empty
 
 
17.03.2022 04:42 PM
GBP/USD Hot Forecast on 17 March

This image is no longer relevant

The British pound came under heavy selling pressure after the BOE adopted a cautious tone with regards to futures rate hikes. Additionally, one MPC member voted against Thursday's 25 bps rate increase. GBP/USD was last seen testing 1.3100.

The technical picture suggests that the pair remains bullish in the near term with the Relative Strength Index (RSI) indicator on the four-hour chart staying near 60. Additionally, GBP/USD trades above the 20-period and the 50-period SMAs on the same chart.

On the upside, 1.3200 (psychological level, Fibonacci 50% retracement of the latest downtrend) aligns as the first technical resistance. In case a four-hour candle closes above that level on a hawkish BOE hike, the next bullish target is located at 1.3250 (100-period SMA, Fibonacci 61.8% retracement) before 1.3300 (former support).

Supports could be seen at 1.3150 (Fibonacci 38.2% retracement), 1.3100 (psychological level, Fibonacci 23.6% retracement, 50-period SMA) and 1.3075 (20-period SMA).

Jan Novotny,
Analytical expert of InstaForex
© 2007-2025
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback