Technical Analysis of GBP/USD for March 1, 2021

Technical Market Outlook:

The GBP/USD pair has fallen out of the main ascending channel and made a new local low at the level of 1.3889. Since then the bulls tried to bounce, but so far no avail, only the level of 1.3982 had been hit. Moreover, there is the price overbalance at the level of 1.3988, so the bearish pressure should be more intense soon. The level of 1.3965 will now act as a intraday technical support. Only a sustained bounce above the level of 1.4080 would confirm the correction is terminated and the up trend is resumed.

Weekly Pivot Points:

WR3 - 1.4421

WR2 - 1.4316

WR1 - 1.4091

Weekly Pivot - 1.3990

WS1 - 1.3751

WS2 - 1.3640

WS3 - 1.3428

Trading Recommendations:

The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4224 and this was the higher high 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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