GBP/USD Technical Analysis: March 14, 2017
The UK calendar appeared in an idle manner on Monday. The British currency was able to initiate a recovery despite the profit taking. Moreover, the Brexit bill is expected to thrash out within this week held in the House of Commons. The sterling finally gained strength to escape from the flat trading after its third day.
During the daily open an upward momentum emerged. While buyers drove the price towards 1.2200 level and pushed the barrier amid early European trades. After breaking the mentioned level, the GBP/USD directed to 1.2250 during post-open of London session.
Moreover, the Cable tested 50-EMA as shown in the 4-hour chart during the EU hours. The major stayed under them moving averages that were pointing downwards.
Resistance is at 1.2300, support entered 1.2200.
The histogram grew more but indicated the weak position for the sellers. RSI oscillator ascended.
The current reversal was triggered by the profit-taking. The next possible bullish target is 1.2300
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