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The GBP/USD pair rebounded in the short term but the pressure remains high as the Dollar Index signaled that the downside movement could be over. Still, only DXY's strong growth could force the greenback to dominate the currency market.
Fundamentally, the UK reported worse-than-expected data. The Net Lending to Individuals, Mortgage Approvals and M4 Money Supply reported poor data. Later, the US CB Consumer Confidence is expected at 100.0 points below 102.5 points. This represents a high-impact event. In addition, the BOE Gov Bailey Speaks could bring more volatility.
As you can see on the H1 chart, the rate dropped below the uptrend line and far below 1.2028 signalings that the leg higher could be over. Still, after its massive drop, the rate rebounded and it is now challenging 1.2028 and the channel's downside line.
Stying below these levels and coming back under the weekly pivot point of 1.2010 may signal downside pressure.
A new lower low, a bearish closure below the 1.1940 former low activates more declines. This scenario is seen as a selling signal.
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