Technical Analysis of GBP/USD for February 26, 2021

Technical Market Outlook:

The GBP/USD pair has made a Pin Bar at the level of 1.4223 and since then the market is going down. All the technical supports had been violated (1.4098, 1.3982 and 1.3965), so the next target is seen at the level of 1.3889- 1.3864. The price is out of the channel as well, so the acceleration down might be swift. The key short-term technical support is seen at the level of 1.3780 - 1.3757. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.4313

WR2 - 1.4176

WR1 - 1.4112

Weekly Pivot - 1.3970

WS1 - 1.3906

WS2 - 1.3764

WS3 - 1.3698

Trading Recommendations:

The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4050 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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