Trading GBPUSD? This 1 March GBPUSD Technical Outlook from ADS Securities’ team of market analysts will help you in your trading today.
1 March, ADS Securities – The Pound declined against the US Dollar for the third straight session yesterday, after reports that the European Union rejected UK’s plea for a longer transition period and proposed a plan to keep Northern Ireland within the customs territory of the Union.
1 March GBPUSD Technical Outlook
Presently, the pair is trading within a narrow range of 1.3740-1.3760 on the 1H chart, as traders await the UK’s manufacturing PMI and mortgage approvals data, due later today. However, the MACD indicator has witnessed a signal line crossover from below, suggesting at likely positivity over intraday basis.
Key near-term resistance is situated at the 1.3790 level, followed by the 1.3825 and 1.3860 levels. A clear break above the latter might trigger positivity in the pair. On the other hand, key technical support is positioned at the 1.3735 level, followed by the 1.3700 and 1.3670 levels.
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