GBPUSD Bounces off Lows, Early Attempt to Recover Past the Level at 1.2300

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.

GBPUSD Price Analysis – March 16

With the Fed’s surprise activity reminiscent of the US dollar bears, GBPUSD bounces off lows in an early attempt to rebound past the level of 1.2300 to 1.2412 and higher than 0.50 percent on Monday as it heads into open European and American session. During the early Asian session, the US Federal Reserve reported a surprise rate cut to 0.25 percent, in addition to $700 billion in Quantitative Easing (QE).

Key Levels
Resistance Levels: 1.3280, 1.2900, 1.2582
Support Levels: 1.2195, 1.2013, 1.1958

GBPUSD Long term Trend: Bearish

In the larger structure, the present scenario suggests that price actions from 1.1958 (low) level are merely a trend of consolidation, with the third leg being completed at 1.3514 level. Rejection of the level at 1.3172 by upside horizontal zone also solidifies long-term bearishness.

Focus is back on the low level of 1.1958 where there could be a definitive break with a larger downward trend of 2.1161 (high). So long so 1.3514 resistance level holds, this may remain the preferred scenario.

GBPUSD Short term Trend: Bearish

At the moment the intraday bias in GBPUSD remains on the downside while retesting a low level of 1.1958 can be seen as a further decline.

On the upside, past the level of 1.2490 minor resistance may first alter neutral intraday bias while further decline may be expected as long as 1.2725 support level turned resistance holds.

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
  • 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
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.