GBP/USD Price Prediction – March 8
The GBP/USD trading activities have suffered a setback while trying to strive for a recovery motion recently as the currency pair price drops deeper, trying to look for support. The market opens around 1.3104 to trade between 1.3130 and 1.3101 points at a minute positive percentage of 0.12.
GBP/USD Market
Key Levels:
Resistance levels: 1.3200, 1.3300, 1.3400
Support levels: 1.3000, 1.2900, 1.2800
GBP/USD – Daily Chart
The GBP/USD daily chart shows the currency pair price drops deeper to look for support at a lower support spot. Initially, 1.3300 stood as the support baseline for the market as it featured some variant candlesticks attempting to bottom on it. The candlestick that emerged on March 4 invalidated the assumption by luring the situation into a further bearish motion. The 14-day SMA is underneath the 50-day SMA. And they are far above the current trading zone. The Stochastic Oscillators are in the oversold region, moving in a consolidation style to denote that a selling force still plays out as writing.
Is it at this point technically ideal to still follow a downward trend in the GBP/USD market operations as the price drops deeper to look for support at a lower spot?
It appears at this point not technically ideal to still follow a downward trend in the GBP/USD market operation as the currency pair price drops deeper to look for support. Presently, 1.3100 level is the new support baseline from which upward swings have to rejig around the line mentioned. Slow-and-steady downward moves may lead to elongation of downs.
On the downside of the technical analysis, the GBP/USD market short-position takers have to be wary of launching further shorting positions around the 1.3100 value-line. The present trading outlook portends unsafe conditions for new selling orders. Therefore, bears would have to stay off the market at this point for some time.
In the technical analysis, in brief, it is apparent that the bears are dominating the trend at the expense of bulls’ weaknesses to push northward back. A long-stronghold of price around the 1.3100 will potentially lead to more downs. However, a rebound may feature against the 1.3200 to revisit resistances closely beneath the 14-day SMA if it gets heightened in the long run.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart exhibits the currency pair price drops deeper to locate support around the lower bearish channel trend line. The 50-day SMA indicator is above the 14-day SMA indicator. And they are bent southward to point to the downside. The Stochastic Oscillators are in the oversold region, seemingly attempting to cross their lines northbound closely beneath the range of 20. That suggests the market may embark on a rallying motion toward finding resistance around 1.3250 and 1.3300. If those points fail to serve as the resistance levels against the presumed rebounding motion, a higher value-line of 1.3350 or the previous 1.3400 will witness a resumption of a downward move afterward.
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