We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News GBP/USD Price Analysis: The test of a 20-day exponential moving average (EMA) during a slow correction indicates a new buying opportunity

GBP/USD Price Analysis: The test of a 20-day exponential moving average (EMA) during a slow correction indicates a new buying opportunity

The Cable has moved sideways prior to the Fed's interest rate decision. After the breakout of a symmetrical triangle, a modest corrective move presents a new purchasing opportunity. For a fresh rally, the RSI (14) must ascend into the bullish zone.

Alina Haynes
2022-12-14
1533

 GBP:USD.png

 

The GBP/USD pair is demonstrating a mediocre performance during the Asian session as investors await fresh clues from the Federal Reserve's (Fed) interest rate decision. After retracing from a fresh six-month high at 1.2444, the Cable is languishing around 1.2350.

 

In the meantime, the US Dollar Index (DXY) is auctioning with a balanced profile as market sentiment has become subdued in advance of Fed policy. Two consecutive months of decelerating inflation have increased the likelihood that Fed head Jerome Powell will choose for a rate cut.

 

The GBP/USD pair has gradually corrected towards the 20-period Exponential Moving Average (EMA) at approximately 1.2340. Earlier, the Cable broke out of the Symmetrical Triangle chart pattern, indicating an increase in volatility. Therefore, a modest reversal in an upward trend gives market players with a new buying opportunity.

 

Meanwhile, the Relative Strength Index (RSI) (14) has fallen into the area of 40.00-60.00, indicating that bullish momentum is dormant.

 

For a confident rebound, the Cable needs to surpass Wednesday’s high of about 1.2379, which would drive the asset toward Tuesday’s high at 1.2444, followed by the psychological resistance around 1.2500.

 

In contrast, a decline below Friday's low of approximately 1.2200 will push the asset toward the December 7 low of 1.2107. A breach of the latter will expose the major to more losses towards the high of November 15 at 1.2029.


Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free