29.03.2023 01:51 PM
GBP/USD under strong upside pressure

The GBP/USD pair ended its temporary retreat and now is trading higher at 1.2345. It has dropped as much as 1.2304 today where it has found support. You knew from my previous analysis that the bias remains bullish and that yesterday's retreat should bring us new longs.

The USD increased a little in the short term only because the US CB Consumer Confidence came in better than expected yesterday. Today, the currency pair rallied even if the UK data came in mixed. Later, the greenback could be saved only by the US Pending Home Sales data. The indicator could report a 2.9% drop.

GBP/USD Strong Buyers Above 1.2300 Psychological Level!

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Technically, GBP/USD retested the ascending pitchfork's lower median line (lml) and now it has passed above the 1.2343 static resistance. The lower median line (lml) represents a dynamic support, the bias remains bullish as long as it stays above it.

Today's high of 1.2357 today's high stands as a static resistance. I told you yesterday that a valid breakout above 1.2343 activates further growth.

GBP/USD Outlook!

A bullish closure above 1.2357 activates further growth and is seen as a bullish signal. The next major target is represented by the median line (ml).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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