GBPUSD Potential Long Forecast | 13th March 2023
Fundamental Backdrop
1. DXY continues to weaken
2. The Claimant Count Change is expected to be better than previous, strengthening GBP.
3. Also do watch out for the Annual Budget Release on Wednesday which will add significant volatility to the market.
Technical Confluences
1. Price bounced off key support level at 1.18700
2. Near-term minor resistance at 1.21300
3. Price broke above the descending trend-line and above the Ichimoku cloud indicating a bullish market structure shift.
Idea
Expecting price to continue bullish towards the resistance at 1.22700.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. DXY continues to weaken
2. The Claimant Count Change is expected to be better than previous, strengthening GBP.
3. Also do watch out for the Annual Budget Release on Wednesday which will add significant volatility to the market.
Technical Confluences
1. Price bounced off key support level at 1.18700
2. Near-term minor resistance at 1.21300
3. Price broke above the descending trend-line and above the Ichimoku cloud indicating a bullish market structure shift.
Idea
Expecting price to continue bullish towards the resistance at 1.22700.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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