Trading Signal for GBP/USD for March 14 – 15, 2023: sell below 1.2207 (4/8 Murray – GAP)
March 14, 2023 5:22 pm
Early in the American session, the British pound (GBP/USD) is trading around 1.2182. We should note that the pound is consolidating above the strong resistance of 1.2144, while trading above this level, it is likely to reach 4/8 Murray located at 1.2207.
The British pound could have a hard time going higher as it is showing overbought levels. The eagle indicator in the European session reached the 95-point level which represents the extremely overbought market, so a technical correction is likely in the next few hours.
The daily pivot point is located at 1.2144. A break below this level could accelerate the bearish movement and GBP/USD could reach 3/8 Murray at 1.2085 and the 21 SMA located at 1.2045.
If we look at the 4-hour chart, the GBP/USD pair has left a bullish gap at the opening of on Monday. In case GBP falls below 1.2144, there is a strong probability that the instrument can reach and cover this gap around 1.2030.
Additionally, in case there is a pullback towards 1.22 07 in the next few hours or if the price approaches this resistance zone, it could be seen as a signal to sell, with targets at 1.2144 and 1.2085.
The British pound has a key level at 1.2144. If you look at the chart, the instrument touched this level twice in February. On March 13, we saw a rejection in this area. Therefore, the GBP/USD pair is currently trading above this zone which has become its immediate support. As long as it is trades above this level, we could expect the pound to continue its rise.
With a daily close above 1.2207, we might see GBP/USD go higher and reach the high of February 14 around 1.2268. Eventually, the currency pair could hit 5/8 Murray at 1.2329. Given that the pound is technically overbought, there is a greater probability of a technical correction towards the 200 EMA located at 1.2055 in the next few days.
Our trading plan for the next few hours is to sell below 1.2207 with targets of 1.2144 and 1.2030. The eagle indicator is in the overbought zone which supports our bearish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, the British pound (GBP/USD) is trading around 1.2182. We should note that the pound is consolidating above the strong resistance of 1.2144, while trading above this level, it is likely to reach 4/8 Murray located at 1.2207.
The British pound could have a hard time going higher as it is showing overbought levels. The eagle indicator in the European session reached the 95-point level which represents the extremely overbought market, so a technical correction is likely in the next few hours.
The daily pivot point is located at 1.2144. A break below this level could accelerate the bearish movement and GBP/USD could reach 3/8 Murray at 1.2085 and the 21 SMA located at 1.2045.
If we look at the 4-hour chart, the GBP/USD pair has left a bullish gap at the opening of on Monday. In case GBP falls below 1.2144, there is a strong probability that the instrument can reach and cover this gap around 1.2030.
Additionally, in case there is a pullback towards 1.22 07 in the next few hours or if the price approaches this resistance zone, it could be seen as a signal to sell, with targets at 1.2144 and 1.2085.
The British pound has a key level at 1.2144. If you look at the chart, the instrument touched this level twice in February. On March 13, we saw a rejection in this area. Therefore, the GBP/USD pair is currently trading above this zone which has become its immediate support. As long as it is trades above this level, we could expect the pound to continue its rise.
With a daily close above 1.2207, we might see GBP/USD go higher and reach the high of February 14 around 1.2268. Eventually, the currency pair could hit 5/8 Murray at 1.2329. Given that the pound is technically overbought, there is a greater probability of a technical correction towards the 200 EMA located at 1.2055 in the next few days.
Our trading plan for the next few hours is to sell below 1.2207 with targets of 1.2144 and 1.2030. The eagle indicator is in the overbought zone which supports our bearish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
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