GBPUSD Daily Technical analysis for March 16

GBPUSD Intraday Technical Analysis for March 16

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The Intraday support level 1.5640 showed the presence of bulls which absorped the bearish movement initiated at 1.5740.

The GBP/USD pair has an intraday resistance level 1.5700 - 1.5710 which is passed through though without obvious bullish stabilization above.

The pair has another resistance area at 1.5750 -1.5760 corresponding to the upper limit of the yellow channel which is expected to be defended by bears.

A breakdown of this resistance level enables the pair to resume the bullish movement within the violet channel towards 1.5800.

A breakdown of the lower limit of the violet channel at 1.5690 opens the way for a quick decline of the GBP/USD pair towards 1.5620-1.5630.

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