NPBFX - making money with us since 1996!

GBP/USD: ambiguous dynamics 18.09.2020

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

GBP is showing ambiguous dynamics at the end of the trading week, consolidating near 1.2950. Yesterday, investors took a lead from the published minutes of the Bank of England meeting, which provoked a sharp decline in the instrument during the day. As expected, the regulator made no changes into the monetary policy parameters. The rate remained at 0.1%, and the asset purchase facility remained at the level of GBP 745 billion. At the same time, it became known that members of the board were considering the potential possibility of applying negative interest rates, if the economic situation so requires. Investors reacted to such statements with a wave of selling; however, by the end of the trading session on Thursday, GBP still managed to win back most of its losses.

Additional pressure on the instrument remains due to the uncertainty surrounding Brexit. The bill proposed by the British Prime Minister effectively thwarted the negotiation process, which was already not particularly optimistic.

Support and resistance

Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing, reflecting the emergence of the uptrend in the short term. MACD indicator is growing preserving a weak buy signal (located above the signal line). Stochastic keeps its upward direction but is approaching its highs, which reflects risks of the overbought GBP in the ultra-short term.

To open new positions, it is necessary to wait for the trade signals to become clear.

Resistance levels: 1.3000, 1.3052, 1.3100, 1.3147.
Support levels: 1.2950, 1.2900, 1.2850, 1.2761.

gbpusd18092020-55.png


gbpusd18092020-66.png


Trading tips

To open long positions, one can rely on the breakout of 1.3000. Take-profit – 1.3100. Stop-loss – 1.2950.

The breakdown of 1.2900 may serve as a signal to new sales with the targets at 1.2800–1.2761. Stop-loss – 1.2970.

Implementation time: 2-3 days.

Use more opportunities of the NPBFX analytical portal: economic indicators

Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).

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.
 
XAU/USD: gold on the cusp of new lows 23.09.2020

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.

Current trend

Gold prices are slightly declining today, developing a "bearish" signal, formed at the end of last week, but staying within the local lows, updated on September 21. Gold is depreciating amid a growing USD, which has received support from the difficult situation with COVID-19 in Europe, where some countries are considering returning some of the quarantine restrictions. American investors are also worried about the prospect of new stimulus measures in the USA, which have been the subject of the most heated debate for a long time.

This week, Fed Chairman Jerome Powell and US Treasury Secretary Steven Mnuchin will hold a series of speeches in Congress, where they will talk about their vision of the current economic situation. Mnuchin's speech attracts the most attention, since Powell's position is well known to the markets and he is unlikely to say anything new.

Support and resistance

Bollinger Bands in D1 chart demonstrate a slight decrease. The price range is widening actively but does not conform to the development of the downtrend yet. MACD is going down keeping a fairly stable sell signal (located below the signal line). Stochastic demonstrates a similar dynamics, but is approaching its lows, signaling future risks of the oversold instrument in the nearest future.

The current showings of the indicators do not contradict the further development of the downtrend.

Resistance levels: 1895.06, 1910.00, 1935.00, 1955.00.
Support levels: 1876.23, 1850.00, 1830.00.

xauusd23092020-55.png


xauusd23092020-66.png


Trading tips

To open new short positions, one should consider the possibility of a breakdown of 1876.23 with a target at 1830.00. Stop-loss – 1900.00. Implementation time: 1-2 days.

A rebound from 1876.23 as from support followed by a breakout of 1895.06 may become a signal for correctional purchases with the target at 1935.00. Stop-loss – 1876.23.

Use more opportunities of the NPBFX analytical portal: trading signals for commodities

How can a trader determine if it’s worth buying or selling XAU/USD now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.

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 XAU/USD and trade efficiently with NPBFX.
 
USD/CHF: the pair corrects upward 25.09.2020

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CHF for a better understanding of the current market situation and more efficient trading.

Current trend

The USD/CHF pair grows due to USD upward correction, trading around 0.9260.

Yesterday, a meeting of the Swiss National Bank took place, at which it was decided to leave the interest rate unchanged at the level of –0.75%. In an explanatory comment, the head of the regulator noted that the COVID-19 pandemic continues to actively affect the global economy. The inflation rate remains at low levels, at –0.6%, and according to forecasts, it will return to positive values no earlier than 2021 (0.1%). Economic activity in Switzerland has intensified since May 2020, which should be reflected in Q3 GDP growth, which will continue into 2021. However, the bank expects that, like abroad, the recovery will be only partial so far. This year, GDP is expected to shrink by about 5%. This will be the largest decline since the mid-1970s crisis.

USD remains stable in the local perspective, while the USD Index is trading slightly below yesterday's levels, around 94.300. Despite the downward correction, the potential for further dollar growth remains high.

Support and resistance

The global upward correction grows. The expected target level is the resistance line of the global downtrend. Technical indicators have issued a new stable buy signal. Indicator Alligator’s EMA fluctuations range expands toward growth and the histogram of the AO oscillator forms bars above the zero line.

Resistance levels: 0.9280, 0.9380.
Support levels: 0.9190, 0.9030.

usdchf25092020-22.png


Trading tips

After growth or consolidation above the local maximum at 0.9280, buy positions with the target at 0.9380 and stop loss 0.9220 become relevant. Implementation period: 5 days.

After reversal and decline or consolidation below the local support level at 0.9190, sell positions with the target at 0.9030 and stop loss 0.9260 are relevant.

Use more opportunities of the NPBFX analytical portal: economic calendar

Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration 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 USD/CHF and trade efficiently with NPBFX.
 
GBP/USD: waiting for new drivers 28.09.2020

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

GBP has shown slight gains against USD today, continuing the weak "bullish" momentum that formed in the middle of last week.

GBP is strengthening against the background of the correctional decline in USD; however, the positions of the "bulls" remain under pressure due to the uncertainty surrounding the trade deal between the UK and the EU. There is very little time left until the end of the transition period after Brexit, and there is still no noticeable progress between the negotiators. British Prime Minister Boris Johnson still remains adamant, as evidenced by a recently adopted bill that effectively allows the UK to violate international law. At the same time, the focus of the market's attention is again gradually shifting to statistics on the incidence of coronavirus. The UK is already showing alarming dynamics, and the authorities were forced to return some of the restrictions in order to prevent a repeat of a full-fledged lockdown.

Support and resistance

On the D1 chart, Bollinger Bands are gradually reversing horizontally. The price range is narrowing, reflecting the flat dynamics of trading in the short term. MACD has reversed to growth forming a weak buy signal (located above the signal line). Stochastic is showing similar dynamics, retreating from its lows and signaling in favor of the development of the "bullish" trend in the ultra-short term.

Current showings of the indicators do not contradict the further development of the uptrend in the short term.

Resistance levels: 1.2800, 1.2850, 1.2900, 1.3000.
Support levels: 1.2674, 1.2600, 1.2550, 1.2500.

gbpusd28092020-55.png


gbpusd28092020-66.png


Trading tips

To open long positions, one can rely on the breakout of 1.2800. Take-profit – 1.3000. Stop-loss – 1.2700. Implementation time: 2-3 days.

The breakdown of 1.2674 may serve as a signal for new sales with the target at 1.2550. Stop-loss – 1.2730.

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.
 
USD/JPY: USD is corrected from its two-week highs 30.09.2020

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

USD is trading ambiguously against JPY during today's morning session, close to its local highs since September 14 and psychological support at 106.00.

Macroeconomic statistics from Japan released on Wednesday turned out to be mixed, but provided some support for JPY. Retail Sales increased by 4.6% MoM in August after falling by 3.4% MoM a month earlier. Analysts counted on the appearance of positive dynamics +3.2% MoM. In annual terms, the indicator fell by 1.9% YoY after decreasing by 2.9% YoY in July. Forecasts suggested a decrease of 3.5% YoY. Industrial Production for the same period decreased by 13.3% YoY, which turned out to be better than the data for the previous period at the level of –15.5%, but worse than the forecasted –10.0% YoY. On a monthly basis, production added 1.7% MoM after rising by 8.7% MoM in July.

Support and resistance

Bollinger Bands in D1 chart demonstrate weak decrease. The price range is narrowing, reflecting ambiguous dynamics of trading in the short/medium term. MACD indicator is growing preserving a weak buy signal (located above the signal line). Stochastic, having reached its peak values, reversed into a descending plane, signaling in favor of the development of a correctional decline in the ultra-short term.

Resistance levels: 105.79, 106.00, 106.20, 106.50.
Support levels: 105.43, 105.19, 105.00, 104.75.

usdjpy30092020-55.png


usdjpy30092020-66.png


Trading tips

The breakdown of 105.43 may serve as a signal for new sales with the target at 105.00. Stop-loss – 105.70. Implementation time: 1-2 days.

To open long positions, one can rely on the rebound from the support level of 105.43 with the subsequent breakout of 105.79. Take-profit – 106.20. Stop-loss – 105.55.

Use more opportunities of the NPBFX analytical portal: analytics

You can find more actual analytical reviews on other popular currency pairs, metals and CFDs on the NPBFX online portal. Daily analytics with charts, current market prognoses and trading scenarios in the Feed section are available. Get free and unlimited access to the online portal after registering on the official website of NPBFX Company.

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 USD/JPY and trade efficiently with NPBFX.
 
XAU/USD: gold is correcting 02.10.2020

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.

Current trend

Gold prices decline significantly during today's Asian session, retreating from local highs since September 22, updated the day before. Investors are fixing long positions ahead of the release of reports on the US labor market on Friday, as well as responding to some improvement in market sentiment. Strong data from the US supported the demand for risk, especially after the US Treasury officials said that the chances of early approval of the new economic aid package increased markedly. At the same time, gold continues to benefit from rising coronavirus incidence statistics in Europe. The trend has not yet been reversed, as many countries are reluctant to return quarantine restrictions, fearing to disrupt the fragile economic recovery.

Today investors are focused on the publication of the US labor market report. Investors expect the emergence of 850K new jobs in Non-Farm Payrolls, which is significantly less than the previous growth of 1.371M. However, given the strong performance in private sector employment, it is possible that the real dynamics will be noticeably better.

Support and resistance

Bollinger Bands in D1 chart demonstrate a slight decrease. The price range is narrowing, reflecting the ambiguous nature of trading in recent days. MACD indicator is growing preserving a weak buy signal (located above the signal line). Stochastic, having approached the level of "80", reversed downwards, reacting to the "bearish" trend of today's morning session.

Resistance levels: 1911.82, 1935.00, 1955.00, 1966.25.
Support levels: 1891.17, 1876.94, 1850.00.

xauusd02102020-55.png


xauusd02102020-66.png


Trading tips

To open short positions, one can rely on the breakdown of 1891.17. Take-profit – 1850.00. Stop-loss – 1911.82. Implementation time: 2-3 days.

A rebound from 1891.17 as from support followed by a breakout of 1911.82 may become a signal for new purchases with the target at 1935.00. Stop-loss – 1900.00.

Use more opportunities of the NPBFX analytical portal: trading signals for commodities

How can a trader determine if it’s worth buying or selling XAU/USD now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.

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 XAU/USD and trade efficiently with NPBFX.
 
GBP/USD: GBP tries to resume growth 05.10.2020

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

GBP is showing flat dynamics of trading today, maintaining a weak "bullish" advantage, preserved from last week. GBP buying activity is noticeably weakening amid new statements by Boris Johnson, who reiterated that the UK will be able to do without a trade agreement with the EU after the Brexit transition period ends at the end of the year. However, the Prime Minister stressed that he would like a different outcome of the situation, but so far the parties are faced with insurmountable contradictions.

The US macroeconomic statistics released on Friday had an ambiguous impact on the market dynamics. In September, Non-Farm Payrolls showed growth only by 661K new jobs, while last month was marked by an increase of 1.489M. Experts expected the growth by 850K. At the same time, the Unemployment Rate in the USA in September has steadily decreased from 8.4% to 7.9% against the forecast of 8.2%.

Support and resistance

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is almost constant, remaining rather spacious for the current level of activity in the market. MACD indicator is growing preserving a weak buy signal (located above the signal line). Stochastic, having approached the level of "80", reversed into a downward plane, signaling the risks of a corrective decline in the ultra-short term.

To open new trading positions, it is necessary to wait for the signals from technical indicators to be clarified.

Resistance levels: 1.3000, 1.3100, 1.3200, 1.3300.
Support levels: 1.2900, 1.2850, 1.2800, 1.2761.

gbpusd05102020-55.png


gbpusd05102020-66.png


Trading tips

To open new short positions, one can rely on the breakdown of 1.2900. Take-profit – 1.2800–1.2761. Stop-loss – 1.2970. Implementation time: 2-3 days.

The breakout of 1.3000 may serve as a signal to new purchases with the target at 1.3100. Stop-loss – 1.2940.

Use more opportunities of the NPBFX analytical portal: glossary

Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.

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.
 
August NPBFX contest completed: interesting facts and overview of the results of the Battle of Traders

Hello, dear forum users!

During the last summer month the Battle of Traders continued to stay in a bullish trend! Trading on demo accounts without the risk of losing real money and with the opportunity to win a real deposit attract both experienced traders and those who have lately started trading Forex. For instance, in August, 2,360 traders joined the Battle to win main prizes. Who managed to achieve impressive results? Who closed biggest amount of trades? You can learn answers to all these questions in the review of the results of the August’s Battle of Traders!

Open monitoring of the Battle’s participants shows that traders used all the instruments available in NPBFX: currencies, precious metals, world indices, energy CFDs.

However, some contestants preferred to trade exclusively with one currency pair. For example, a trader with the nickname grekul64 (# 196440). He opened 90 trades in EURUSD and took 19th place. The absolute record holder of the month for the number of open trades Acuder (# 197605) traded exclusively with this pair – there were 11169 transactions made on the account. There are other interesting tactics as well. For example, trader Yurec (# 198269) opened only one transaction, but it provided him with more than $ 8000 profit and 51st place out of 2360. We can also suppose that with more trading activity we could see trader Yurec among the month’s winners.

It should be noted that the trading portfolios of the TOP-3 traders in August included indices. Although a trader under the nickname snaker (# 198779) made just one transaction with the S&P500 index – this trade resulted in $ 18,500 of profit!

The first place in the Battle was taken by a participant with the nickname IVAN108 (№199499). The winner of the contest was able to effectively combine indices, currencies and metals in his trading portfolio. It took him 144 transactions to get ahead of the competition. The trader increased his initial deposit by more than 50 times. According to the rules of the Battle, NPBFX awards the winner with the iPhone 11 Pro! We propose to give the results of the participants of the Battle a closer look, because the prize fund of $ 2500 was distributed among them.

itogi-aug-2020-eng.jpg


NPBFX Broker congratulates the winners and expresses gratitude to all participants of the August’s Battle!
To participate in the monthly Battle of Traders, you need to register your Personal Account on the official NPBFX website and open a contest demo account. Join and earn your trading capital for Risk Free Live Trading!

Register for the Battle of Traders right now
 
$1000 and the newest iPhone 11 Pro sent to Kostroma! Introducing an interview with the winner of the August’s Battle of Traders

The summer contest season ended with an impressive trading result of the winner! It was the trader Ivan Vasilevich Kruglov from Kostroma, a Russian city with a rich centuries-old history. The career of the winner of the August’s Battle of Traders is also eventful and started long before the Battle. Ivan Vasilyevich began to take Forex trading as a serious intellectual job 4 years ago. Research and testing of various strategies turned out to be so successful and it allowed the trader to receive the super prize of the contest from NPBFX – iPhone 11 Pro! Did the winner set such a goal for himself? What criteria does he use when choosing trading instruments? What part does Forex play in a trader’s life today? The winner gave answers to these and other questions in an interview for NPBFX. We present to your attention a script of the conversation with Ivan Vasilievich.

interview-aug-2020-eng.png


- Ivan Vasilievich, could you tell us how did you know about the contest and why have you decided to take part in it?

- I knew about NPBFX before the Battle. Somehow I visited your webpage and decided just to try to take part in the Battle.

- How long did it take you to register in the Battle of Traders? What can you say about the conditions of the contest at NPBFX?

- Registration can be made very quickly. All the terms of the contest suited me.

- What were your first words and emotions when you learned about your victory in the Battle of Traders? Did you share this news with someone?

- Yes, I did not even think about taking the first place, I thought that I would be in the top ten. When I saw myself as a winner, I was surprised. I was overwhelmed with joy! I shared the news with relatives and friends.

- As far as I know, you participated in the contest for the first time and not only won the competition, but also a super prize from NPBFX – iPhone 11 Pro. Have you set yourself such a goal – to win an iPhone?

- No, I didn't set a goal to win an iPhone. I was just watching how it would turn out.

- Your result is really impressive: you were able to increase your initial deposit of $ 5000 by 52 times – up to $ 262 525! Please tell us more about your trading strategy.

- My strategy was that I traded on false breakouts. I can say I was mastering my strategy. I worked on the desktop version as well the mobile version of MT4 when I was at work.

- During the Battle you closed 144 transactions. As can be seen from the statement, in addition to currency pairs, S&P500, NASDAQ indices and gold were included into your portfolio. What were the reasons for choosing such trading instruments?

- I chose trading instruments based on the principle of strong entry points. In addition, I took into account volatility and capitalization. I managed the account manually, did not use indicators.

- Do you plan to trade other trading instruments that are available in NPBFX: cryptocurrencies, CFDs, energies?

- I will definitely not work with cryptocurrency, I will try others.

- You had positions with a volume of 50-75 trading lots and trades of 0.5 lots. Are you more focused on technical or fundamental analysis in market prognosis?

- I rely more on technical analysis.

- How often did you refer to the monitoring of contest accounts? Was it helpful to you in any way?

- Yes, I was monitoring my score, it was interesting. I participated for the first time, so I checked my place often. There was one more participant in the Battle who was my competitor, but he could not resist more, and my account won at the end.

- $1000 has already been credited to your real trading account with NPBFX. Are you going to follow the same trading strategy on it as on a demo account in the Battle?

- No. I will stick to more conservative trading on a real account.

- Ivan Vasilievich, tell us a little about your career: how long have you been trading Forex? Why did you decide to start trading?

- I got acquainted with the Forex market 10 years ago. But I have been doing it seriously for about 4 years. I started buying some courses, using different strategies. That’s how I slowly found what works for me. Here you don't need to work physically, to put it simply. Forex is an intellectual work. You can do physical work, you can work with your brains – just need to choose what is the best option for you.

- In your opinion, what qualities should a person possess to become a successful trader?

- First, you definitely need to have endurance, patience, not to hurry up. The second is to analyze more. Self-discipline is everything, no haste.

- What part does Forex play in your life today?

- Forex takes an important place in my life. This is an additional source of income.

- What is your main job, what is your profession?

- I work in the furniture industry, I am engaged in the assembly and installation of office furniture.

- Please tell me, what country are you from, what is the name of the city of your residence? How old are you, are you a family man, what are your hobbies?

- I live in Russia, the city of Kostroma. I am a family man, I have a wife and a child. What’s my hobby? Trading – that’s exactly what I am fond of!

- Ivan Vasilievich, would you advise your friends and acquaintances to join the Battle of Traders?

- I have already advised, but no one has experience.

- What would you like to wish NPBFX and the participants of the next Battle of Traders?

- I wish the company good luck, development, an opportunity to carry out more competitions - they are good and worthy. To the participants, of course, success and profit!

- Ivan Vasilievich, thank you for participating in the Battle and answering the interview questions. Let the NPBFX live account trade be as successful as your contest account!
 
GBP/USD: GBP is strengthening 12.10.2020

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

GBP is trading ambiguously against USD during today's morning session, testing 1.3000 for a breakout. The pair ended last week's trading with moderate gains, culminating on Friday, when GBP strengthened significantly amid a decline in USD.

Investors also ignored the weak macroeconomic statistics from the UK, which appeared at the end of last week. UK GDP in August showed growth by 2.1% MoM, slowing down from the previous value of +6.6% MoM. Analysts had expected growth of 4.6% MoM. Industrial Production for the same period decreased from +5.2% MoM to +0.3% MoM, which also turned out to be significantly worse than market forecasts of +2.5% MoM. On an annualized basis, production rates fell by 6.4% YoY, with an expected decline of 4.6% YoY. Today, investors' attention is focused on the speech of the Bank of England Governor Andrew Bailey, who may again speak out in favor of additional stimuli for the British economy.

Support and resistance

On the D1 chart Bollinger Bands are reversing into the ascending plane. The price range is changing slightly but does not conform to the development of the "bullish" trend in the ultra-short term yet. MACD indicator is growing preserving a stable buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic keeps its upward direction but is approaching its highs, which reflects the risks of overbought instrument in the ultra-short term.

Resistance levels: 1.3100, 1.3200, 1.3300.
Support levels: 1.3000, 1.2925, 1.2850, 1.2800.

gbpusd12102020-55.png


gbpusd12102020-66.png


Trading tips

To open long positions, one can rely on the breakout of 1.3100. Take-profit – 1.3200. Stop-loss – 1.3040. Implementation time: 1-2 days.

The return of "bearish" trend with the breakdown of 1.3000 may become a signal for further sales with the target at 1.2850. Stop-loss – 1.3075.

Use more opportunities of the NPBFX analytical portal: economic indicators

Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).

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.
 
Back
Top