17.03.202222:01 Forex Analysis & Reviews: Technical analysis of GBP/USD for March 17, 2022

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Overview :

Resistance of the GBP/USD pair is seen at the level of 1.3207. The pair is trading below its resistance for a while. It is likely to trade in a lower range as long as it remains below resistance.

Furthermore, you should bear in mind that resistance has set at 1.3207. The GBP/USD pair has not made a significant movement from yesterday. There are no changes in my technical outlook. The bias remains bearish in the nearest term testing 1.3098 or lower.

If the trend can break the first target at 1.3098, the market will call for a strong bearish trend towards the next target at 1.3002 on the one-hour chart.

Please, note that the prices of 1.3207 and 1.3256 coincide with the Fibonacci of 50% and 61.8% respectively. The trend is still calling for a strong bearish market from the area of 1.3207 - 1.3256. Sellers are asking for a high price (1.3207 or/and 1.3256).

RSI is seeing major resistance below 60 % and a bearish divergence vs price also signals that a reversal is impending.

As a result, it is gainful to sell below this price of 1.3207 with targets at 1.3098 and 1.3002. However, stop loss has always been in consideration. Thus it will be useful to set it above the last double top at the level of 1.3256 (notice that the major resistance today has set at 1.3256 ).

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