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The GBPUSD attacks the resistance - Analysis - 04-03-2024
The GBPUSD pair ended last Friday positively, as it attacked the key resistance 1.2650 and settled there, to hint heading to regain the main bullish trend again, especially that the recent trades are confined within minor bearish channel that might form bullish flag pattern in case breaching its resistance at 1.2670, which might push the price to achieve gains that start at 1.2760 followed by 1.2827.
On the other hand, failing to consolidate above 1.2650 will put the price under the correctional bearish pressure and lead the price to decline on the intraday basis, to head towards visiting the next correctional level at 1.2540 as a next main target.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms breaching 1.2670 resistance or breaking 1.2650 support to detect its next destination clearly.
The expected trading range for today is between 1.2570 support and 1.2750 resistance.
The expected trend for today: Neutral
The EURUSD attempts to recover - 04-03-2024
The EURUSD pair provided slight positive trades in the previous sessions to approach the first key resistance 1.0860, noticing that stochastic lost its positive momentum to show clear overbought signals now, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next target located at 1.0765.
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MoreEvening update for Gold 01-03-2024
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