Analisis Forex & Kajian: 24.03.2023 - GBP/USD: technical analysis...

24.03.2023 12:25 PM

GBP/USD: technical analysis on March 24, 2023. BoE raises rates for 11th time

Hello, dear traders! On the 1-hour chart, GBP/USD bounced off 1.2342, reversed to the downside, and headed toward 1.2238 and the lower limit of the ascending corridor. This line illustrates a bullish bias. Consolidation below the corridor will cause a shift in market sentiment to bearish. The price may then head toward the 127.2% Fibonacci level of 1.2112.

The Bank of England raised rates by 25 basis points yesterday, the highest level since 2008. Seven members of the Monetary Policy Committee voted for a hike and two voted against it. The regulator stressed that a spike in volatility triggered by the meltdown of several banks in the US and the merger of Swiss bank Credit Suisse had had no effect on Britain's banking system. It stayed resilient and showed good liquidity. The central bank also did not rule out the possibility of further rate increases in the future.

In my view, the BoE will probably raise rates a few more times this year. Economists are now increasingly concerned that the regulator has already lost the battle against persistent inflation. In February, it again accelerated without even dropping below 10%. Thus, interest rates have been lifted 11 times, and inflation declined thrice. The central bank should get even more aggressive. However, the British economy may severely suffer in that case. The situation with inflation in the UK is one of the toughest across developed countries.

In the 4-hour chart, the pair reversed to the downside after the formation of a bearish MACD divergence. The price is now on its way to the 127.2% Fibonacci level of 1.2250. Its movement is slow, but consolidation below the mark will increase the likelihood of a bearish continuation toward 1.2008. There is also growth potential should the quote close above the descending trend corridor.

Commitments of Traders:

The bearish sentiment of non-commercial traders decreased last week. However, we are now talking about reports from two weeks ago. The CFTC has not provided fresh data yet. Speculators opened 7,549 new long positions and 1,227 short ones. Overall, sentiment is still bearish with a wide gap between shorts and longs. Over the past several months, the pound has gained potential, but there is still a gap between positions in March. The pound has been in a flat trend for a few months now. In the 4-hour time frame, the pair has left the limits of the descending corridor, which may provide support for the pound. Anyway, there are now many contradicting factors, and traders have mixed views regarding the pair.

Macroeconomic calendar:

United Kingdom – Retail Sales (07-00 UTC); Manufacturing PMI (09-30 UTC); Services PMI (09-30 UTC).

United States – Durable Goods Orders (12-30 UTC); Manufacturing PMI (13-45 UTC); Services PMI (13-45 UTC).

The macroeconomic calendar contains a few interesting reports on Friday. Therefore, fundamental factors may have a mild influence on market sentiment.

Outlook for GBP/USD:

The trading plan will be to sell after a bounce off 1.2342, targeting 1.2238. If the pair closes below 1.2238, we sell with the target at 1.2112. On a bounce off 1.2238, we buy with targets at 1.2342 and 1.2432.

Anda telah pun menyukai siaran hari ini

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Jika anda mempunyai sebarang soalan berkaitan kandungan, sila hubungi editorial-board@instaforex.com

Technical analysis

Samir Klishi,
Pakar analisis InstaForex
© 2007-2025

Lebih banyak artikel daripada pengarang ini

Langganan E-mel

EURUSD

Euro vs US Dollar

Pilih carta masa

min

jam

hari

minggu

Mulakan dagangan

Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.

Muat turun MetaTrader 4 dan buka dagangan pertama anda.

Artikel yang dicadangkan

Isyarat Dagangan EUR/USD untuk 24-26 April 2025: jual di bawah 1.1435 (21 SMA - 7/8 Murray)

EMAS. Harga Emas Berkemungkinan Menyusut Dengan Ketara Dalam Masa Terdekat

Analisis Teknikal Pergerakan Harga Instrumen Komoditi Perak, Khamis 24 April 2025.

Analisis Teknikal Pergerakan Harga Indeks Nasdaq 100, Khamis 24 April 2025.

Isyarat Dagangan untuk EMAS (XAU/USD) bagi 23-25 April, 2025: jual di bawah $3,333 (200 EMA - 6/8 Murray)

Analisis Teknikal Pergerakan Harga Harian Pasangan Mata Wang Silang AUD/JPY, Rabu, 23 April 2025.

Analisis Teknikal Pergerakan Harga Intraday Instrumen Komoditi Emas, Rabu, 23 April 2025.

Analisis Teknikal Pergerakan Harga Intraday Pasangan Mata Wang Bersilang GBP/CHF, Selasa 22 April 2025.

Analisis Teknikal Pergerakan Harga Harian bagi Pasangan Mata Wang Silang AUD/CAD, Selasa 22 April 2025.

Isyarat Dagangan EMAS (XAU/USD) untuk 21-25 April 2025: jual di bawah $3,422 (terlebih beli - 8/8 Murray)

Analisis terbaik