empty
21.03.2023 10:03 AM
Technical Analysis of GBP/USD for March 21, 2023

Technical Market Outlook:

The GBP/USD pair has broken above the last swing high located at the level of 1.2202 ( now this level will act as the technical support for bulls) and made a new swing high at the level of 1.2283. The momentum is strong and positive, so the outlook remains bullish, however, the market conditions are now extremely overbought on the H4 time frame chart. In a case of a further extension to the upside, the next target for bulls is seen at the level of 1.2396 and 1.2447 (swing high).

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.22458

WR2 - 1.22140

WR1 - 1.21963

Weekly Pivot - 1.21822

WS1 - 1.21645

WS2 - 1.21504

WS3 - 1.21186

Trading Outlook:

So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on May 21, 2025

On Tuesday, the EUR/USD pair managed to consolidate above the resistance zone of 1.1260–1.1282, which had previously triggered three pullbacks. As a result, the euro's upward movement continued

Samir Klishi 11:19 2025-05-21 UTC+2

Forecast for GBP/USD on May 21, 2025

On the hourly chart, the GBP/USD pair on Tuesday made two bounces from the support zone of 1.3344–1.3357, reversed in favor of the pound, and rose above the 1.3425 level

Samir Klishi 11:15 2025-05-21 UTC+2

Forex forecast 21/05/2025: EUR/USD, GBP/USD, SP500, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:14 2025-05-21 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 21, 2025.

Although on the 4-hour chart the AUD/JPY cross currency pair is weakening, it seems that this weakening is only a momentary correction as long as it does not break through

Arief Makmur 06:25 2025-05-21 UTC+2

Technical Analysis of Intraday Price Movement Silver Commodity Instrument, Wednesday May 21, 2025.

On the 4-hour chart, the Silver commodity instrument appears to be showing Convergence between the Silver commodity instrument price movement and the Stochastic Oscillator indicator, so that in the near

Arief Makmur 06:25 2025-05-21 UTC+2

EUR/USD Forecast for May 21, 2025

On Tuesday, the euro firmly consolidated above the daily-scale balance line indicator, closed the day above the resistance level of 1.1266, and began today with an upward move

Laurie Bailey 05:19 2025-05-21 UTC+2

GBP/USD Forecast for May 21, 2025

Over the past week, the British pound has been advancing ahead of other currencies. This momentum may soon lead to a breakout above the rising channel and the target level

Laurie Bailey 05:10 2025-05-21 UTC+2

AUD/USD Forecast for May 21, 2025

Yesterday's rate cut by the Reserve Bank of Australia from 4.10% to 3.85%, although widely expected, did not allow the Australian dollar to consolidate above the 0.6444 resistance level. However

Laurie Bailey 05:10 2025-05-21 UTC+2

Forecast for USD/CAD on May 21, 2025

The USD/CAD pair has gradually declined for five consecutive days, remaining below the daily balance indicator line. A move below the support level of 1.3898 would accelerate the decline toward

Laurie Bailey 05:07 2025-05-21 UTC+2

Oil Forecast for May 21, 2025

This morning, on the daily chart, the price pierced the MACD line with an upper shadow. Visually, the trend appears upward, and the Marlin oscillator's signal line also points upward

Laurie Bailey 05:06 2025-05-21 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.