empty
23.03.2023 09:50 AM
Technical Analysis of GBP/USD for March 23, 2023

Technical Market Outlook:

The GBP/USD pair has made a new swing high at the level of 1.2335, so the bulls are making pressure on market just before the Bank of England interest rate decision today ( 4.00% vs. 4.25% expected). The momentum is strong and positive, so the outlook remains bullish as the market conditions are not extremely overbought on the H4 time frame chart yet. In a case of a further extension to the upside, the next target for bulls is seen at the level of 1.2396 and 1.2447 (swing high).

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.22458

WR2 - 1.22140

WR1 - 1.21963

Weekly Pivot - 1.21822

WS1 - 1.21645

WS2 - 1.21504

WS3 - 1.21186

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

USD/CAD. Analysis and Forecast

The pair is attempting to attract buyers, but spot prices remain close to a yearly low and appear vulnerable to further decline. The Canadian dollar is supported by reports

Irina Yanina 15:33 2025-06-06 UTC+2

EUR/JPY. Analysis and Forecast

The EUR/JPY pair continues to demonstrate stable positive dynamics. Spot prices remain near a three-week high. Factors supporting the rise of EUR/JPY include disappointing data on household spending in Japan

Irina Yanina 11:21 2025-06-06 UTC+2

Forecast for EUR/USD on June 6, 2025

On Thursday, the EUR/USD pair continued its upward movement but made two rebounds from the 76.4% corrective level at 1.1454, suggesting a potential reversal in favor of the U.S. dollar

Samir Klishi 11:09 2025-06-06 UTC+2

Forecast for GBP/USD on June 6, 2025

On the hourly chart, the GBP/USD pair on Thursday rose to the resistance zone of 1.3611–1.3620, rebounded from it, and turned in favor of the U.S. dollar. A decline began

Samir Klishi 11:03 2025-06-06 UTC+2

Forex forecast 06/06/2025: EUR/USD, USD/JPY, SP500, Oil, 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 09:51 2025-06-06 UTC+2

Forecast for EUR/USD on June 6, 2025

Yesterday, the ECB as expected cut key rates by a quarter point, bringing the refinancing rate to 2.15%. At the press conference, ECB President Christine Lagarde stated that rates have

Laurie Bailey 08:21 2025-06-06 UTC+2

Forecast for GBP/USD on June 6, 2025

GBP/USD Amid yesterday's brief optimism over the ECB's decision to cut rates and nearly complete the easing cycle, the pound almost reached the target level of 1.3635. Today began neutrally

Laurie Bailey 08:17 2025-06-06 UTC+2

Forecast for USD/JPY on June 6, 2025

As of this morning, the USD/JPY pair has found itself in a completely dual situation, with an equal likelihood of both growth and decline. Indicators suggesting growth include the price

Laurie Bailey 08:13 2025-06-06 UTC+2

Trading Signals for EUR/USD for June 6-10, 2025: buy above 1.1080 (200 EMA - 6/8 Murray)

The eagle indicator is showing a negative signal, so we believe that if the euro falls below the 6/8 Murray level in the coming hours, it will be seen

Dimitrios Zappas 07:04 2025-06-06 UTC+2

Trading Signals for GOLD (XAU/USD) for June 6-10, 2025: buy above $3,365 (21 SMA - 7/8 Murray)

On the other hand, gold is expected to undergo a technical correction. On May 30, it left a gap around 3,284, and if it consolidates below 3,350, it could likely

Dimitrios Zappas 07:01 2025-06-06 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.