empty
 
 
it
Supporto
Apertura rapida di un conto
Piattaforma di trading
Ricaricare / Prelevare

23.10.202008:37 Forex Analysis & Reviews: Brief trading recommendations for GBP/USD on 10/23/20

Exchange Rates 23.10.2020 analysis

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.

Exchange Rates 23.10.2020 analysis

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Gven Podolsky,
Analytical expert of InstaSpot
© 2007-2024
Approfittati subito dei consigli degli analisti
Deposita i fondi sul conto di trading
Apri un conto di trading

Le recensioni analitiche di InstaSpot ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaSpot, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.

In questo momento non potete parlare al telefono?
Ponete la vostra domanda nella chat.