GBPUSD Technical Analysis Report 25 March, 2024

Dmitry Chernovolov Market Analyst

GBPUSD currency pair can be expected to rise further toward the next resistance level 1.27000 (former resistance from February

– GBPUSD reversed from pivotal support level 1.2570

– Likely to rise to resistance level 1.27000

GBPUSD currency pair recently reversed up from the pivotal support level 1.2570, which has been steadily reversing the pair from the middle of February, as can be seen from the daily GBPUSD chart below. The support level 1.2570 is strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous extended ABC correction from the start of October. If the pair closes today near the current levels it will form the daily candlesticks reversal pattern Piercing Line.

Given the strength of the support level 1.2570, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.27000 (former resistance from February and the support level which stopped the previous minor impulse wave 1 earlier this month).

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