GBPUSD Technical Analysis Report – 15-03-2020
Weekly Chart (1.2290)
As per the weekly chart, we can observe a sharp depreciation in GBPUSD and we expect it to depreciate a little more as historically GBPUSD is having a major support around 1.1975 levels. And we are expecting GBPUSD to start appreciate from that level. GBPUSD seems to be range bound in between 1.3478 and 1.1975 levels. The nearest major resistance seems to be around 1.3172 level and support seems to be around 1.1975 level and any breakout and close below 1.1975 on weekly chart may trigger further selling pressure for GBPUSD to depreciate further.
Support and Resistance:
Resistance: 1.2414, 1.2675, 1.3172, 1.3303, 1.3478, 1.3780, 1.4063, 1.4395, 1.4741, 1.5007
Support: 1.2136, 1.1975, 1.1313
Trading with proper stop loss (may be in between 30-50 pips) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
Support and Resistance:
Resistance: 1.2414, 1.2675, 1.3172, 1.3303, 1.3478, 1.3780, 1.4063, 1.4395, 1.4741, 1.5007
Support: 1.2136, 1.1975, 1.1313
Trading with proper stop loss (may be in between 30-50 pips) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.