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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 340056, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 12th MAR, 2024 GBPUSD – Moving Average Bullish Crossover[/SIZE][/B] [img]https://i.imgur.com/whr1tSf.png[/img] GBPUSD was unable to sustain its bullish momentum and after touching a high of 1.282 we saw downwards retracement towards the low of 1.2776 formed today in the European trading session. The prices of Pound are expected to enter into a consolidation zone after which we can see some upwards correction. The RSI indicator is back over 50 in the 4-hourly timeframe indicating a bullish trend present in the markets. The prices of GBPUSD are ranging near horizontal support in the 1-hourly timeframe. We can see the formation of Moving Average bullish crossovers with MA20 and MA50 in the daily timeframe. GBPUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal seen above the 1.2749 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain above the 1.2780 levels. [*] Average true range ATR is indicating less market volatility. [/LIST] GBPUSD is now trading below its Pivot levels of 1.2794 and is moving into a Consolidation channel. The price of GBPUSD is aiming to cross its Classic resistance levels of 1.2803 after which we can see an upwards bullish pressure towards the 1.2835 levels which is a 14-3 Day Raw Stochastic at 80%. [I][B]Note:[/B] This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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