Technical analysis of GBP/USD for March 17, 2023

Please take into consideration that bullish breakout above 1.2340 will probably enable further advancement towards 1.2700. However, the GBPUSD bulls failed to record a new high above 1.2200. Instead

Price action around the key-level of (1.0550-1.0600) was quite bullish. That’s why, further bullish continuation towards 1.0800 was demonstrated. Moreover, more bullish advancement towards the nearest supply zone around 1.1150-1.1200

The market has remained under buying pressure until a plateau level occurred around 1.0800-1.0850. This was followed by a significant SELLING price action leading to the recent price decline

The AUD/USD pair is trading at 0.6695 at the time of writing. The price dropped as much as 0.6570 where it has found strong demand. Now, it has jumped above

On Thursday, the EUR/USD pair maintained its upward trend and managed to move above the corrective level of 161.8% (1.0609). The hourly and 4-hour charts show that the pair

NZDUSD is trading around 0.6240 after bouncing from recent low at 0.6131. In the 4 hour chart we observe that the recent bounce was part of a right hand shoulder

In case GBP/USD falls below the 21 SMA located at 1.2116, we could expect a bearish acceleration and the pair could find support at 1.2085

Pot3ential for the downside rotation