP/USD pair also leaned towards a correction on Tuesday but failed to consolidate below 1.3476. Thus, for six full days, the British currency has traded between 1.3476 and 1.3587, essentially within a range. Yesterday, several interesting reports were published in the UK. For instance, the unemployment rate unexpectedly dropped to 4.9%. However, the market chose to ignore this report, as it did others that were less significant.
As for the geopolitical backdrop, it should now be clearly divided into two categories: rumors, speculation, and insider information, and official statements and events. As of Wednesday, the situation in the Middle East remains unchanged. There are still no negotiations, the Strait of Hormuz remains closed, oil prices are rising again, and Tehran and Washington cannot even agree on a meeting, let alone discuss any mythical deal that Donald Trump keeps talking about.
On the hourly timeframe, the GBP/USD pair continues to form an upward trend but has been within the sideways channel of 1.3475-1.3587 for six days now. There are no global grounds for medium-term dollar growth, so we expect a resumption of the global upward trend of 2025 in 2026. For this to happen, global geopolitical tensions need to continue to decline. In any case, we believe that without a significant escalation in the Middle East, the dollar will no longer be able to sustain the growth it has shown over the past two months. However, individual events may still provoke their strengthening.
On Wednesday, beginner traders may consider opening short positions if the price settles below the 1.3476-1.3489 area, targeting 1.3380-1.3386. A price bounce from the area of 1.3476-1.3489 will allow for new long positions to be opened, targeting 1.3587-1.3598.
On the 5-minute timeframe, trading levels to consider include 1.3175-1.3180, 1.3259-1.3267, 1.3319-1.3331, 1.3380-1.3386, 1.3476-1.3489, 1.3587-1.3598, 1.3695, and 1.3741-1.3751. Today, the UK will publish an important March inflation report, which may influence the Bank of England's monetary policy decision. In the US, there are no significant events scheduled.
Price levels of support and resistance are levels that serve as targets when opening buys or sells. Take Profit levels can be placed around them.
Red lines represent channels or trend lines that show the current trend and indicate the direction in which it is preferable to trade now.
The MACD indicator (14,22,3) – the histogram and the signal line – is a supporting indicator that can also be used as a source of signals.
Important speeches and reports (always included in the news calendar) can significantly affect the movement of the currency pair. Therefore, during their release, trading should be done with utmost caution, or traders should exit the market to avoid sharp price reversals against the previous movement.
Beginning traders in the forex market should remember that not every trade can be profitable. Developing a clear strategy and effective money management are the keys to long-term trading success.
*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.
