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On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A Quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where the depicted downtrend came to meet the GBP/USD pair.
Last week, signs of bearish rejection were demonstrated around the price zone of 1.3170-1.3200 (the depicted downtrend).
This initiated the current bearish pullback towards the depicted demand-zone of (1.2850-1.2780) where early signs of bullish rejection were recently demonstrated.
Earlier this week, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2980 (key-level for the short-term scenario). That's why, a quick bearish decline was demonstrated towards the price level of 1.2780.
Bullish persistence above the price zone of 1.2850-1.2780 (demand-zone) is needed to prevent further bearish decline and to allow another bullish movement to occur towards 1.2980.
On the other hand, bearish persistence below 1.2780 allows a further decline towards 1.2700 and 1.2670.
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