21.03.2023 04:58 AM
Forecast for GBP/USD on March 21, 2023

The British pound gained 96 pips yesterday, reaching and stopping at the MACD daily line. If investors focus on tomorrow's Federal Reserve meeting, at which the rate is expected to increase by 0.25% to 5.00%, the current levels seem to be quite convenient for the end of short-term purchases.

This image is no longer relevant

Yesterday, however, Fed Chairman Jerome Powell called a 0.50% hike (to 5.25%) quite realistic. Further, I expect the price to break through the support at 1.2155 and continue falling to 1.1914.

Consolidating above the MACD line, the general weakening of the dollar due to the Fed meeting, will allow the pound to climb to the target level of 1.2420.

This image is no longer relevant

On the four-hour chart, the price begins to form a divergence with the oscillator, which is not a strong factor at the moment, but it promotes the reversal and the divergence itself. We can revive the downtrend in the medium term once the price settles below 1.2155 - the price broke away from its high, it needs to overlap this last momentum.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account


提出您的问题,用 在线帮助.
Widget callback