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3/4/2016 3:18:03 AM

GBPUSD steadies - Technical Analysis - 04-03-2016

GBPUSD rose in the short term and intraday levels, which comes as the pair tries to correct the main downward trend in the medium and short terms, succeeding lastly in breaking the pivotal resistance of 1.4153, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 1.4667 to 1.3835), settling above it for the moment, while sliding a bit in today's morning trading on profit-taking and as the pair tries to gather positive momentum that'd help it rise again, while also venting off the overbought saturation apparent in relative power indicators to rid itself from the selling pressures.

Therefore we expect more gains to come for the pair, targeting the resistance of 1.4251, representing the ratio 50% of the same retracement levels mentioned earlier.



Trend Bullish