Mar
21

GBP/USD D1 Technical March 21

Yesterday Cable mange to break its support 1.5068 level and dropped upto 48 pips rapidly. Then pair got support from 1.5022 level and start moving upward in New York session and target its resistance at 1.5170 level. Today resistance is at 1.5195 level and support is at 1.5022 level. We are expecting pair to move first upward and test its resistance and then dropped towards south. So price action on 1.5195 should be carefully handle.

If GBP/USD manage to break this level and H4 candle close above 1.5195 level then it will indicate bullish strength and pair will then move further upward and target 1.5230-50 level and Gap will also be covered then.

But this scenario can be vanished, if pair fails to break its resistance and H4 candle close below 1.5195 level. GBP/USD will then rapidly fall towards its support level.

High impact News can affect the movement of GBP/USD. News like Retail Sales m/m, Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index.

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