GBPUSD Upward Advance Triggered by Greenback Sell-Off, Holds Steady Towards 1.2500 Level

GBPUSD Price Analysis – March 29

The Sterling was one of the currencies which at the end of the week recovered from USD decline, with GBPUSD hitting a two-week high of 1.2485 level. The greenback is also under stress across the market, as Pound has no incentive to recover, although the pandemic is weighing heavily on the country also.

Key Levels
Resistance Levels: 1.3514, 1.3280, 1.2582
Support Levels: 1.2259, 1.1958, 1.1409

GBPUSD Long term Trend: Ranging

In the larger structure, the downward trend has continued from 1.3514 (high) level. The next long-term goal would be a forecast of 61.8 percent from 1.3514 to 1.1958 at 1.1409 levels from 1.3280 level. In either situation, in event of a strong rebound, the trend may stay bearish as long as 1.3514 resistance level holds.

A break there may lift the probability of larger reversal and shift emphasis to 1.3172 resistance briefly while still on the downside, however, a break of 1.1958 level could suggest the continuation of the recovery and shift downside bias for low level 1.1409 retest.

GBPUSD Short term Trend: Ranging

The GBPUSD pair is sitting a few pips under its March slumps of 61.8 percent retracement at 1.2506 level. It also has progressed for four days in a row, reaching higher highs and higher lows, normally suggesting bullish momentum.

The pair is overbought but still bullish in the shorter term, and according to the 4-hour chart, as the momentum indicator retains its high bullish trajectory, the price is above its 5 and 13 moving averages.

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