Forex Technical Update
The 1H GBP/USD chart shows a market that is trading in a range roughly between 1.5745 and 1.5640. As we enter the 3/16 US trading session, the market trades just under the 1.5750 range resistance. A breakout to the upside is contained in the near-term to the psychological resistance of 1.58, which is also the neckline area for a head and shoulder seen in the 4H chart.
The near run since beginning of March has fizzled, and the market is sideways if not bullish. 1.58 is still a key resistance pivot. Only a push above that re-invites the bullish outlook, which opens up 1.59 and 1.5980 for the upcoming weeks.
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Fan Yang CMT is a forex trader, analyst, educator nd main contributor for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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