Forex Daily Analysis : March 17, 2021

The daily forex analysis for March 17, 2021 discussed the movement of GBPUSD in the market on Tuesday yesterday in general it is still weak for the pound sterling currency. The weakening of the British currency compared to the US Dollar is caused by concerns in the market, these concerns arise from the rejection of the use of the AstraZeneca vaccine in the UK. This rejection occurs in many other countries in the world. In addition, the weakening of the Pound Sterling is also affected by pessimism from market participants about the economic recovery in the UK. The greenback moved higher compared to other major currencies, in market trading on Tuesday. This strengthening was supported by the increase in US government bond yields and the wait-and-see attitude of market participants on the decision on fiscal policy by the chairman of the US Central Bank TheFed in the early hours of the morning starting at 01:00 WIB. In today's trading, Wednesday, March 17, 2021, the condition of the US Dollar tends to be softer and sideways against other major currencies. The speech of the chairman of the US Central Bank TheFed Jerome Powell regarding his views on the fiscal and economic policy of the United States in the future, is highly awaited by market participants. This is because market participants want to get the right signals and clearer clues about the latest US economic conditions. Market participants hope that Powell will provide a positive and optimistic outlook on the American economic outlook in 2021. The desires and expectations of these market participants are based on the decline in the American unemployment rate and the rise in the inflation rate which is quite high. However, many people predict that the US Central Bank will not change its monetary policy in its remarks in the early hours of the morning. In addition, market participants will also pay close attention to anything that will be conveyed by the chairman of the Central Bank regarding the movement of US bond yields which have been moving up for some time. Although it is expected that Powell and the members of the FOMC, to what extent will it provide concrete and concrete steps that will be able to withstand the surge in US bond yields.

Forex Daily Analysis Predictions

Today's FOREX prediction on the GBPUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.38700. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on March 17, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.