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20.03.202309:45 Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 20, 2023

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.

Technical Market Outlook:

The GBP/USD pair has been seen testing the last swing high located at the level of 1.2202. The bulls had violated the level of 1.2135 which was acting as a technical resistance, but only a sustained breakout above this level means termination of the down trend and possible rally higher. The momentum is strong and positive, so the outlook remains bullish. On the other hand, in a case of a further extension to the downside, the next target for bears is seen at the level of 1.1935 and 1.1802 (swing low), but first the bears need to break back down below 100 and 50 MA again.

Exchange Rates 20.03.2023 analysis

Weekly Pivot Points:

WR3 - 1.22458

WR2 - 1.22140

WR1 - 1.21963

Weekly Pivot - 1.21822

WS1 - 1.21645

WS2 - 1.21504

WS3 - 1.21186

Trading Outlook:

So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.

Sebastian Seliga
Analytical expert of InstaForex
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