Technical Analysis of GBP/USD for March 7, 2023
March 7, 2023 8:23 amVideo
Latest News
- Analysis of GBP/USD pair on June 4, 2024 June 4, 2024
- Trading Signal for SILVER (XAG/USD) for June 4-6, 2024: buy above $29.29 (6/8 Murray – 200 EMA) June 4, 2024
- Trading Signal for GOLD (XAU/USD) for June 4-6, buy above $2,337 (21 SMA – 200 EMA) June 4, 2024
- USD/JPY: yen celebrating its triumph June 4, 2024
- Is the equity market headed for a summer rally? – Stock Markets June 4, 2024
- USD/JPY: Simple trading tips for beginner traders on June 4th (US session) June 4, 2024
- GBP/USD: Simple trading tips for beginner traders on June 4th (US Session) June 4, 2024
- Technical Analysis – WTI tumbles below key support of 76.50 June 4, 2024
- EUR/USD: Simple trading tips for beginner traders on June 4th (US Session) June 4, 2024
- GBP/USD: trading plan for the US session on June 4th (analysis of morning deals). The buyers of the pound failed to offer June 4, 2024
- EUR/USD: trading plan for the US session on June 4th (analysis of morning deals). Pressure on the euro gradually returns June 4, 2024
- USD/JPY: Simple trading tips for beginner traders on June 4th. Review of yesterday’s forex trades June 4, 2024
- GBP/USD: Simple trading tips for beginner traders on June 4th. Review of yesterday’s forex trades June 4, 2024
- Technical Analysis – USDJPY plunges below uptrend line June 4, 2024
- EUR/USD: Simple trading tips for beginner traders on June 4th. Review of yesterday’s forex trades June 4, 2024
- Will Canadian employment report shake the market after BoC decision? – Preview June 4, 2024
- EUR/USD. June 4th. Chance favored the bulls again June 4, 2024
- Forecast of GBP/USD pair on June 4, 2024 June 4, 2024
- Volatility ticks up in commodity and stock markets – Volatility Watch June 4, 2024
- Market Comment – Market craves for weaker US data June 4, 2024
Technical Market Outlook:
The GBP/USD pair has been trading inside a horizontal range located between the levels of 1.2044 – 1.2008, which is between the 50 and 100 MA. The market remains under the bearish control (higher time frame trend is down). The level of 1.2087 will now act as a technical resistance as well, so a breakout above this level of needed in order to rally higher. The momentum is positive on the H4 time frame chart, but is not that strong yet as the bulls are trying to regain the control back. The level of 1.1914 remains the key short-term technical support. Please be aware of the 50 MA and 100 MA bearish cross on the H4 time frame as well.
Weekly Pivot Points:
WR3 – 1.20820
WR2 – 1.20580
WR1 – 1.20444
Weekly Pivot – 1.20340
WS1 – 1.20204
WS2 – 1.20100
WS3 – 1.19860
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: