FX.co - GBP/USD update for March 18, 2022 - Rejection of key resistance at 1.3200

2022-03-18T13:26:19

Relevance until2022-03-19

Technical analysis:

GBP/USD update for March 18, 2022 - Rejection of key resistance at 1.3200

GBP/USD has been trading downside and there is the rejection of key pivot resistance at the price of 1.3200. I see further downside movement.

Trading recommendation:

Watch for potential selling opportunities due to strong rejection of key resistance at 1.3200.

Downside objectives are set at the price of 1.3050 and 1.3000

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign for the further downside movement.

Short-term trend is still bearish.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for March 18, 2022 - Rejection of key resistance at 1.3200