How does the GBPUSD pair trades currently after meeting firm intraday resistance from the 1.3979 technical level? Read on as the 16 March GBPUSD Intraday Technical Forecast gives the answer.
16 March, OctaFX – The British pound has recovered bullish trading momentum against the U.S dollar after sellers again failed to take charge of the pair below the key 1.3920 level.
The GBPUSD pair currently trades around the 1.3960 level, after meeting firm intraday resistance from the 1.3979 technical level.
Moving into the U.S session, buyers will look for gains above the 1.4000 level, while sellers will look for a confirmed break below the pairs fifty-day moving average.
16 March GBPUSD Intraday Technical Forecast
The GBPUSD pair remains intraday bullish above the 1.3920 level, key intraday resistance is located at the 1.3979 and 1.4000 level.
A sustained move below the 1.3920 level may lead the GBPUSD pair to weaken towards the 1.3900 and 1.3873 support levels.
This article about 16 March GBPUSD Intraday Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.