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12.03.202115:34 Forex Analysis & Reviews: GBP/USD Hot Forecast for 12 March, 2021

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.

GBP/USD is on the back foot, trading below 1.39. UK GDP beat estimates with a drop of 2.9% in January. US yields are climbing once again, keeping the dollar bid. Biden's stimulus and vaccine acceleration are boosting the greenback.

Exchange Rates 12.03.2021 analysis

Cable fell one full figure in European trading on Friday, following repeated rejection at psychological 1.40 barrier, deflated by stronger dollar on rise of US yields. Dip was so far contained by the key support at 1.3780 is under pressure and break here would lead to further weakness.

Negative momentum studies on daily chart keep the near-term structure fragile, however GBP/USD is still in positive setup and partially counter downside risk. Expect strong direction signals on break of pivotal points at 1.3800 and 1.4000

Support awaits at 1.3850, a support line from mid-March, and the 1.3830, a cushion from mid-February. The critical line to watch is 1.3775, March's trough.

Some resistance awaits at 1.3925, which was a temporary peak, followed by followed by the psychological barrier of 1.40.

Jan Novotny
Analytical expert of InstaForex
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