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18.03.2022 05:26 PM
GBP/USD Hot Forecast on 18 March

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GBP/USD stays on the back foot on Friday and declines toward 1.3100 with the dollar continuing to gather strength. Supported by safe-haven flows, the US Dollar Index is up more than 0.5% on a daily basis above 98.50.

GBP/USD was last seen trading below 1.3150 (Fibonacci 38.2% retracement of the latest downtrend). If this level turns into resistance, the next bearish targets are located at 1.3100 (Fibonacci 23.6% retracement, 50-period SMA on the four-hour chart) and 1.3050 (static level).

On the flip side, the pair could rise toward 1.3200 (psychological level, Fibonacci 50% retracement) if it manages to reclaim 1.3150 on the back of risk flows.

Meanwhile, the Relative Strength Index (RSI) indicator is edging lower toward 50, confirming the loss of bullish momentum.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2025
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