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Technical Market Outlook:
The GBP/USD pair has made a new swing high at the level of 1.2335, so the bulls are making pressure on market just before the Bank of England interest rate decision today ( 4.00% vs. 4.25% expected). The momentum is strong and positive, so the outlook remains bullish as the market conditions are not extremely overbought on the H4 time frame chart yet. In a case of a further extension to the upside, the next target for bulls is seen at the level of 1.2396 and 1.2447 (swing high).
Weekly Pivot Points:
WR3 - 1.22458
WR2 - 1.22140
WR1 - 1.21963
Weekly Pivot - 1.21822
WS1 - 1.21645
WS2 - 1.21504
WS3 - 1.21186
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.
*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।
