OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD Price Analysis: Clears weekly resistance trendline to inch closer to 1.1800

  • GBP/USD remains mildly positive after breaking a one-week-old falling trend line.
  • 1.1800 limits the immediate upside ahead of 200-HMA.
  • Sellers look for entry below 23.6% Fibonacci retracement.

Having breached a weekly falling trend line, GBP/USD takes rounds to 1.1780 amid the Asian session on Wednesday.

Even so, the pair fails to provide a clear break of 1.1800, which in turn could escalate the recovery moves towards a 200-HMA level of 1.1940.

During the pair’s sustained rise past-1.1940, 50% and 61.8% Fibonacci retracements of March 13-19 fall, respectively near 1.2015 and 1.2160 could please the bulls.

Meanwhile, sellers will seek entry below 23.6% Fibonacci retracement figures of 1.1700.

In doing so, 1.1550 and 1.1450/45 could be on their radars ahead of the recently flashed multi-year low near 1.1410.

GBP/USD hourly chart

Trend: Further recovery expected


BOJ Summary of Opinions: Must strengthen monetary easing to prevent worsening of corporate, household confidence

The Bank of Japan's March meeting Summary of Opinions states that they must strengthen monetary easing to prevent worsening of corporate, household co
Read more Previous

S&P 500 Futures catch a breath after Wall Street’s rise, US yields, Asian stocks remain positive

While waiting for the US COVID-19 Bill, S&P 500 Futures register 0.73% loss to 2,420 amid the initial minutes after the Tokyo open on Wednesday. The D
Read more Next
Start livechat