GBP/USD Forex Signal Today 25/03: Weakly Bearish (Chart)

(MENAFN- Daily Forex) My previous GBP/USD signal on 19th March was not triggered, as none of the key support or resistance levels were reached during that day's London session.

Today's GBP/USD Signals

Risk 0.75%.

Trades must be taken prior to 5pm London time today only.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Long Trade Ideas

• Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.2870 or $1.2853.
• Place the stop loss 1 pip below the local swing low.
• Move the stop loss to break even once the trade is 25 pips in profit.
• Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.

Short Trade Ideas

• Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.2947 or $1.2980.
• Place the stop loss 1 pip above the local swing high.
• Move the stop loss to break even once the trade is 25 pips in profit.
• Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.

The best method to identify a classic“price action reversal” is for an hourly candle to close, such as a pin bar , a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

EURUSD Chart by TradingViewGBP/USD Analysis

I wrote in my previous GBP/USD forecast on Wednesday last week that the support level at $1.2950 again looked pivotal, and was likely to hold. I mentioned the supportive area could start at $1.2957. This was a good call as $1.2957 was the low of the day's London session almost to the pip.

The technical picture has become more bearish as the US Dollar made a recovery towards the end of last week which has continued this week and is getting a further headwind from comments made by Fed member Bostic yesterday on persistent inflation. Even though the British Pound is a relatively strong currency due to its 4.5% interest rate and relatively hawkish central bank, we still see the price testing lows and looking heavy in the area below the round number at $1.2900, although there is some support there,

The supportive zone below between $1.2870 and $1.2853 looks strong and likely to hold, so if the price does fall down there, as is quite likely to happen, and we get a bullish bounce at the first test, a long trade will probably be a good bet.

There is nothing of high importance due today regarding either the GBP or the USD.

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