Daily Trading Analysis 24.08.2023

Technical & Fundamental analysis

Trading Analysis of GBP/CAD The Pound Sterling (GBP) recovered due to an upbeat market mood while the broader bias remains bearish as S&P Global reported vulnerable preliminary PMI data for August. Our Analysis: While the price is above 1.7000, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.7195 Take Profit 1: 1.7300 Take Profit 2: 1.7400 Alternative scenario: If level 1.7000 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.7000 Take profit 1: 1.6900 Take Profit 2: 1.6800 Learn More Trading Analysis of EUR/CAD European flash PMIs shake market expectations for peak rates and recession, with previously resilient services PMIs collapsing into contraction territory for Germany, the Eurozone, and the UK. Our Analysis: As long as the price is above 1.4500 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.4696 Take Profit 1: 1.4800 Take Profit 2: 1.4900 Alternative scenario: If the level of 1.4500 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.4500 Take profit 1: 1.4400 Take Profit 2: 1.4300 Learn More Fundamental Trading Analysis of IBM In 2016, International Business Machines (IBM) embarked on a multi-billion-dollar venture into the realm of data and the Internet of Things through the acquisition of The Weather Company's business-to-business, mobile, and web assets.  Our Analysis: As long as the price is above 139.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 143.30 Take Profit 1: 146.00  Take Profit 2: 152.00 Alternative scenario: If the level of 139.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 139.00 Take Profit 1: 136.00 Take Profit 2: 132.00 Learn More Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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