Technical Analysis: GBPUSD

GBPUSD rose to a one-week high

On Monday, GBPUSD rebounded steadily. At one point, it reached 1.3445, a one-week high.

It is necessary to propel the de-escalation of the situation in Iran

We should find an approach to easing the tension in Iran, the British Prime Minister Keir Starmer said, according to the UK media on 9^th March. The longer the conflict between the US and Iran continues, the more likely it is that there will be economic damage in UK, he added.

The USDX was capped

Iran war will end soon, but important targets remain if needed, Trump said on Monday. Lowered by his statements, the USDX fell. It ended down 0.16% at 98.73.

GBPUSD rebounded steadily

the Chart of the Day

On the chart of the day, GBPUSD rebounded steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that GBPUSD will rise further. Investors should focus on whether GBPUSD will break through the resistance at 1.351. It will rise with potential resistance at 1.358 if it breaks above 1.351.

4-hour chart

On the 4-hour chart, GBPUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether GBPUSD will break through the support at 1.338. It will jump if it retreats but is stable above 1.338.

Key resistance: 1.351,1.358

Key support: 1.338,1.331

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as GBPUSD retreats during the day.