FX.co - GBP/USD update for March 16, 2022 - Bull divergence and bigger rally already started

2022-03-16T12:38:45

Relevance until2022-03-17

Technical analysis:

GBP/USD update for March 16, 2022 - Bull divergence and bigger rally already started

GBP/USD has been trading upside as I expected. Price is heading towards upside objectives with good momentum.

Trading recommendation:

Due to bullish divergence in the background and upside pressure today, I see potential for further bullish movement.

Watch for potential buying opportunities on the dips with the upside objectives at 1.3190 and 1.3275.

MACD is showing bullish divergence, which is another sign for further rally....

Key support is set at the price of 1.3000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for March 16, 2022 - Bull divergence and bigger rally already started