GBPUSD Intraday Technical Outlook


The GBP/USD pair finally broke out of its Asian session consolidation phase and surged back above the 1.4200 handle to its highest level since early Feb. What is the latest leg of upsurge over the past couple of hours attributed to? Find out on the 26 March GBPUSD Intraday Technical Outlook.

26 March, OctaFX – The British pound has moved above the 1.4200 level against the greenback, as expectations of a May rate hike from the Bank of England, and a weaker U.S dollar index drives the pair higher.

The GBPUSD is currently holding price-action above the 1.4200 level, with the former weekly price-high, at 1.4220, the next key upside hurdle. Once clearly above the 1.4220 level, sterling buyers will meet strong technical resistance from the pairs key 200-week moving average, located at the 1.4255 level.

26 March GBPUSD Intraday Technical Outlook

  • The GBPUSD pair is strongly bullish whilst trading above the 1.4220 level, key technical resistance is found at the 1.4255 and 1.4279 levels.

  • Should GBPUSD buyers fail to gain traction above the 1.4200 level, key intraday support is located at the 1.4146 and 1.4087 levels.

Disclaimer

This article about 26 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.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

    Share Your Opinion, Write a Comment