Forex Technical Update

Previous: GBP/USD Shows Strength But 1.58 Will be Key Resistance (3/14)



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.


Don't miss the opportunity to get in on the deep introductory rate offer for Market Intelligence Briefings including a 1-week free trial. Click on the link below to find out more:

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.




Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes and IBTrade will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.