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On Tuesday, the GBP/USD pair traded mostly sideways with low volatility throughout the day. The Forex market was closed on Monday due to the holiday. No significant fundamental events or macroeconomic reports were scheduled for Tuesday, for the rest of the week, or in the near future. While the pair is currently showing a bearish sentiment, predicting its movement through the end of the year is nearly impossible. The market is currently in a flat condition, but sharp price swings could occur in this "thin" market.
On the 5-minute timeframe on Tuesday, two trading signals were generated. During the U.S. trading session, the price unexpectedly began to rise, only to drop back a few hours later. The exact cause of these movements is unclear; it was likely influenced by the actions of major players in a thin market. Despite the price crossing the 1.2547 level twice, it was probably not advisable to try trading these signals, as they occurred just hours before the market closed.
On the hourly timeframe, the GBP/USD pair has completed its upward correction. In the medium term, we fully support the sustained decline of the pound, as we believe this is the most logical scenario. However, it's important to note that the British pound shows significant resistance against the U.S. dollar. Therefore, while we expect further decline, trading decisions should be based on technical signals. The outcomes of the Bank of England and Federal Reserve meetings strongly support the continuation of the bearish trend.
On Thursday, the GBP/USD pair may trade somewhat randomly or remain in a flat pattern with low volatility.
On the 5-minute timeframe, the following trading levels are relevant: 1.2387, 1.2445, 1.2502–1.2508, 1.2547, 1.2633, 1.2680–1.2685, 1.2723, 1.2791–1.2798, 1.2848–1.2860, 1.2913, and 1.2980–1.2993. For Thursday, there are no significant events scheduled in the UK or the U.S. that could impact trader sentiment or encourage active trading.
Support and Resistance Levels: These are target levels for opening or closing positions and can also serve as points for placing Take Profit orders.
Red Lines: Channels or trendlines indicating the current trend and the preferred direction for trading.
MACD Indicator (14,22,3): A histogram and signal line used as a supplementary source of trading signals.
Important Events and Reports: Found in the economic calendar, these can heavily influence price movements. Exercise caution or exit the market during their release to avoid sharp reversals.
Forex trading beginners should remember that not every trade will be profitable. Developing a clear strategy and practicing proper money management are essential for long-term trading success.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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