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Today, in terms of the economic calendar, we have the final data on the index of business activity in the manufacturing sector: Europe, Britain, and the United States, where the indicators are likely to coincide with the preliminary estimate, which will not be something surprising for the market.
The British currency, following an upward trajectory, strengthened in value by more than 2.5% in just 8 trading days, which led to a convergence of the price with the area of the psychological level of 1.4000.
A rapid upward move, combined with an important level of resistance, led to a reduction in the volume of long positions, and this provided an opportunity to adjust the exchange rate of the British currency.
Considering the trading chart on the scale of the daily period, it can be seen that the prolonged upward cycle is comparable to an inertial course, which signaled a growing level of overbought British currency in the market.
Expectations and prospects
The correction move from the resistance level of 1.4000 is still relevant in the market, as is the overbought status of the pound sterling. In order for a subsequent round of short positions to occur, the quote must be kept below 1.3880. In this case, a path will open in the direction of the values 1.3850-1.3800.
An alternative scenario of market development will be considered by traders if there is no price fixing lower than 1.3880. This will lead to a closed amplitude in the range of 1.3900/1.4000.
A comprehensive indicator analysis signals a sale relative to the short-term and intraday periods. The daily period is focused on buying, due to the upward cycle.
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