23.03.2023 02:32 AM
Technical analysis of GBP/USD for March 22, 2023

This image is no longer relevant

Overview :

The GBPUSD pair traded with strong positivity yesterday to return to the bullish channel that appears on the chart, to head towards achieving expected additional gains in the upcoming sessions, targeting visiting 1.2318 level mainly. Therefore, we expect to witness more bullish bias in the upcoming sessions, noting that breaking 1.2318 and holding above it will stop the positive scenario and push the price to decline again. The expected trading range for today is between 1.2260 support and 1.2435 resistance.

The GBP/USD pair is going to continue to rise from the level of 1.2260 in the long term. It should be noted that the support is established at the level of 1.2260 which represents the 50% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.2318. So, buy above the level of 1.2318 with the first target at 1.2358 in order to test the daily resistance 1 and further to 1.2435. Also, it might be noted that the level of 1.2435 is a good place to take profit because it will form a double top.

The price is in a bullish channel now. In the Forex market, liquidity pertains to a currency pair's ability to be bought and sold at the current market price.

Additionally, liquidity refers to market volatility and dynamics. Because the Forex market is colossal, it is also extremely liquid. Moreover, if a currency pair has high level of liquidity, it will be easier to trade.

On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2302, a further decline to 1.2260 can occur which would indicate a bearish market.

Trading recommendations : The trend is still bullish as long as the price of 1.2260 is not broken. Thereupon, it would be wise to buy above the price of at 1.2260 with the primary target at 1.2358. Then, the GBP/USD pair will continue towards the second target at 1.2435.

In technical analysis: history usually repeats itself at certain level. So it will be of the wisdom to use historic rates to determine future prices.

The technical analysis based only on the technical market data (quotes) with the help of various technical indicators.

Moreover, in this book we will be touching on a variety of new techniques for applying numerical strategies, equations, formulas and probabilities. Additionally, we will be sharing some of classical analysis such as breakout strategy and trend indicators.

Alternative scenario : The breakdown of 1.2260 will allow the pair to go further down to the prices of 1.2218 and 1.2168.

Mourad El Keddani,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $9000 अधिक!
    में अप्रैल हम आकर्षित करते हैं $9000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback