empty
31.03.2023 08:30 AM
Technical Analysis of GBP/USD for March 31, 2023

Technical Market Outlook:

The GBP/USD pair has made another higher high at the level of 1.2422 as the up trend continues. Nevertheless, on the H4 time frame chart the rally has ended with a Pain Bar candlestick made in extremely overbought market conditions. The intraday technical support is seen at 1.2342. 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 1.2189. 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. The market participants await for another trigger, like UK GDP data release today, to extend the rally higher. Please notice today we have weekly close, monthly close and quarterly close.

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

XAG/USD. Analysis and Forecast

Silver is rising toward the $33.25 level, consolidating near the upper boundary of its familiar range. The emergence of buying on pullbacks, a recent rebound from the 100-day Simple Moving

Irina Yanina 18:43 2025-05-21 UTC+2

Trading Signals for EUR/USD for May 21-25, 2025: sell below 1.1370 (200 EMA - overbought)

Early in the American session, the EUR/USD pair is trading around 1.1327, showing fading bullish strength. Having reached the top of the uptrend channel, EUR/USD is going through a technical

Dimitrios Zappas 17:50 2025-05-21 UTC+2

Trading Signals for GOLD (XAU/USD) for May 21-25, 2025: buy above $3,281 (200 EMA - 6/8 Murray)

Early in the American session, gold is trading around 3,304, above the 6/8 Murray level, and within the uptrend channel formed on May 14. Gold is expected to continue rising

Dimitrios Zappas 17:47 2025-05-21 UTC+2

Forecast for EUR/USD on May 21, 2025

On Tuesday, the EUR/USD pair managed to consolidate above the resistance zone of 1.1260–1.1282, which had previously triggered three pullbacks. As a result, the euro's upward movement continued

Samir Klishi 11:19 2025-05-21 UTC+2

Forecast for GBP/USD on May 21, 2025

On the hourly chart, the GBP/USD pair on Tuesday made two bounces from the support zone of 1.3344–1.3357, reversed in favor of the pound, and rose above the 1.3425 level

Samir Klishi 11:15 2025-05-21 UTC+2

Forex forecast 21/05/2025: EUR/USD, GBP/USD, SP500, Ethereum 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 11:14 2025-05-21 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 21, 2025.

Although on the 4-hour chart the AUD/JPY cross currency pair is weakening, it seems that this weakening is only a momentary correction as long as it does not break through

Arief Makmur 06:25 2025-05-21 UTC+2

Technical Analysis of Intraday Price Movement Silver Commodity Instrument, Wednesday May 21, 2025.

On the 4-hour chart, the Silver commodity instrument appears to be showing Convergence between the Silver commodity instrument price movement and the Stochastic Oscillator indicator, so that in the near

Arief Makmur 06:25 2025-05-21 UTC+2

EUR/USD Forecast for May 21, 2025

On Tuesday, the euro firmly consolidated above the daily-scale balance line indicator, closed the day above the resistance level of 1.1266, and began today with an upward move

Laurie Bailey 05:19 2025-05-21 UTC+2

GBP/USD Forecast for May 21, 2025

Over the past week, the British pound has been advancing ahead of other currencies. This momentum may soon lead to a breakout above the rising channel and the target level

Laurie Bailey 05:10 2025-05-21 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.