empty
 
 

Forex Analysis & Reviews: Hot forecast for GBP/USD on 08/28/2019 and trading recommendation
time 28.08.2019 08:48 AM
time Relevance up to, 28.08.2019 08:42 PM

The unexpectedly good data on approved mortgages in the UK made it possible for the pound to slightly improve its position. The total number of approved mortgages increased from 42,775 not to 42,800, but to 43,342. Considering the fact that the real estate market in the United Kingdom is one of the main criteria for Great Britain's investment appeal, and the increase in the number of approved mortgages indicates an improvement in the situation in this market, the strengthening of the pound is not something strange. However, after this news, there was a certain informational vacuum for financial markets, since the macroeconomic calendar, in fact, is completely empty until Thursday. Well, the lack of news is a big problem for the media, which just makes money from the distribution of news. So if there is no news, then you need to come up with them. Which was done, just at the very moment when the pound completely worked out the news about the increase in the number of approved mortgage loans, and began to demonstrate attempts to fall. Indeed, in fact, globally, the picture has not changed.

This image is no longer relevant

At this very moment, in a number of mass media, citing anonymous sources, news appeared that the British government was counting on a positive outcome of new negotiations with the European Union on Brexit. Moreover, the emphasis in the news was that Angela Merkel and Emmanuel Macron, during negotiations with Boris Johnson, allegedly softened their rhetoric, especially on the border between Ireland and Northern Ireland. Based on this assumption, an anonymous source said that there is an opportunity to avoid Backstop, which is the main obstacle to reaching a divorce agreement. So the news that the UK and the European Union, at least hypothetically could come to an agreement on Brexit, immediately led to a new wave of pound growth. True, the growth itself was limited, since it was hard to believe in such things. Thus, it's not worth waiting for a rebound. At least until the official statements of London or Brussels on this issue.

This image is no longer relevant

The GBP/USD pair once again returned to the level of 1.2300 amid the information flow about which I wrote above. What we have is 12 trading days expressed in corrective movement from the psychological level of 1.2000. Are there any prerequisites for a change in the main trend, not at all, we continue to hold the downward mood and the current correction, this temporary factor in global consideration.

It is likely to assume a temporary fluctuation within 1.2250-1.2300, after which, depending on the information background, the path of further progress will be chosen. Traders are advised not to take harsh actions and, for starters, to identify a clear consolidation of prices relative to existing boundaries.

Concretizing all of the above into trading signals:

• We consider long positions in case of price consolidation above 1.2300, towards 1.2350.

• We consider short positions in case of price consolidations below 1.2250, towards 1.2200.

From the point of view of a comprehensive indicator analysis, we see that indicators in all the main time sections signal a further upward trend. It is worth considering such a moment that in the event of a slowdown, we will see temporary versatile interest in the minute and hour intervals, until the formation of the move.

This image is no longer relevant

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
立即从分析师的建议受益
充值交易账户
开设交易账户

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

Breaking forecast for EUR/USD on 08.12.2022
The third estimate of the EU GDP for Q3 2022 came as a pleasant surprise. Therefore, the single European currency managed to regain its footing. Today the euro is expected to extend its growth because ...
作者: Dean Leo
02:06 2022-12-08 UTC--5
3538
GBP/USD: Breaking forecast on December 7, 2022
Despite the empty macroeconomic calendar, the pound edged down by the close of the North American session.
作者: Dean Leo
00:48 2022-12-07 UTC--5
8158
Breaking forecast for EUR/USD on December 6, 2022
Europeans ignored a slump in the eurozone retail sales. However, US traders made particular conclusions, allowing the greenback to rise.
作者: Dean Leo
01:00 2022-12-06 UTC--5
3793
展示更多
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Breaking forecast for EUR/USD on 08.12.2022

The third estimate of the EU GDP for Q3 2022 came as a pleasant surprise. Therefore, the single European currency managed to regain its footing. Today the euro is expected

Dean Leo 08:06 2022-12-08 UTC+2

GBP/USD: Breaking forecast on December 7, 2022

Due to the empty macroeconomic calendar, the pound mostly moved horizontally yesterday. However, by the close of the North American session, it seemed that market participants had remembered that

Dean Leo 06:48 2022-12-07 UTC+2

Breaking forecast for EUR/USD on December 6, 2022

At first sight, the situation seems logical. The eurozone retail sales dropped, thus boosting the greenback. The indicator slumped by 2.7%, whereas economists had expected a decline of 2.2%. Even

Dean Leo 07:00 2022-12-06 UTC+2

Breaking forecast for GBP/USD on December 5, 2022

Judging by the US dollar depreciation, the market was waiting for both a decline in the unemployment rate and a jump in the number of new jobs in the non-farm

Dean Leo 06:41 2022-12-05 UTC+2

Breaking forecast for EUR/USD on December 2, 2022

The euro managed to climb above the 5-month high. However, the rise could hardly be explained by a decline in the eurozone unemployment rate to 6.5% from 6.6%. Economists

Dean Leo 07:02 2022-12-02 UTC+2

GBP/USD: Breaking forecast on December 1, 2022

Following the release of preliminary data on inflation in the eurozone, the dollar should have been strengthened significantly. Yet, those were its main competitors, the euro and the pound, that

Dean Leo 07:15 2022-12-01 UTC+2

Breaking forecast for EUR/USD on November 30, 2022

In November, the market was mainly driven by the expectations of possible changes in the ECB's and Fed's policies. At a particular moment, traders believed that the Fed would slacken

Dean Leo 07:08 2022-11-30 UTC+2

GBP/USD: Breaking forecast on November 29, 2022

The pound sterling decided not to wait for the release of macro data or other reasons for a correction. The currency has been on a losing streak since Monday mainly

Dean Leo 07:41 2022-11-29 UTC+2

EUR/USD: breaking forecast on November 28, 2022

Although the euro edged down on Friday, the market remained flat due to a day off in the United States. The euro went down despite a clearly overbought greenback

Dean Leo 06:36 2022-11-28 UTC+2

Gold: downside movement below 1,749

The price of gold dropped after its strong growth and now it stands right above the 1,749 key support. It's trading at 1,751 at the time of writing

Ralph Shedler 13:51 2022-11-25 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.