GBPUSD Analysis – March 6
GBPUSD bearish strength is causing prices to sink. The month of February has shown a descending triangle formation, but the price has been rejected around the 1.19960 and 1.19120 levels. However, the general bullish run may end if the market breaks these levels. Compared to the overall bullish trend, the bears are trying to influence the market while running in the shadows of the bullish market. This gives bulls an advantage to eventually strengthen up to the 1.24480 level.
GBPUSD Significant Levels:
Resistance Levels – 1.26291, 1.24053
Support Levels – 1.19523, 1.19005
GBPUSD Long-Term Trend: Bearish
GBPUSD is currently forming a bearish descending triangle pattern. On February 28, 2023, the market tried to break the descending trendline. Although it succeeded, it failed to build on this to breach the next resistance levels. This led to a pullback in the support. There’s support right below the closing bearish candle of the 2nd of March, which is hindering the price from breaking below the 1.19120 support level, yet, there’s a possibility, that the price may still dip to 1.17380.
The bearish market is reinforcing areas within 1.21340 and 1.19120 as the GBPUSD advances closer to the significant support levels. The MA period 50 (Moving Average) is above the candles on the daily chart. This indicates the weakness of the bullish run. The RSI (Relative strength index) line shows an undulating market below the middle level of its chart, which is a bias to the advantage of the bears.
GBPUSD Short-Term Trend: Bullish
On the 4-hour chart, the market is punching its weight upward and has risen above the MA period 50. The RSI line has also risen above the 50 mark. However, the market is likely to struggle to reach the 1.21340 resistance level. This is exacerbated by the effort required to rise above the descending trendline before reaching the resistance level. This could eventually result in a drop below the current support level of 1.19960.
You can purchase Lucky Block here. Buy LBLOCK
Note: Learn2.trade 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
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.