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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 340258, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 13th MAR, 2024 GBPUSD – Bullish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/XuD7WDS.png[/img] GBPUSD was indecisive today moving in a zigzag pattern after which we can see some fresh bullish confirmations coming into the markets. The prices of Pound are expected to enter into a consolidation zone after which we can see some upwards correction towards the 1.2838 levels. We can see the formation of Bullish Trend Reversal pattern with Moving Average MA50 in the 1-hourly timeframe. We have also detected the formation of Ichimoku - Bullish crossover: Tenkan & Kijun pattern in the 1-hourly timeframe which is a bullish pattern. The RSI indicator is back over 50 in the 2-hourly timeframe indicating a Bullish tone present in the markets. GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal seen above the 1.2775 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain above the 1.2800 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] GBPUSD is now trading below its Pivot levels of 1.2805 and is moving into a Consolidation channel. The price of GBPUSD is aiming to cross its Classic resistance levels of 1.2813 after which we can see an upwards bullish pressure towards the 1.2851 levels which is a 3-10 Day MACD Oscillator Stalls. [I][B]Note:[/B] This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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