Technical Analysis of GBP/USD for March 11, 2021

Technical Market Outlook:

The GBP/USD pair has bounced from the low made at the level of 1.3780 and is heading towards 385 Fibonacci retracement level seen at 1.3948. Any violation of this level will lead to the test of the technical resistance located at 1.3965 and 1.3982. 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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