GBPUSD Intraday Technical Outlook


After an initial uptick to session high level of 1.4067, the pair met with some fresh supply following the release of softer than expected UK inflation figures for the month of February.  What else does the 20 March GBPUSD Intraday Technical Outlook reveal?

20 March, OctaFX – The British pound is consolidating price-action above the 1.4000 level against the U.S dollar, after the release of disappointing PPI inflation data from the UK economy.

The GBPUSD pair pulled back from the 1.4060 level earlier after UK PPI came in flat for the month of February. Moving into the U.S trading session, a clear break of the 1.4000 to 1.4060 price-range is needed for the next strong directional move in the GBPUSD pair.

20 March GBPUSD Intraday Technical Outlook

  • The GBPUSD pair retains a bullish bias whilst trading above the 1.4000 level, intraday resistance is found at the 1.4060 and 1.4088 levels.

  • If GBPUSD price-action trades below the 1.4000 level on a sustained basis, a correction towards the 1.3960 and 1.3920 level cannot be ruled out.

Disclaimer

This article about 20 March GBPUSD Intraday Technical Outlook 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.

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