Antony_NPBFX
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GBP/USD: the pound is consolidating 10.07.2020
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.
Current trend
Today, during the Asian session, the GBP/USD pair is falling.
The instrument departs from its local highs, renewed yesterday, under the pressure of technical factors, while the overall picture on the market does not change significantly. The pound is still supported by rumors of notable progress on the trade agreement between the UK and the EU. Also, investors responded positively to the Treasury Secretary’s plan to further support the British economy, presented on Wednesday. The dollar, in turn, is supported as a shelter asset since the latest statistics on the dynamics of the incidence of coronavirus in the US and the world cause more and more anxiety and fear.
Support and resistance
On the daily chart, Bollinger bands reverse in the horizontal plane. The price range is slightly expanding from above, letting the “bulls” renew local highs. The MACD indicator is growing, maintaining a poor buy signal (the histogram is above the signal line). Stochastic is showing a reversal downwards, signaling in favor of the development of corrective decline in the ultra-short term.
An appearance of a “bearish” dynamics is possible in the short and/or ultra-short term.
Resistance levels: 1.2617, 1.2668, 1.2730, 1.2812.
Support levels: 1.2541, 1.2500, 1.2400, 1.2334.
Trading tips
Long positions may be opened after a rebound from 1.2541 and a breakout of 1.2600 with the target at 1.2730. Stop loss – 1.2541.
Short positions may be opened after the breakdown of the level of 1.2541 with the target at 1.2400. Stop loss – 1.2617.
Implementation period: 2–3 days.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.
Current trend
Today, during the Asian session, the GBP/USD pair is falling.
The instrument departs from its local highs, renewed yesterday, under the pressure of technical factors, while the overall picture on the market does not change significantly. The pound is still supported by rumors of notable progress on the trade agreement between the UK and the EU. Also, investors responded positively to the Treasury Secretary’s plan to further support the British economy, presented on Wednesday. The dollar, in turn, is supported as a shelter asset since the latest statistics on the dynamics of the incidence of coronavirus in the US and the world cause more and more anxiety and fear.
Support and resistance
On the daily chart, Bollinger bands reverse in the horizontal plane. The price range is slightly expanding from above, letting the “bulls” renew local highs. The MACD indicator is growing, maintaining a poor buy signal (the histogram is above the signal line). Stochastic is showing a reversal downwards, signaling in favor of the development of corrective decline in the ultra-short term.
An appearance of a “bearish” dynamics is possible in the short and/or ultra-short term.
Resistance levels: 1.2617, 1.2668, 1.2730, 1.2812.
Support levels: 1.2541, 1.2500, 1.2400, 1.2334.
Trading tips
Long positions may be opened after a rebound from 1.2541 and a breakout of 1.2600 with the target at 1.2730. Stop loss – 1.2541.
Short positions may be opened after the breakdown of the level of 1.2541 with the target at 1.2400. Stop loss – 1.2617.
Implementation period: 2–3 days.
Use more opportunities of the NPBFX analytical portal: E-book
If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.
You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.