Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 14 March 2019
2019-03-14 11:22 am | Resource: Technical Analysis | No Views : 143
The GBP/USD is moving in a sideway direction in the near term.
The GBP/USD continues to recover some of its losses during the past sessions as the bulls managed to push the GBP/USD pair higher to reach the 1.3348 resistance level as it faces resistance and selling pressure around this level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the GBP/USD will retest level of 1.3238 - 1.3150 again and this scenario fails at stability at 1.3348.
The alternative scenario is that the GBP/USD breach level of 1.3385 to test the 1.3530 levels.
Looking at the daily chart of the GBP/USD pair, we note that the GBP/USD falling below level of 1.3196, but rebounded again trying to break above the resistance level of 1.3196 and stability above it, as the indicators indicate confirmation of the upside move.
Sell the GBP/USD around level of 1.3348 for targeting levels of 1.3238 - 1.3150 With the activation of stop loss in case of closure above the level of 1.3348.
The fundamental overview
• On the economic data level, traders are following up on the Brexit, as the British Parliament will vote on the Brexit agreement .
• On the other hand, unemployment and US import data will be released at 7:30 am GMT, as well as new US home sales data at 9 am GMT.
Resistance: 1.3348 - 1.3430 - 1.3530
Support: 1.3238 - 1.3150 - 1.3000
The pound came under pressure against its main rivals at the European session on Wednesday, as concerns over Britain's exit from the European Union intensified after UK lawmakers rejected Prime Minister Boris Johnson's proposed timetable for pushing the deal ahead of the October 31 deadline. Faradkar: Brexit will last for a long time Irish Prime Minister Leo Faradkar predicted on Wednesday that Britain's pullout from the European Union "will last…
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