Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 20 March 2019
2019-03-20 08:11 am | Resource: Technical Analysis | No Views : 37
The GBP/USD is moving in a sideway direction in the near term.
GBP/USD faced resistance and selling pressure around the 1.3300 level and once again dropped to 1.32 levels.
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area.
Therefore, we expect that the GBP/USD will retest at 1.3286 - 1.3300 again and this scenario fails in the case of instability above level of 1.3200.
The alternative scenario is that the GBP/USD pair retreated below 1.3196 to test the 1.3000 - 1.2966 levels again.
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.
Our view is currently neutral around GBP/USD.
The fundamental overview
• On the economic data level, traders are following up on the Brexit, In addition to the release of British consumer price data on a monthly basis at 4.30 am GMT, in addition to the release of retail price data on an annual basis at 4.30 am GMT, in addition to the issuance of input and output data on a monthly basis at 4.30 am As well as the release of house price data on a year-to-date basis at 4.30 am GMT, as well as CBI Industrial Expectations data at 6 am GMT.
• On the other hand, the Federal Reserve Economic Outlook data will be released at 1 pm GMT, as well as Federal Reserve data releases at 1 pm GMT, as well as the Federal Reserve's statement at 1 pm GMT, To the Federal Reserve Committee press conference at 1.30 pm GMT.
Resistance: 1.3286 - 1.3344 - 1.3425
Support: 1.3196 - 1.3000 - 1.2966
The dollar fell on Thursday after the number of people applying for unemployment rose more-than-expected last week. US durable goods orders rise in March Reflecting a sharp rebound in transport equipment orders, the Commerce Department released a report on Thursday showing new orders for durable goods manufactured in the US jumped more than expected in March. Durable goods orders rose 2.7 percent in March after a revised 1.1 percent drop…
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