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

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

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.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.