Yesterday, the British pound tested the target support level of 1.2600, which it failed to do on Wednesday. Now it needs to surpass the embedded line of the descending price channel in green on the daily chart, which means settling below yesterday’s low. A more significant target at 1.2520 will be within reach.
It is desirable for the price to quickly settle below the level of 1.2600, as a convergence is already being prepared on the four-hour chart. If the price settles below this mark, the convergence will not form. But even if it does, it will be weak.
The UK will release significant data today, and forecasts for it are weak. The Q1 balance of payments may increase the negative balance from -2.5 billion pounds to -9.8 billion pounds, while the final estimate of Q1 GDP is expected to remain unchanged at 0.1%. In the current technical situation, the potential correction is limited by the level of 1.2678. There is a high probability of reaching the target of 1.2520.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
