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Exchange Rates 30.03.2020 analysis

Technical outlook:

GBP/USD has rallied sharply after printing lows around the 1.1414 levels last week. The single currency pair seems to have still more room left on the higher side, as bulls are targeting 1.3200 and 1.3500 levels in the immediate short term. The recent boundary that is being worked upon is between 1.1414 and 1.2485 respectively. Please note that fibonacci retracement/support begins from 1.2100 levels and extends up to 1.1850 levels, which s the 61.8% retracement of the above boundary. Aggressive traders should be entering long positions around 1.2100 with risk at 1.1414 and short term target as 1.3200 and 1.3500 respectively. Immediate price resistance is seen around 1.3200 levels, while support is seen at 1.1414 levels respectively. The overall structure remains bullish until prices stay above the 1.1414 levels, going forward. GBP/USD is looking good to be bought on dips from here.

Trading plan:

Buy @ 1.2100, stop @ 1.1414, target is 1.3500

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Oscar Ton,
Analytical expert
InstaForex Group © 2007-2020
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