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The GBP/USD pair avoided a new decline on Thursday, but it wasn't easy. We had warned that the 1.3000 level is a psychological level that would be difficult to overcome on the first attempt. Ultimately, this level prevented the British currency from another fall. However, even considering yesterday's and today's growth in the pair, it's still too early to say that a correction has started. The price has yet to settle above the trend line, and it's far from certain that it will be able to do so today.
In the UK, a September retail sales report was published today, which turned out stronger than expected. Thus, the market had reasons to buy. The question is how long these purchases will last. A price rebound from the trend line could trigger a new wave of selling in the British pound, which, in our view, would be entirely justified. If the trend line is breached, a correction may begin.
Two trading signals were formed around the 1.2980-1.2993 area in the 5-minute time frame on Thursday. In both cases, the price moved up no more than 25 pips. Volatility remains very low. Since the intraday movements are extremely weak, it was possible to remain in buy positions from yesterday. Today, the pound was supported by the UK retail sales report, but it was impossible to predict its outcome in advance. Therefore, a renewed decline in the pound could have been just as likely.
In the hourly time frame, the GBP/USD pair broke the upward trend and continued its decline. The U.S. dollar has begun its long-awaited rise, but caution should be exercised with selling, as the pair has not even attempted a correction in the past three weeks. There are no indications that the price is preparing for a correction. We fully support the pair's decline in the medium-term outlook, as we believe this is the only logical outcome.
On Friday, the pair may well resume its downward movement. As long as the price has not breached the trend line, there is no point in considering buying. Even if it does, it would only signify a correction.
On the 5-minute time frame, you can trade around the levels of 1.2848-1.2860, 1.2913, 1.2980-1.2993, 1.3043, 1.3102-1.3107, 1.3145-1.3167, 1.3225, 1.3272, 1.3365, 1.3428-1.3440. On Friday, the only scheduled report in the UK has already been published, and in the U.S., data on building permits and new housing will be released in the afternoon. We consider these reports to be of secondary importance.
Support and Resistance Price Levels: These levels serve as targets when opening buy or sell positions. They can also be used as points to set Take Profit levels.
Red Lines: These represent channels or trend lines that display the current trend and indicate the preferred trading direction.
MACD Indicator (14,22,3): The histogram and signal line serve as an auxiliary indicator that can also be used as a source of trading signals.
Important Speeches and Reports (always found in the news calendar) can significantly impact the movement of a currency pair. Therefore, trading should be done with maximum caution during their release, or you may choose to exit the market to avoid a sharp price reversal against the preceding movement.
For Beginners Trading on the Forex Market: It's essential to remember that not every trade will be profitable. Developing a clear strategy and practicing money management is key to achieving long-term success in trading.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
