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KaltoireCapital
Mar 21, 2024 6:42 AM

Key S/R areas for GBP/USD, levels to sell  

FX:GBPUSD1D
British Pound/U.S. DollarFXCM

Description

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Hello traders, FOMC has given as GBP/USD a boost to the upside as the market
believes Fed will cut rates soon although the Federal Reserve has kept rates
unchanged for now.

Technically, we do not have too many cues to go on. However, price has reached the 1.28
supply level. A bigger resistance level lies at 1.3150.

For now, we are not selling GBP/USD. Short-term traders can consider selling
GBPUSD@1.2890 level provided there is bearish price action.

Comment

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FOMC induced spike seems to be fading

Comment

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The 1.28 resistance highlighted by us has worked and price has dropped 100 pips from that level

Comment

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A massive 160+ pips fall from our 1.28 resistance zone. Currently price is testing the 100-day ema level

Comment

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270 pips profit so far
Trend AnalysisChart Patternsgbpusdshortgbpusdanalysisgbpusdsignal
Comments
JayaFxTrading
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You have highlighted the 1.28 resistance nicely, gbpusd is falling from that level
Alijohri
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@JayaFxTrading, Do you think we can sell now?
KaltoireCapital
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@Alijohri, We do no recommend selling now
KaltoireCapital
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@JayaFxTrading, Thank you :) glad it has been helpful
TomasRadek
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Hi, i think it will not go any higher, it may be start of bearishness
KaltoireCapital
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@TomasRadek, It’s possible that you are right, the 1.28 zone worked well in holding the price
Bucumber007
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Good sell call sir
KaltoireCapital
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@Bucumber007, Thank you Sir
amgadsalama
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Today, boe event was dovish. How do you think it will affect the pound fundamentally?
KaltoireCapital
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@amgadsalama, You make a valid point. At this stage, it has already had a negative impact on the Pound
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