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Technical analysis

07.03.201913:41 Forex Analysis & Reviews: Technical analysis of GBP/USD for March 07, 2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.03.2019 analysis

Overview: The GBP/USD pair will continue rising from the level of 1.3130 in the long term. It should be noted that the support is established at the level of 1.3130 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3130. So, buy above the level of 1.3300 with the first target at 1.3524 in order to test the daily resistance 1. The level of 1.3524 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.3300, then the market will call for a strong bullish market towards the objective of 1.3524 today. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3130, a further decline to 1.3080 can occur. It would indicate a bearish market.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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