empty
19.03.2024 02:08 PM
GBP/USD: trading scenarios on March 19, 2024

This image is no longer relevant

As of this writing, GBP/USD is trading near the 1.2690 mark and the support level represented by the 50-period moving average on the daily price chart, attempting to deepen into the zone of the long-term bearish market located below the key support level of 1.2730 (200 EMA on the weekly chart).

Since the beginning of last week, the pair has continued to develop negative dynamics after an unsuccessful attempt to break into the zone of the long-term bullish market.

This image is no longer relevant

The inflation data published in the United States last week, indicating its acceleration in February, contributed to the strengthening of the dollar across the market, including the GBP/USD pair. Now, market participants' opinion tends towards a later start of the Fed's monetary policy easing cycle than previously forecasted, which supports the strengthening of the dollar.

In the event of further strengthening, we should expect a breakthrough of the support level at 1.2690 and a decline to important support levels at 1.2625 (144 EMA on the weekly chart), 1.2600 (144 EMA on the daily chart).

This image is no longer relevant

A breakthrough of the key support level at 1.2560 will lead GBP/USD into the zone of the medium-term bearish market, making long-term and medium-term short positions preferable.

Technical indicators RSI, OsMA, and Stochastic on the daily price chart are also in favor of sellers.

In the alternative scenario, a breakthrough of the short-term resistance level at 1.2700 (200 EMA on the 4-hour chart and the local resistance level) will be the first signal for the resumption of long positions, and a breakthrough of the resistance levels at 1.2730, 1.2750 (200 EMA on the 1-hour chart) will be confirming.

Support levels: 1.2690, 1.2625, 1.2600, 1.2560, 1.2500

Resistance levels: 1.2700, 1.2730, 1.2750, 1.2800, 1.2870, 1.2900, 1.3000, 1.3100

Trading scenarios:

Main scenario: Sell Stop 1.2660. Stop-Loss 1.2710. Take-Profit 1.2625, 1.2600, 1.2560, 1.2500, 1.2400

Alternative scenario: Buy Stop 1.2710. Stop-Loss 1.2660. Take-Profit 1.2730, 1.2750, 1.2800, 1.2870, 1.2900, 1.3000, 1.3100, 1.3190, 1.3275, 1.3300, 1.3390, 1.3430, 1.3535, 1.3640, 1.3700, 1.3745, 1.3900, 1.3970, 1.4000

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2025
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

How to Trade the GBP/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair showed movements similar to the EUR/USD pair but with lower volatility. The ascending trendline was breached

Paolo Greco 06:37 2025-05-30 UTC+2

How to Trade the EUR/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair started Thursday with a sharp collapse but spent the rest of the day trading with strong growth. Explaining

Paolo Greco 06:37 2025-05-30 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 30: The British Pound is as Calm as an Elephant

The GBP/USD currency pair showed lower volatility on Thursday than the EUR/USD pair, which is quite surprising. At the same time, the British pound recovered without much difficulty

Paolo Greco 03:51 2025-05-30 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 30: The Market Fooled Everyone

The EUR/USD currency pair plunged sharply overnight on Thursday but posted a threefold stronger rally throughout the day. The overnight movement was triggered by a single event: the U.S. Court

Paolo Greco 03:51 2025-05-30 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 29th (Morning Trade Review)

In my morning forecast, I focused on the 1.3429 level and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:56 2025-05-29 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 29th (Morning Trade Review)

In my morning forecast, I focused on the 1.1259 level and planned to make trading decisions based on it. Let's look at the 5-minute chart to understand what happened there

Miroslaw Bawulski 19:43 2025-05-29 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.