empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

18.03.201917:11 Forex Analysis & Reviews: March 18, 2019 : GBP/USD Intraday technical levels and trade recommendations.

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 18.03.2019 analysis

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 gap pushed the pair slightly below the trend line (almost reaching 1.2960) . However, significant bullish recovery was demonstrated rendering the mentioned bearish gap as a false bearish breakout.

Moreover, a short-term bearish channel was broken to the upside following the mentioned bullish recovery on March 11 rendering the short-term outlook as bullish.

As expected, bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3300 where significant bearish rejection is being demonstrated

For the current bullish outlook to remain valid, bullish persistence above 1.3230 ( 61.8% Fibonacci expansion level ) is mandatory. Otherwise, the current bullish scenario would be invalidated.

Moreover, bullish persistence above 1.3290 (78.6% Fibonacci expansion level) and 1.3368 ( 100% Fibonacci expansion level) is needed to pursue towards 1.3550-1.3580 (Bullish flag projection target).

On the other hand , bearish breakout below 1.3180 (50% Fibonacci Exp. level) invalidates this bullish setup rendering the short-term outlook bearish towards 1.3070-1.3050 where the depicted uptrend line comes to meet the GBPUSD pair to be tested once more.

Mohamed Samy
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off