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Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 18 March 2019

2019-03-17 10:19 pm | Resource: Technical Analysis | No Views : 54

Time frame Used - four hours
The GBP/USD is moving in a sideway direction in the near term.
The GBP/USD pair ended the weekend sessions on slightly higher as the bulls managed to push the GBP/USD pair to hit at 1.3296.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore we expect that the GBP/USD will retest levels of  1.3286-1.33344 again and this scenario fails in case of  instability above level of  1.3196.
The alternative scenario is that the GBP/USD pair retreated below 1.3196 to test the 1.3000 - 1.2966 levels again.
Big Picture
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.
Buy the GBP/USD around level of 1.3196 for targeting levels of 1.3286 - 1.3344 With the activation of stop loss in case of closure below the level of 1.3196.
The fundamental overview
• On the economic data level, traders are following up on the Brexit, as well as British consumer expectations for inflation.
• On the other hand, the US housing market data will be released at 9 am GMT.
Resistance: 1.3286 - 1.3344 - 1.3425
Support: 1.3196 - 1.3000 - 1.2966
Direction: sideway
Technical Analysis
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