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In general, the situation for the digital market is quite positive. Even conservative structures such as American banks have turned their views in its direction. It became known that JPMorgan Chase organized a virtual meeting in January with the participation of thousands of traders and sales professionals from different parts of the world, during which it inquired about their interest in trading BTC. And last week, another bank, Goldman Sachs, held a closed forum for employees and customers on the topic of cryptocurrencies, at which the speaker was Mike Novogratz, CEO of Galaxy Digital.
The statements of a number of US politicians and officials also have a positive impact on the price of digital assets. For example, Miami Mayor Francis Suarez announced that he had already taken a number of steps to legalize cryptocurrency. Candidate for mayor of New York and former candidate for US President Andrew Young supported his colleague, saying that he will try to make the financial center of the world become a center for cryptocurrencies as well. And St. Louis Fed chief James Bullard called bitcoin a rival for gold.
Institutional investors continue to buy both cryptocurrencies and shares of miners and crypto funds. At the same time, buyers look at the head of Tesla Elon Musk, whose tweets alone push the quotes sharply upward. However, the US Securities and Exchange Commission SEC is now interested in his "creativity" on Twitter, considering that the billionaire's calls to buy digital assets fall under the law on the offer and advertising of securities and can be regarded as unregistered brokerage activities and attempts to manipulate the market.
If proven, Elon Musk could face huge fines. In the meantime, the entrepreneur said that he was taking a break and would no longer post tweets, at least in the near future. It has now reached 93, which indicates a strong overheating of the market. But in the United States, not everything is as rosy as expected. Weak data on the labor market, the growth of initial applications for unemployment benefits put pressure on the dollar. It can be understood from the statements of ECB executives that even if bond yields in Europe continue to rise, the bank is unlikely to increase the volume of the quantitative easing QE programme.
Officials from the Governing Council of the ECB believe that the measures they have taken are quite sufficient, it just takes some time for them to have the maximum positive effect. The situation is exactly the opposite on the other side of the Atlantic Ocean. The soft monetary policy will continue until the economy of this country shows steady growth. But as for the weekly forecast, the picture is different. But graphical analysis on both time frames draws consolidation in the range 1.
True, in their opinion, this may not happen in the coming week, but in the first half of March. Support levels are 1. The potential for British currency growth has not yet been exhausted so far. And everything will depend on whose structural problems, the US or the UK, will put more pressure on their national currencies. This refers not only to quantitative easing and interest rates, but also the issue and yield of government securities, as well as the risk of high inflation due to excessively high budget spending.
We outlined in the first part of the review how the data from the US labor market affected the pair's behavior. Similar macro statistics on the UK labour market are expected to be released in the coming week, on Tuesday 23 February. Other events include a speech by the British Prime Minister the day before. This allows us to speak of it as the Pivot Point of the medium-term sideways channel By the way, the maximum trading range of points on the semi-annual segment is actually not so great.
In October, for example, the pair made point throws in just one day. Resistance levels are They have a similar number of indicators on their side, on H4 this time. Possibly, the pair may grow towards Today, the pair may grow towards 0. After that, the instrument may resume trading upwards with the target at 0. After completing the descending impulse at 0. Brent is still consolidating above Possibly, the asset may form one more ascending wave to break Gold is still correcting down to After that, the instrument may correct towards Possibly, the asset may grow towards Later, the market may resume trading downwards to break RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.