Technical Analysis of GBP/USD for March 10, 2021

Technical Market Outlook:

The GBP/USD pair bounced from the local low made at the level of 1.3778 and tried to rally above the level of 1.3930, but was capped at the level of 1.3924. The market made a Pin Bar candlestick at the top of the bounce and since then the price reversed back towards the level of 1.3857. The bears are still in control of the market in the short-term, so traders should expect another push down towards 1.3780 and below. Please keep and eye on the weekly time frame chart as well as there is an interesting trend reversal candlestick known as Shooting Star at the very top of the last rally towards 1.4224.

Weekly Pivot Points:

WR3 - 1.4174

WR2 - 1.4089

WR1 - 1.3934

Weekly Pivot - 1.3853

WS1 - 1.3702

WS2 - 1.3617

WS3 - 1.3458

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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