For Traders

Analytical Reviews

Technical analysis

27.03.201712:48 Forex Analysis & Reviews: Technical analysis of GBP/USD for March 27, 2017

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.

Overview:

The GBP/USD pair faced strong support at the levels of 1.2478 and 1.2407 this week. However, the minor support is seen at the level of 1.2578, and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.2578, the market will indicate a bullish opportunity above the new strong support level of 1.2578 (the level of 1.2578 coincides with the ratio of 78.6% Fibonacci). Moreover, the RSI starts signaling an upward trend, as the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above 1.2578 so it will be good to buy at 1.2578 with the first target of 1.2635. It will also call for an uptrend in order to continue towards 1.2706 to retest the double top again. The weekly strong resistance is seen at the level of 1.2706. On the other hand, the stop loss should always be taken into account. Hence, it will be reasonable to set your stop loss at the level of 1.2407.

Back to the list

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.