Forex Analysis:::2021-03-29T10:15:26
Technical Analysis of GBP/USD for March 29, 2021
Forecast :
- GBP/USD
- According to the previous events the price is expected to remain between 1.3747 and 1.4001 levels.
- Buy-deals are recommended above 1.3747 with the first target seen at 1.3875. The movement is likely to resume to the point 1.3928 and further to the point 1.4001. The descending movement is likely to begin from the level 1.3747 with 1.3707 and 1.3669 seen as targets.
- Overview :
- The GBP/USD pair continues to move upwards from the level of 1.3707. Today, the first support level is currently seen at 1.3707, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3707, which coincides with the daily support. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the GBP/USD pair to trade between 1.3707 and 1.3928. So, the support stands at 1.3707, while daily resistance is found at 1.3796. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3796. In other words, buy orders are recommended above the spot of 1.3796 with the first target at the level of 1.3859; and continue towards 1.3874. However, if the GBP/USD pair fails to break through the resistance level of 1.3796 today, the market will decline further to 1.3669.
Mourad El Keddani
Analyst InstaForex
