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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 341065, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 20th MAR, 2024 GBPUSD – Resistance of Channel is Broken[/SIZE][/B] [img]https://i.imgur.com/RWVc8um.png[/img] GBPUSD opened this week on a bearish note and touched a low of 1.2666 on 19th March after which we can see the prices moving towards the consolidation phase in the markets. Today we saw a bullish breakout in the markets with the prices of GBPUSD touching a high of 1.2786 in the US Trading session. The Resistance of the channel is broken in the 1-hourly timeframe. We can also see the formation of Moving Average Bullish crossovers: AMA20 and AMA50 in the 1-hourly timeframe. We have also detected the formation of Bullish Harami pattern in the weekly timeframe. Some of the technical indicators are also giving a neutral stance indicating the presence of the consolidation wave in the markets. GBPUSD is now trading above its 100-hour SMA and its 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal seen above the 1.2683 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain above the 1.2770 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] GBPUSD is now trading above its Pivot levels of 1.2779 and is moving into a Consolidation channel. The price of GBPUSD is aiming to cross its Classic resistance levels of 1.2791 after which we can see an upwards bullish pressure towards the 1.2808 at which the Price Crosses 9 Day Moving Average Stalls. GBPUSD is poised to continue its bullish moves with the immediate targets of 1.2835 which is a 14-3 Day Raw Stochastic at 80%. [I][B]Disclaimer:[/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. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=trendriforum&utm_medium=ownanalysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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