FX.co - GBPUSD analsysis for March 03 , 2023 - Potential for the breakout of the trading range

2023-03-03T08:38:32

Relevance until2023-03-04

Technical analysis:

GBPUSD analsysis for March 03 , 2023 - Potential for the breakout of the trading range

GBP/USD has been trading sideways at the price of 1.1985 and there is potential for the breakout mode.

Due to the descending triangle in creation, I see potential for the downside breakout.

In case of the breakout of the support zone at 1.1925, there is potential for the drop towards the downside reference at 1.1645.

Stochastic and MACD oscillators are still showing downside reading, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2140

*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 ★ GBPUSD analsysis for March 03 , 2023 - Potential for the breakout of the trading range