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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 341758, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 25th MAR, 2024 GBPUSD – Bullish Engulfing Lines[/SIZE][/B] [img]https://i.imgur.com/h2rYjBR.png[/img] GBPUSD opened this week on a bearish note from its decline last week and touched a low of 1.2594 after which we can see a continuous upsurge in its levels. We can see the formation of Bullish Engulfing lines in the 1-hourly timeframe. The Aroon indicator is giving a bullish trend in the 15-minutes timeframe. We have also detected the formation of Moving Average bullish crossovers: MA50 & MA100 in the 30-minutes timeframe. The support of the channel is broken and the prices of GBPUSD are ranging near horizontal support in the daily timeframe. GBPUSD is now trading below its 100-hour SMA and its 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal seen above the 1.2594 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain above the 1.2620 levels. [*] Average true range ATR is indicating less market volatility. [/LIST] GBPUSD is now trading below its Pivot levels of 1.2637 and is moving into a Consolidation channel. The price of GBPUSD is aiming to cross its Classic resistance levels of 1.2639 after which we can see an upwards bullish pressure towards the 1.2661 which is a 38.2% Retracement From 13 Week Low. GBPUSD is poised to continue its bullish moves with the immediate targets of 1.2670 which is a 14-3 Day Raw Stochastic at 30%. [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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