empty
31.03.2011 01:02 PM
GBP/USD candlestick analysis for March 31, 2011

In a daily graph the GBP/USD is bouncing off after it failed to break the support level near 1.5960.
Earlier on a daily graph the GBP/USD has formed a Three Black Crows candlestick combination, which indicates downside movement.
This candlestick combination has formed after the pair failed to break the resistance level near 1.6400, which means that the bulls could not solidify here. Further the bears started to increase their influence.
Break of the support level 1.5960 will prove this viewpoint. In this case downside movement to 1.5750, where Fibonacci correction level 61.8 is also located, should be expected.
It is worth mentioning that stop loss should be placed slightly above the 1.6400 level. Since a break of this level will target the pair to 1.6450.

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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

EUR/JPY. Analysis and Forecast

On Friday, for the second consecutive day, the EUR/JPY pair is attracting buyers amid uncertainty over the timing of the Bank of Japan's next rate hike, as this uncertainty continues

Irina Yanina 16:00 2025-08-22 UTC+2

Forecast for EUR/USD on August 22, 2025

On Thursday, the EUR/USD pair consolidated below the support zone of 1.1637–1.1645, and by Friday morning it reached the 50.0% retracement level at 1.1590. Fixing below this level will increase

Samir Klishi 12:52 2025-08-22 UTC+2

Forecast for GBP/USD on August 22, 2025

On the hourly chart, the GBP/USD pair on Thursday rebounded from the 76.4% retracement level at 1.3482, turned in favor of the U.S. currency, and resumed its decline. Fixing below

Samir Klishi 12:40 2025-08-22 UTC+2

Forex forecast 22/08/2025: EUR/USD, GBP/USD, USD/JPY, 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 10:43 2025-08-22 UTC+2

Trading Signals for EUR/USD for August 22-25, 2025: sell below 1.1638 (200 EMA - 6/8 Murray)

As long as the euro consolidates below the 6/8 Murray, bearish pressure will continue to prevail, and the instrument could reach the price levels seen when the Nonfarm Payrolls were

Dimitrios Zappas 07:43 2025-08-22 UTC+2

Trading Signals for GOLD for August 22-25, 2025: sell below $3,343 (200 EMA - symmetrical triangle)

Conversely, if gold breaks the 200 EMA around 3,343 and consolidates above this area, breaking the downtrend channel formed since early August, this will be seen as a clear signal

Dimitrios Zappas 07:42 2025-08-22 UTC+2

EUR/USD Forecast for August 22, 2025

Yesterday, the euro closed with a 45-pip decline. The price broke below support at 1.1632, approaching Jerome Powell's speech in Jackson Hole with a clear prospect of further decline toward

Laurie Bailey 04:41 2025-08-22 UTC+2

GBP/USD Forecast for August 22, 2025

As noted in yesterday's review, the British pound chose to meet today's fundamental speech by Jerome Powell in Jackson Hole within a comfortable range of 1.3364–1.3452. Indeed, the signal line

Laurie Bailey 04:41 2025-08-22 UTC+2

USD/JPY Forecast for August 22, 2025

The yen has finally determined its medium-term direction after spending half a month in consolidation. Yesterday's impulsive rise of the pair by more than 100 pips pushed it to test

Laurie Bailey 04:41 2025-08-22 UTC+2

EUR/USD. August 21st. Inflation Matters More Than the Labor Market

On Wednesday, EUR/USD continued to trade sideways. Even the weak movement seen over the past week is gradually fading. Above the resistance zone of 1.1637–1.1645, the bulls still maintain control

Samir Klishi 11:13 2025-08-21 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.