empty
 
 
22.03.2023 09:29 AM
Hot forecast for GBP/USD on 22/03/2023

Since last Wednesday, the pound gained almost two hundred and fifty points, afterwards it slightly retreated. It is quite natural after such a significant growth. The pound will probably edge down in today's European session, weighed down by the UK's inflation report, which should slow down from 10.1% to 9.7%.

Inflation (UK):

This image is no longer relevant

But this is just a warm-up before the main event of the week. Or maybe even the month. Today's Federal Open Market Committee meeting is highly important. A couple of weeks ago, it looked like the Federal Reserve would still raise the federal funds rate by 50 basis points, and announce a further tightening of monetary policy. But after two U.S. banks collapsed and at least one more bank ran into huge problems, there is no doubt that the Fed will hike rates by 25 bps. Moreover, there is a high probability that Fed Chairman Jerome Powell will change his stance today and finally announce the start of gradual monetary easing. Which will certainly lead to a significant weakening of the dollar. So not only will the pound rise to yesterday's highs, but it will also climb higher.

The refinancing rate (United States):

This image is no longer relevant

GBPUSD, during a pullback from the resistance level of 1.2300, reached 1.2200. It is possible that this pullback serves as a stage of regrouping of trading forces, where 1.2200 acts as support.

On the four-hour chart, the RSI has moved out of the overbought zone during the pullback, with the indicator still in the 50/70 area. Thus, reflecting bullish sentiment among traders.

On the four-hour and daily charts, the Alligator's MAs are headed upwards, which corresponds to the direction of the current upward cycle.

This image is no longer relevant

Outlook

In this situation, the number of short positions has decreased within the value of 1.2200. This slowed down the pullback. In order to receive a signal that indicates that the pound is recovering from its decline from February, the sterling should stay above the resistance level of 1.2300 for at least a four-hour period. Otherwise, the pullback will persist and eventually return the quote below 1.2150.

The complex indicator analysis unveiled that in the short-term, technical indicators are going back and forth due to the recent pullback. In the intraday and medium-term, indicators are providing an upward signal.

Dean Leo,
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
    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 $4000 अधिक!
    में जुलाई हम आकर्षित करते हैं $4000 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