Technical Analysis

GBPUSD offers good buying opportunity

GBPUSD offers good buying opportunity

The GBPUSD pair has been fallen sharply since March 10, based on the weekly charts, where the pair was at $1.3400 and today it is currently trading around $1.2700. Despite this strong decline, a buy order is better than a sell one.


As seen from the previous chart, the candles are still moving above the upside trend line on the weekly timeframe. Although the trend line is inclined and not ideal to depend on in our analysis, it should be taken into consideration, especially after the formation of an engulfing candlestick last week. The RSI is also moving higher than the bullish trend line, thereby increasing the likelihood of seeing a rally.

We expect the GBPUSD pair to rise in the coming days targeting at least $1.2900, as a first target, and it may extend its rise towards $1.3200 as a second target. 

Share Article