After the Recovery of 2016, GBPUSD May Stay Vulnerable to the Southside

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GBPUSD Price Analysis – March 1

The market has experienced recovery from its lowest levels since 2016, while the price is now pushing for a consolidated structural shift. Ultimately, only returning beneath the 1.2500 level could jeopardize the freshly created constructive perspective. In the previous session, GBPUSD plunged from 1.2920 to a low of 1.2725 level, while exiting at the level of 1.2813.

Key Level
Resistance Levels: 1.3514, 1.3172, 1.2900
Support Levels: 1.2582, 1.2195, 1.1958

GBPUSD Long term Trend: Ranging

In a larger structure, the current decline from the level of 1.3514 is considered as a correction of the rally at the level of 1.1958. It is anticipated that this rally will continue later towards the key resistance at 1.3514 level. Reactions from there will decide whether it is in consolidation from 1.1958 (low) level.

Or a sustained breakout of 1.3514 levels may indicate a long-term bullish reversal. However, a steady breakthrough of resistance turned support at 1.2582 level may weaken these views and lead to repeated testing of the low level of 1.1958 instead.

GBPUSD Short term Trend: Bearish

GBPUSD declined to the level of 1.2725 in the previous session, and a break of 1.2725 level will indicate the resumption of the correctional fall from the level of 1.3514. The intraday bias returned to decline for a 50% recovery from 1.1958 to 1.3514 at 1.2813 levels.

On the other hand, a break of 1.3000 level is necessary to indicate a short-term bottom, otherwise, a further fall may stay in favor of recovery in the event of such a recovery.

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