Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 21 March 2019
2019-03-21 08:11 am | Resource: Technical Analysis | No Views : 49
The GBP/USD is moving in a sideway direction in the near term.
The GBP/USD pair is moving within a bearish channel as the GBP/USD is suffering from selling pressure after postponing the Brexit and hinting that the British Prime Minister may re-election if no agreement is reached between Britain and the EU. to hit the lower boundary from the down channel around the 31.50 level forming a positive candlestick pattern.
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 1.3150.
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.
Buy the GBP/USD around level of 1.3150 for targeting levels of 1.3286 - 1.3344 With the activation of stop loss in case of closure below the level of 1.3150.
The fundamental overview
• On the economic data level, traders are following up on the Brexit, as well as British retail sales data on a monthly basis at 4.30 am GMT, as well as a vote by the British Monetary Policy Committee at interest rates at 7 am GMT, as well as a British interest rate decision at 7 am As well as a report summarizing British monetary policy at 7 am GMT.
• On the other hand, US Unemployment Claims will be released at 7:30 am GMT, in addition to the Philadelphia Manufacturing Index on a monthly basis at 7.30 am GMT, as well as the release of US labor market data on a monthly basis at 8:30 am GMT.
Resistance: 1.3244 - 1.3286 - 1.3344
Support: 1.3150 - 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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