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GBPUSD Nears 2023 High Ahead of UK Rate Decision

Tradable Patterns - Thu Mar 23, 1:12AM CDT

GBPUSD Weekly/Daily/4hr

The (GBPUSD) powered almost 100 pips in the hour following the highly anticipated FOMC and Fed rate hike. The GBPUSD is now extending the Bull Flag (on the daily chart), and testing a massive triangle resistance (on the weekly chart).  Odds are elevated for a fresh 2023 high and a test of the psychologically key 1.25 whole figure level by month end.  Further bullish catalysts may arrive today 7am EST following the UK MPC official bank rate votes, monetary policy summary and official bank rate, or after the 830am EST US unemployment claims.  The busy news week continues Friday with the UK Flash Manufacturing and Services PMI, and the US Flash Manufacturing PMI and Services PMI.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on EURUSD, GOLD

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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.