empty
 
 
21.03.2019 04:05 PM
March 21, 2019: GBP/USD Intraday technical levels and trading recommendations

This image is no longer relevant

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBP/USD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the current bearish pullback was initiated.

Bullish persistence above 1.3250 ( 50% Fibonacci expansion level ) was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250.

Hence, the short-term outlook turned to become bearish towards 1.3120 - 1.3100 where the depicted uptrend line comes to be tested again.

The current price zone of (1.3120-1.3090) corresponding to the uptrend line should be watched for a possible bullish reversal as long as bullish persistence above (1.3080) is maintained.

On the other hand, a bearish breakout below 1.3080 (23.6% Fibonacci expansion) invalidates the current bullish scenario allowing further bearish decline towards 1.3000 and 1.2965 (Next Fibonacci level).

Trade Recommendations:

Intraday traders should wait for a valid BUY entry anywhere around (1.3120-1.3090). T/P level to be located around 1.3180 and 1.3250. SL to be set as H4 closure below 1.3080.

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.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback