Technical analysis of GBP/USD for March 05, 2018



  • The GBP/USD pair opened below the daily pivot point (1.3813). It continued to move downwards from the level of 1.3813 to the bottom around 1.3765. Today, the first resistance level is seen at 1.3813 followed by 1.3876, while the daily support 1 is seen at 1.3711. Furthermore, the moving average (100) starts signaling a downward trend; for that the market is indicating a bearish opportunity below the area of 1.3813/1.3760. So it will be good to sell at 1.3813 or 1.3760 with the first target of 1.3711. It will also call for a downtrend in order to continue towards 1.3650. The strong daily support is seen at the 1.3650 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the GBP/USD pair to trade between 1.3813 and 1.3650 in coming days. The price spot of 1.3813 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3813 is not broken. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.3776, then a stop loss should be placed at 1.3803.
The material has been provided by InstaForex Company -