Daily Analysis For GBP/USD  21-03-2023

Daily Analysis For GBP/USD 21-03-2023

GBP/USD Analysis
GBP/USD Economic Events and Scenario for GBP/USD
Economic Events: -
GMTEventImpactCurrency
00:30(Australia) RBA Meeting MinutesHighAUD
02:30(New Zealand) Credit Card Spending YoYLowNZD
06:00(Finland) Unemployment RateLowEUR
06:25(Switzerland) SNB 2022 Annual ReportLowCHF
07:00(European Union) New Car Registrations YoYMediumEUR
07:00(Switzerland) Balance of TradeMediumCHF
07:00(United Kingdom) Public Sector Net Borrowing Ex BanksLowGBP
07:00(United Kingdom) Public Sector Net BorrowingLowGBP
09:30(Slovenia) PPI YoYLowEUR
10:00(Euro Area) Construction Output YoYLowEUR
10:00(Euro Area) ZEW Economic Sentiment IndexMediumEUR
10:00(Germany) ZEW Current ConditionsLowEUR
10:00(Germany) ZEW Economic Sentiment IndexHighEUR
10:00(United Kingdom) 30-Year Treasury Gilt AuctionLowGBP
11:00(Latvia) PPI MoMLowEUR
11:00(Latvia) PPI YoYLowEUR
12:30(Canada) CPI Trimmed-Mean YoYHighCAD
12:30(Canada) CPI Median YoYHighCAD
12:30(Canada) Inflation Rate MoMMediumCAD
12:30(Canada) Core Inflation Rate YoYMediumCAD
12:30(Canada) Inflation Rate YoYHighCAD
12:30(Canada) Core Inflation Rate MoMLowCAD
12:30(Euro Area) ECB President Lagarde SpeechMediumEUR
12:55(United States) Redbook YoYLowUSD
13:30(Euro Area) ECB Enria SpeechLowEUR
14:00(United States) Existing Home Sales MoMHighEUR
14:00(United States) Existing Home SalesHighUSD
14:30(Slovenia) Unemployment RateLowEUR
15:00(New Zealand) Global Dairy Trade Price IndexLowNZD
15:30(United States) 52-Week Bill AuctionLowUSD
15:30(Euro Area) ECB Enria SpeechLowEUR
17:30(United States) 20-Year Bond AuctionLowUSD
20:30(United States) API Crude Oil Stock ChangeMediumUSD
21:00(New Zealand) Westpac Consumer ConfidenceLowUSD

Today's Scenario: - In the Asian session, the GBP/USD currency pair has undergone a corrective move, bringing it closer to the 1.2250 level. This corrective move in the Cable appears to be in response to a recovery move displayed by the US Dollar Index (DXY). The DXY has reached an intraday high of 103.43, as pre-Federal Reserve (Fed) anxiety is expected to play a significant role in the market in the near future.

Buy Scenario: - GBP/USD has recently experienced a bearish trend, but it is currently following a micro-bull trend. The key level to watch is 1.2200.
If the currency pair manages to hold above this level, the focus will shift to the upside, with the bulls targeting equal highs from February in the upper quarter of the 1.22 area. At this point, traders will be keeping an eye on the 1.2320s level. Till we do not advise to buy in GBP/USD.

Sell Scenario: - If the bears take control of the market, there is a possibility of the micro bull trend and structure around the 1.2200 level being broken. This is particularly likely given that the price is currently on the backside of the previous dominant bull trend. Till then we do not advise selling GBP/USD.

Support and Resistance Level: -
SupportResistance
S1 1.2084-R1 1.2438
S2 1.2125-R2 1.2361
S3 1.2202-R3 1.2320

Discussion

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