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On Wednesday, the GBP/USD pair continued its subtle upward movement. As illustrated above, the price is gradually creeping higher, which indirectly suggests the weakness of the British pound as it struggles to establish a meaningful correction. Therefore, we maintain our belief that the pound will likely decline in the medium term. Patience is essential at this stage, as the correction is developing on the daily timeframe, indicating it may take a significant amount of time to complete. Local trends may shift several times before the primary downward trend resumes. With no major macroeconomic or fundamental events occurring on Wednesday and little improvement anticipated on Thursday, it is difficult to foresee strong movements or substantial profits.
On the 5-minute timeframe, three solid trading signals emerged on Wednesday. First, the price bounced off the 1.2316 level and then rose to 1.2372 before pulling back and returning to 1.2316. As a result, beginner traders had two clear trading signals that were executed successfully. These two trades could have generated at least 60 pips in profit.
On the hourly timeframe, GBP/USD has started forming a short-term upward trend, which appears to be a correction. In the medium term, we strongly expect the pound to decline, targeting 1.1800, as we believe this is the most logical outcome. Therefore, we anticipate further declines, with the trendline acting as a key indicator for the conclusion of the current correction.
On Thursday, GBP/USD may continue to trade relatively calmly and could return to the ascending trendline.
On the 5-minute timeframe, the key levels for trading are: 1.2010, 1.2052, 1.2089-1.2107, 1.2164-1.2170, 1.2241-1.2270, 1.2316, 1.2372-1.2387, 1.2445, 1.2502-1.2508, 1.2547, 1.2633, 1.2680-1.2685, 1.2723, and 1.2791-1.2798. For Thursday, no significant events are scheduled in the UK. In the US, there will be a largely overlooked Unemployment Claims Report. We believe the dollar may resume its growth today, as the declines observed on Monday and Tuesday were neither logical nor justified.
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 speeches and reports, which are consistently featured in the news calendar, can significantly influence the movement of a currency pair. Therefore, during their release, it is advisable to trade with caution or consider exiting the market to avoid potential sharp price reversals against the prior trend.
Beginners in the Forex market should understand that not every transaction will be profitable. Developing a clear trading strategy and practicing effective money management are crucial for achieving long-term success in trading.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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