Technical Analysis of GBP/USD for February 15, 2021

Technical Market Outlook:

The GBP/USD pair has bounced from the level of 1.3779 and made another higher high at the level of 1.3901 (at the time of writing the article). The next target for bulls is seen at the level of 1.3965 - 1.3982, but due to the overbought market conditions at the H4 time frame chart it might take some time. To momentum is still strong and positive, so the bullish sentiment prevails. The larger time frame trend is still up as well and the price is above 50 DMA on daily and weekly chart.

Weekly Pivot Points:

WR3 - 1.4119

WR2 - 1.3990

WR1 - 1.3939

Weekly Pivot - 1.3805

WS1 - 1.3748

WS2 - 1.3625

WS3 - 1.3558

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3901 and this was the higher close in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

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

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