- March 3, 2022
- Posted by: cabana-admin
- Category: Market Insights
Overview: – By looking at the daily chart of the gbpusd we can see that pair is heading south side and dominating the bulls at every nook and corner level..Presently bears are leading and playing at the front foot after breaking the important key support level of 1.3270 levels.
Today at the time of writing, the pair is trading and moving at 1.3300 level near to key support level. The 1.3270 level is the last support level which can stop the bears from bearish storm. The way pair is heading south side it seems like bears are snatching the bite from bull’s mouth and they will move down to test the 1.3200 level again.
From technical prospective we can see that pair is trading and heading at south side as a downtrend line followed by an aggressive horizontal line. As a result, the seller can portray another attempt to cross 1.3270 round-figures and below this 1.3260 level we may see blood bath in the pair and pair may test 1.3200 and 1.3150 level also. A short term double bottom pattern has been formed on the daily chart as well 4 hourly chart due to which we have seen bearish signals, which is providing us bearish signal for the time being and recently pair has given us a death crossover on hourly as well as 4 hourly chart which is providing us bearish signal and favoring the bulls.
Odds are in favor of bears and our bias remains bearish on the pair as long as 1.3650 level remains unbeatable on a closing basis. The 1.3270 will act as a key support level followed by a very strong support level of 1.3200 on contrary, the 1.3350 level is key resistance level followed by 1.3400 level. Also, pair is trading below all the minor EMA line on the 4 hourly chart which is providing strength to the bears.
Trade idea:- Based on the chart and studies above we can suggest to our readers that go for sell below 1.3270 level for the target of 1.3200 level and 1.3150 with the tight stop loss of 1.3350 level on a closing basis.