Technical analysis of GBP/USD for February 25, 2020

Overview:The GBP/USD pair will continue rising from the level of 1.2948 today.So, the support is found at the level of 1.2825, which represents the 23.6% Fibonacci retracement level in the H1 time frame. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.2825. The current price is set at the level of 1.2962 that acts as a daily pivot point seen at 1.2948. Equally important, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.2825 and 1.3048. Therefore, strong support will be formed at the level of 1.2825 providing a clear signal to buy with the targets seen at 1.3048. If the trend breaks the first resistance at 1.3048, the pair will move upwards continuing the development of the bullish trend to the level 1.3117 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 1.3048 and 1.3117. The stop loss should always be taken into account for that it will be reasonable to set your stop…

February 25, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

On December 30, a bearish ABC reversal pattern was initiated around 1.1235 (Previous Key-zone) just before another bearish movement could take place towards 1.1100 (In the meanwhile, the EURUSD pair was losing much of its bearish momentum).One more bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located. That’s why, quick bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.Further bearish decline took place towards 1.1000 where the pair looked quite oversold around the lower limit of the depicted bearish channel where significant bullish rejection was able to push the pair back towards the nearest SUPPLY levels around 1.1080-1.1100 (confluence of supply levels (including the upper limit of the channel).Since then, the pair has been down-trending within the depicted bearish channel until last week when bearish decline went further below 1.0950 and 1.0910 (Fibonacci Expansion levels 78.6% and 100%) establishing a new low around 1.0790.Currently, the EUR/USD pair looks quite oversold after such a long bearish decline and if bullish recovery is expressed above 1.0845-1.0860, further bullish advancement would be expected towards 1.0910 then 1.0950.Intraday traders were advised to look for signs of…

February 25, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

On the period between December 18th – 23rd, bearish breakout below the depicted previous bullish channel followed by transient bearish movement below 1.3000 were demonstrated on the H4 chart.However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where the current wide-ranged movement channel was established between (1.3200-1.2980).Recent temporary bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channe) where evident bullish rejection was manifested on February 10.Last week, temporary bullish breakout above 1.3000 has been expressed until Wednesday when another bearish decline below 1.3000 brought the GBPUSD pair back towards the lower limit of the channel @ 1.2870 -1.2850 where another episode of bullish recovery is being demonstrated.As expected, the current bullish pullback managed to pursue towards the price zone of 1.2980-1.3000 which may fail to offer enough bearish rejection.Although the Intermediate-term technical outlook remains bearish below the price level of 1.3000 (Supply-Zone), any bullish breakout above 1.3000 should be waited as a valid Intraday BUY entry.If so, further bullish advancement will be demonstrated towards the price levels of 1.3070 and 1.3150.On…

Technical analysis of ETH/USD for 25/02/2020:

Crypto Industry News:Sarah John, the chief treasurer of the Bank of England (BoE), expressed opinions on digital currencies issued by the state, according to an article published by financial media. She called on other central banks to consider developing a central bank cryptocurrency in response to recent movements of private companies in the digital payments sector.John said it was “really important” to consider central banks to think of “central bank digital currencies” as “options” in response to the efforts of large technology companies to develop stablecoins.A BoE official warned that inaction could cause regulators to be forced to catch up with private companies in the digital payments arena, claiming that “it is crucial that central banks” consider whether the public or private sector would be the best to provide digital currencies in the future “.John’s statements appear a few days after Randal Quarles, chairman of the Financial Stability Board (FSB), urged G20 members to accelerate efforts to develop a regulatory apparatus for virtual currencies and Stablecoins.In a letter sent to governors of central banks and finance ministers, Quarles emphasized the speed of innovation in digital payments and the emerging stablecoin sector, deciding to “accelerate the pace of developing the necessary regulatory…

South Korea Consumer Confidence Weakens In February

South Korea’s consumer confidence weakened in February after rising in the previous month, survey results from Bank of Korea showed on Tuesday. The consumer confidence index fell to 96.9 in February from 104.2 in January. In December, the index reading was 100.5. The indicator for consumer sentiment regarding current living standards decreased two point to 91, while that concerning the outlook for living standards declined four point to 93 in January. Consumer sentiment related to future household income and future spending fell four points to 97 and 106, respectively. Consumer sentiment concerning current domestic conditions decrease twelve points to 66 and future domestic economic conditions fell eleven points to 76. The expected inflation rate for the following year was 1.7 percent. The survey was conducted among 2,500 households between February 10 and 17. The material has been provided by InstaForex Company – www.instaforex.com…