7^th March 2022 Technical Analysis

GBPUSD

GBPUSD fell on Friday with a bearish technical bias as it made lower highs during the recent downtrend.

The pair is currently trading near 1.32023，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.32400

Resistance level 2: 1.32700

Resistance level 3:1.33000

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.31800

Support level 2: 1.31500

Support level 3: 1.31200

On Tuesday (March 8), the UK will release retail sales data for February, with higher data indicating a positive for the pound and therefore bullish for the GBPUSD pair and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the GBPUSD currency pair near the current level.

EURUSD

EURUSD fell on Friday, with a bearish technical bias as they made lower lows in the recent downtrend.

The pair is currently trading near 1.08844，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.08500

Resistance level 2: 1.08200

Resistance level 3: 1.07800

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1:1.09250

Support level 2: 1.09500

Support level 3: 1.09800

On Tuesday (March 8), the euro zone will announce the fourth-quarter GDP growth data. Higher data indicates that it is good for the euro, so it is bullish for the EURUSD currency pairs, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the EURUSD currency pair near the current level.