GBP/USD Technical Analysis on March 22, 2023

The GBPUSD traded with a strong positive attitude yesterday, returning to the bullish channel shown on the chart and achieving expected additional returns in upcoming trading, with the main goal of reaching the 1.2318 level. Therefore, we expect to see more bullish bias at the upcoming meeting and point out that breaking through 1.2318 and staying above 1.2318 will prevent the positive situation and drive prices down again.

Today's expected trading range is between 1.2260 support and 1.2435 resistance. In the long run, the pound against the US dollar will continue to rise from the level of 1.2260. It should be pointed out that the support level is 1.2260, which is the 50% Fibonacci pullback level on the H1 chart. The price may form a double bottom within the same time range. Therefore, the pound against the US dollar showed strong signs after breaking through the highest level of 1.2318. Therefore, to purchase a level higher than 1.2318, the first target is 1.2358 to test daily resistance 1 and further test 1.2435. In addition, it can be pointed out that a level of 1.2435 is a good place to profit, as it will form a double roof. The price is now in a bullish channel. In the foreign exchange market, liquidity refers to the ability of a currency pair to buy and sell at current market prices. In addition, liquidity refers to market volatility and dynamics. Due to the huge size of the foreign exchange market, it is also highly liquid. In addition, if the currency has high liquidity, trading will be easier. On the other hand, if there is a reversal, the GBP USD pair may break through the support level of 1.2302 and further fall to 1.2260, indicating a bearish market. Trading suggestion: As long as the price of 1.2260 is not broken, the trend remains bullish. Therefore, it is wise to purchase a price higher than 1.2260, with the main goal being 1.2358. Then, the pound against the dollar will continue to move towards the second goal of 1.2435. In technical analysis, history usually repeats itself to some extent.

Therefore, using historical interest rates to determine future prices is wise. With the help of various technical indicators, technical analysis is only based on technical market data (quotations). In addition, in this book, we will discuss various new techniques for applying numerical strategies, equations, formulas, and probabilities. In addition, we will share some classic analyses, such as breakthrough strategies and trend indicators. Alternative: The segmentation of 1.2260 will further reduce the price of the currency pair to 1.2218 and 1.2168.