empty
29.03.2023 08:44 AM
Technical Analysis of GBP/USD for March 29, 2023

Technical Market Outlook:

The GBP/USD pair has made another higher high at the level of 1.2348 as the up trend continues. The intraday technical support is seen at 1.2254 (50 MA), 1.2181and 1.2262. The intraday technical resistance is located at swing high. Any breakout below the technical support levels ( 1.2181 - 1.2179 zone) will accelerate the correction pace towards the lower levels like 100 MA located at 1.2036. The momentum is strong and positive on the H4 time frame chart, so the short term outlook on the H4 time frame chart remains bullish.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.22794

WR2 - 1.22587

WR1 - 1.22462

Weekly Pivot - 1.2238

WS1 - 1.22255

WS2 - 1.22173

WS3 - 1.21966

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.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on May 29, 2025

On Wednesday, the EUR/USD pair continued to decline and consolidated below the support zone at 1.1260–1.1282. Therefore, today's price drop may continue toward the next Fibonacci retracement level of 23.6%

Samir Klishi 11:15 2025-05-29 UTC+2

Forecast for GBP/USD on May 29, 2025

On the hourly chart, the GBP/USD pair fell to the 1.3425 level on Wednesday. A rebound from this level would favor the pound and potentially lead to a rise toward

Samir Klishi 11:10 2025-05-29 UTC+2

Forex forecast 29/05/2025: EUR/USD, USD/JPY, Oil, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:30 2025-05-29 UTC+2

GOLD: Gold Prices May Continue to Decline

Gold prices remain under pressure due to the initiation of legal proceedings in the U.S. and the strengthening of the U.S. dollar in the Forex market. It appears that

Pati Gani 09:49 2025-05-29 UTC+2

EUR/USD Forecast for May 29, 2025

Main News of the Day: The U.S. Federal Trade Court has blocked the permanent implementation of import tariffs introduced by President Trump, ruling that he exceeded his authority

Laurie Bailey 05:01 2025-05-29 UTC+2

GBP/USD Forecast for May 29, 2025

Following a partial three-day decline, the British pound has reached the target support level at 1.3433. On the daily scale, the Marlin oscillator has not yet touched the lower boundary

Laurie Bailey 05:01 2025-05-29 UTC+2

AUD/USD Forecast for May 29, 2025

The internal political confrontation in the United States (a court ruling overturned Trump's trade tariffs) has brought the Australian dollar back into the 0.6394–0.6444 range. The Marlin oscillator has settled

Laurie Bailey 05:01 2025-05-29 UTC+2

XAU/USD. Analysis and Forecast

Gold is rising today as investors remain on edge amid uncertainty surrounding trade tariffs, fiscal challenges in the U.S., and geopolitical risks—factors that support demand for safe-haven assets. Additionally, expectations

Irina Yanina 18:23 2025-05-28 UTC+2

Trading Signals for EUR/USD for May 28-30, 2025: sell below 1.1350 (200 EMA - 21 SMA)

Early in the American session, the euro is trading around 1.1320 within the uptrend channel formed on the H4 chart since May 9 and showing signs of exhaustion

Dimitrios Zappas 18:02 2025-05-28 UTC+2

Trading Signals for GOLD (XAU/USD) for May 28-30, 2025: sell below $3,310 (200 EMA - 21 SMA)

Early in the American session, gold is trading around 3,306 within the bearish trend channel formed on H1 charts since May 23. The yellow metal is likely to continue

Dimitrios Zappas 18:01 2025-05-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.