2/🧵 GBP/USD after hitting the 1.2683 top(May) corrected and finally seems to have found a decent bottom at around 1.2300 level and it produced an impressive rally of almost 250 pips, today's daily high- 1.2545
4/🧵 NFP reported 339,000, which is much better than the expected figure of 190,000. After the initial knee-jerk reaction, GBP/USD finally slides down and gave up yesterday's gain.
5/🧵 Even though on the higher time frame D1 chart, GBP is well above the 1.1907 zone and consolidating to move higher from a technical perspective, it is indecisive and hesitant because of BoE.
BoE is likely to hope that d upcoming data releases will give it room to pause. Financial markets apparently don't share BoE's optimistic view. Terminal rate is now seen at 5.5%. This seems excessive in view of BoE's hesitant stance
I know there is a bull and a bear market situation in cryptocurrency. What about forex. Are there any bull or bear exist?
bull and bear market are legacy nomenclature of stock and forex market.
2/🧵 GBP/USD after hitting the 1.2683 top(May) corrected and finally seems to have found a decent bottom at around 1.2300 level and it produced an impressive rally of almost 250 pips, today's daily high- 1.2545
I see this in the reference of two big economies and both struggling to beat economic slowdown
U r right.
It can still go up or down. It all depends on Market
3/🧵
Daily Support- S1- 1.2436
Daily Resistance-R1- 1.2575
It looks really good and interesting
4/🧵 NFP reported 339,000, which is much better than the expected figure of 190,000. After the initial knee-jerk reaction, GBP/USD finally slides down and gave up yesterday's gain.
Chai, everything will be going high as more people invest
5/🧵 Even though on the higher time frame D1 chart, GBP is well above the 1.1907 zone and consolidating to move higher from a technical perspective, it is indecisive and hesitant because of BoE.
That is great and promising
Do you trade on GBP? People do currency trading and they make the money when there is more fluctuation in the international market.
No, I don't trade in real money, I only practice in demo for learning purposes, to relate the indicators, which will be helpful for me in crypto too.
Forex is highly risky.
6/🧵
We hope to hear more good news
7/🧵 A hesitant PA may not be likely to make higher highs and might ultimately start weakening to the downside. It all depends on inflation data.
Disclaimer- Not financial advice.
That is the point. It depends on inflation
Do you do also forex trading? Are you deep in it? I was always afraid of it, as there are way too many variables to follow and analyse.
Yes, it's too risky, and nothing is deterministic in trading.
I am doing Demo, not real capital, and am in the initial days of learning it. It will take time even to work on Demo.
Let's go to see how it goes
Do you use any other indicator in addition to those which are in that screen?