Forex Analysis:::2021-03-31T11:45:27
Technical Analysis of GBP/USD for March 31, 2021
Overview :
- The GBP/USD pair was trading around the area of 1.3777 a day ago.
- Today, the level of 1.3759 represents a weekly pivot point in the H1 time frame.
- The pair has already formed minor resistance at 1.3815 and the strong resistance is seen at the level of 1.3846 because it represents the weekly resistance 1.
- So, major resistance is seen at 1.3815, while immediate support is found at 1.3846.
- If the pair closes below the major resistance of 1.3846, the GBP/USD pair may resume it movement to 1.3705 to test the weekly support 1.
- From this point, we expect the GBP/USD pair to move between the levels of 1.3705 and 1.3846. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100.
- As a result, sell below the weekly pivot point of 1.3759 with targets at 1.3705 and 1.3650 in order to form a new double bottom.
- Nevertheless, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.3846.
Mourad El Keddani
Analyst InstaForex
