Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
The GBP/USD pair became overbought after an active growth last October 21, which resulted in a technical correction and led to the consolidation of buy deals.
Overbought happens in the market after a strong upward movement, which has led to a significant change in quotes.
Taking a closer look at the dynamics on October 21, you will see that the value of the pound strengthened by 239 points, which is considered very fast and a lot. This led to an overbought status and a corrective movement.
Regarding the quote's current location, you can see that market participants have already managed to pull back the pound's rate below 1.3080, which indicates the prevailing downward interest in the market.
Here, trading forecasts can be drawn from a number of possible market development scenarios.
First scenario: Continuation of the correction
The quote is holding below 1.3080, which was followed by the formation of a corrective move in the direction of the main support level of 1.3000.
Second scenario: Market goes into a side fluctuation mode
The correction is already completed, but the upward move does not return in the market, which leads to a variable turn in the sideways move. So, the values of 1.3000//1.3080 can serve as the fluctuation limits.
*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.
