GBPUSD Potential Forecast | 17th March 2023

17 мар. 2023 г.

Fundamental Backdrop
1. Inflation in GBP continues to be heightened.
2. A lot of instability in the US due to the Silicon Valley Bank crisis triggering a chain reaction to many other banks involved.

Technical Confluences
1. Price has broken the uptrend as seen by the trendline.
2. Price can potentially retrace back to the trendline or the H4 support level at 1.1961 before heading up.
3. Structure has been broken to the upside.
4. Price is resting well above the ichimoku cloud.

Idea
GBPUSD can create a new higher high on the larger timeframe and given the instability surrounding the USD, GBPUSD have potential to continue heading up.






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