Forecast for GBP/USD on February 24, 2021

GBP/USD

The British pound advanced 170 points both yesterday and this morning, having reached the target level of 1.4210. The price may still reach the January 2018 high (1.4275), but a reversal from the achieved one is planned. The Marlin oscillator entered the overbought zone for the daily timescale, it can already reverse both independently and along with the price.

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Marlin is also in the overbought zone on the four-hour chart, it is quite possible that the price will quickly return to the consolidation area at 1.4070, but what follows is a big question. If the price settles below 1.4070, then it will speak of a reversal, if subsequently the price rises again, then this can be either a continuation of the growth trend or a reversal of another geometric formation. In any case, we are waiting for the development of events.

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The material has been provided by InstaForex Company - www.instaforex.com

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