GBPUSD Extends Upside Rally Towards the Level at 1.3050

GBPUSD Extends Upside Rally Towards the Level at 1.3050

GBPUSD Price Analysis – March 8

GBPUSD rose one more time in the prior session while rallying towards the 1.3050 level, thanks to a weak US dollar. The greenback dropped further against G10 currencies even though the US data were better than anticipated.

Key Levels
Resistance Levels: 1.3514, 1.3172, 1.3080
Support Levels: 1.2900, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

In the larger structure, the increase from the level of 1.1958 is expected to continue after the completion of the correction from the level of 1.3514. The next target is 1.3700 key resistance levels. The reaction from there can determine if it is in consolidation from the level of 1.1946 (low).

Or a sustained breakout at 1.3700 level could confirm a long-term bullish reversal. However, a steady breakthrough of resistance at 1.2582 level may weaken this forecast and lead to re-testing of a low level of 1.1958 instead.

GBPUSD Short term Trend: Bullish

A strong rebound in GBPUSD last week and a breakthrough of the resistance level of 1.3000 indicate that the rectification from the level of 1.3514 ended at 1.2725 level, after reaching a 50% retracement from 1.1958 to 1.3514 at 1.2739 level.

The initial bias in the new week stays upward for the resistance level of 1.3172 in the next. A lasting break can confirm this bullish case and come closer to the test at 1.3514 level. However, a breakdown of the minor support levels of 1.2900 may lead to repeated testing of the low level of 1.2725.

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Author : Azeez Mustapha

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