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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!
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The past day has been marked by uncertainty and stagnation in the market. The currency pair is currently drawn to the daily short-term trend zone at 1.0308. As we approach the end of the week, it is crucial for bullish traders to ensure that the weekly candle only has a small upper wick. For the bulls to gain momentum, they need to break through the Ichimoku daily dead cross (which ranges from 1.0307 to 1.0402) and reclaim the weekly short-term trend at 1.0404. On the other hand, bearish traders are focused on breaking through the historical support level at 1.0200, which could reestablish the downtrend at 1.0179.
On lower timeframes, key support levels are currently being tested. Today, these levels are identified at 1.0292 (the Central Pivot Point for the day) and 1.0272 (the weekly long-term trend). As long as the price remains above these levels, it will favor the bulls and maintain their advantage. However, if the price breaks below these levels and reverses the trend, it could give the bears the upper hand and open the door to further bearish momentum. In terms of intraday movements, additional targets include resistances at 1.0322, 1.0347, and 1.0377, as well as supports at 1.0267, 1.0237, and 1.0212, based on classic Pivot Points.
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The British pound continues to show daily uncertainty. If this trend persists today, the weekly candle will also reflect indecision. The nearest targets remain unchanged under these circumstances. For bulls, the goal is to break above the monthly Ichimoku cloud at 1.2301 to enter bullish territory and to establish control over the daily short-term trend at 1.2336. For bears, the priority is to break below the lower boundary of the monthly cloud at 1.2099, securing a bearish stance relative to the cloud.
On the H4 and H1 timeframes, the pair is consolidating around the weekly long-term trend level at 1.2208 due to the uncertainty on higher timeframes. Gaining control of this trend and reversing it will provide a further directional advantage. If bulls succeed, the intraday resistance targets are 1.2272, 1.2308, and 1.2357, based on classic Pivot Points. Conversely, if bears initiate a directional movement first, their intraday support targets will be 1.2187, 1.2138, and 1.2102.
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*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।
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