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GBP/USD Technical Analysis March 17, 2025

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GBP/USD Technical Analysis March 17, 2025

As of March 17, 2025, the GBP/USD currency pair is trading at approximately 1.2937, reflecting a slight increase of 0.06% from the previous close. The pair has maintained a steady upward trend, with traders closely watching key technical levels for further directional movement.

Current Price Levels and Technical Indicators:

The GBP/USD pair has been in a bullish trend since early March, breaking above key resistance levels and maintaining gains above the 1.2680 mark. However, the recent price action suggests a potential slowdown in momentum, with the pair consolidating below the recent high of 1.2989.

The 14-day Relative Strength Index (RSI) is approaching 70, indicating overbought conditions that could lead to a temporary pullback. The pair is also trading above the 9-day Exponential Moving Average (EMA), confirming strong short-term bullish momentum.

Support and Resistance Levels:

Key support and resistance levels for GBP/USD include:

  • Resistance Levels:

    • 1.2989 – Recent four-month high.
    • 1.3048 – Key resistance from November 2024.
    • 1.3125 – Potential resistance based on long-term bullish trend.
  • Support Levels:

    • 1.2895 – Immediate support at the 9-day EMA.
    • 1.2730 – Lower boundary of the ascending channel.
    • 1.2665 – Strong support at the 50-day EMA.

Fundamental Factors:

Several key fundamentals are influencing GBP/USD price movements:

  • U.S. Dollar Weakness: The U.S. dollar is struggling against major currencies due to economic uncertainty and softer economic data, boosting demand for the pound.
  • UK Economic Outlook: Investors are closely watching UK economic data, including inflation and employment reports, which will determine future price action.
  • Central Bank Policies: The Federal Reserve and the Bank of England are both expected to keep their policies unchanged in the near term, which may lead to further consolidation in GBP/USD.

Conclusion:

GBP/USD remains in a strong uptrend but is showing signs of consolidation. Traders should watch for a break above 1.2989 to confirm further upside potential, while a drop below 1.2895 could signal a short-term correction. Economic data and central bank updates will play a crucial role in determining the next price direction.

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