empty
08.02.2023 11:58 AM
GBP/USD. Analysis for February 8. The British pound hopes for the support of GDP.

This image is no longer relevant

The wave pattern for the pound/dollar pair now appears very confusing but does not call for any clarifications. The wave patterns for the euro and the pound differ somewhat, but both point to a decrease. Our five-wave upward trend section has the pattern a-b-c-d-e and is most likely already finished. I anticipate that the downward section of the trend has started to take shape; it will at least have three waves. Wave B appeared to be unnecessarily long, but it did not cancel. As a result, last week, a wave could have started to form with a downward section of the trend, the targets of which are situated below wave a's low. The price would be at least 200–300 points less than it is at the moment. The entire downward section of the trend may even take a five-wave structure, in my opinion, and wave c may prove to be deeper than expected. But it's too early to discuss it at this time. The pair has been on the verge of restarting the development of an upward trend section for a while, and it wasn't until last week that it was able to start moving quotes away from the peaks reached with the help of the news background.

On Tuesday, the pound/dollar exchange rate increased by 30 basis points. Last night, the pair attempted but failed, to begin moving away from the achieved low. It is now absolutely uncertain how many additional interest rate increases will take place and how long the maximum rate period will last, which has only served to confuse the markets as a result of Jerome Powell's actions. Jerome Powell's speech is now in the past, therefore it's unlikely that any other FOMC members will provide any more detailed comments. The answer to the question "why?" is simple enough. The Fed itself cannot determine what kind of tightening of monetary policy may still be required because they do not yet fully understand how inflation will shift in 2023. Therefore, since this question has no purpose, there is no need to find a solution. It is preferable to respond to inflation directly.

The GDP data on Friday this week is the only thing the British pound, which has been rapidly dropping lately, can rely on. Powell tried everything in his power to support the pound after yesterday's market confusion, but the support was insufficient. There is no assurance that the fourth quarter's GDP would surpass what the markets are currently anticipating. The Bank of England may opt to cut the rate of rate hikes again at its upcoming meeting if the British economy declines in the fourth quarter. All three central banks now generally use the same language. All three banks predict that rates will rise further as long as inflation remains much below the common target level of 2%. The only uncertainty is how much a specific bank's rate will rise. And right now, it's impossible to find an answer to this query. Only when it comes to the Fed is the situation reasonably clear. There could be one or two more 25 basis point increases.

This image is no longer relevant

Conclusions in general

The development of a downward trend section is implied by the wave structure of the pound/dollar pair. Currently, sales with targets at the level of 1.1508, or 50.0% Fibonacci, might be taken into account. The peaks of waves e and b could be used to place a Stop Loss order. Wave C may be shorter in duration; everything now depends on the Fed and Bank of England's actions in March as well as economic data, particularly inflation data.

The image resembles that of the euro/dollar pair at higher wave scales, but there are still minor distinctions. The upward correction section of the trend has now been finished. If this presumption is true, then we must wait for the development of a downward section to continue for at least three waves with the possibility of a decrease in the area of figure 15.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

SP500 25 de abril. ¡Subimos siguiendo a Bitcoin!

Desde el punto de vista de las ondas de Elliott, en el índice se está formando una gran tendencia impulsiva en una perspectiva global. No hace mucho se completó

Roman Onegin 10:06 2025-04-25 UTC+2

NG 12 Feb. ¡Los toros mantienen el rumbo hacia un máximo de 4,31!

El marco temporal de cuatro horas muestra el trazado de una onda activa principal (Y), que tiene una forma interna compleja y es un doble zigzag de un nivel

Roman Onegin 07:26 2025-02-12 UTC+2

SP500 12 de febrero. ¡Después de la finalización de la segunda parte del impulso, el precio puede subir más activamente!

Lo más probable es que se esté formando una tendencia alcista mayor en el panorama global del SP500, cuya estructura es similar a la del impulso. Si nos fijamos

Roman Onegin 07:26 2025-02-12 UTC+2

Análisis del par EUR/USD. El 7 de julio. ¿Dónde se encuentra la raíz de todos los problemas del dólar?

El conteo de ondas en el gráfico de 4 horas para el instrumento EUR/USD permanece sin cambios. Actualmente estamos observando la formación de la supuesta onda

Chin Zhao 15:58 2024-07-07 UTC+2

Análisis del par EUR/USD. El 6 de julio. El destino complicado del dólar.

El conteo de ondas en el gráfico de 4 horas para el instrumento EUR/USD permanece sin cambios. Actualmente estamos observando la formación de la supuesta onda

Chin Zhao 15:57 2024-07-07 UTC+2

Análisis del par GBP/USD. El 6 de julio. La libra quiere caer, pero no puede.

La estructura de ondas del instrumento GBP/USD sigue siendo bastante complicada y muy confusa. Alrededor del nivel de 1.2822, que corresponde al 23.6% de Fibonacci y está cerca del pico

Chin Zhao 15:57 2024-07-07 UTC+2

Análisis del par GBP/USD. El 22 de junio. El mercado espera la primera bajada de los tipos de interés en agosto.

El patrón de onda para el instrumento GBP/USD sigue siendo bastante complicado y confuso. Un intento exitoso de romper el nivel de Fibonacci del 50,0% en abril indicó

Chin Zhao 13:12 2024-06-22 UTC+2

Análisis del par EUR/USD. El 22 de junio. La Fed: No está lista para el aterrizaje.

En el gráfico de 4 horas, no hay cambios en la marca de la onda para el instrumento EUR/USD. En este momento, observamos la construcción de la esperada onda

Chin Zhao 10:51 2024-06-22 UTC+2

Análisis del par GBP/USD. El 8 de junio. Los británicos retrocedieron, pero no se rindieron.

El patrón de onda para el instrumento GBP/USD sigue siendo bastante complicado. El intento exitoso de romper el nivel de Fibonacci del 50,0% en abril indicó que el mercado está

Chin Zhao 08:27 2024-06-09 UTC+2

Análisis del par EUR/USD. El 8 de junio. El BCE confía en una mayor desaceleración de la inflación.

El patrón de onda del gráfico de 4 horas para el instrumento EUR/USD se mantiene sin cambios. En este momento, estamos observando la construcción de la onda esperada

Chin Zhao 08:26 2024-06-09 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.