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Technical Analysis of GBP/USD on 06/03/2024 -An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.084191
• Second Key support level of EUR/USD: 1.08000
• Third Key support level of EUR/USD: 1.07237
• First key resistance level of EUR/USD: 1.0887
• Second Key resistance level of EUR/USD: 1.0931
• Third Key resistance level of EUR/USD: 1.09999

• First key support level of USD/CHF: 0.88239
• Second Key support level of USD/CHF: 0.878226
• Third Key support level of USD/CHF: 0.87415
• First key resistance level of USD/CHF: 0.889063
• Second Key resistance level of USD/CHF: 0.8953
• Third Key resistance level of USD/CHF: 0.903063

• First key support level of GBP/USD: 1.268815
• Second Key support level of GBP/USD: 1.261199
• Third Key support level of GBP/USD: 1.25175
• First key resistance level of GBP/USD: 1.273391
• Second Key resistance level of GBP/USD: 1.277
• Third Key resistance level of GBP/USD: 1.28280

• First key support level of USD/JPY: 149.324
• Second Key support level of USD/JPY: 148.807
• Third Key support level of USD/JPY: 147.260
• First key resistance level of USD/JPY: 149.701
• Second Key resistance level of USD/JPY: 150.844
• Third Key resistance level of USD/JPY: 151.910

 

Technical Analysis of GBP/USD on 06/03/2024.

 

Since the start of the year, the GBP/USD pair has experienced a period of stability with no significant movements, fluctuating between the resistance level of 1.27915 and the support level of 1.25000.

So far, there is no clear and transparent reason for the price reduction seen in long-term periods, such as weekly movements.

An upward trend line with two support points affecting the price over the last month. Up to this point, the trend line has led the price upwards. In general, as long as the trend line remains in place, the price has the potential to rise and reach important resistance levels, which are 1.27700 and 1.28230, respectively.

In the current situation, the dominant trend in shorter periods, such as daily and 4-hour intervals, is bullish. Buyers are actively trying to reach the resistance level of 1.27700.

In the opposite scenario, if there are downward movements, the first warning is issued when the price stabilises for 4 hours at a certain level and then when the support level of 1.26832 breaks.

 

The CloseOption Team

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