Technical Analysis of GBP/USD for March 17, 2021

Technical Market Outlook:

After the GBP/USD pair had reversed from the level of 1.4001 and broke below the technical support located at the level of 1.3857 the new low was made at the level of 1.3808. The move down itself was made in three waves, ABC, so it is clearly corrective in nature. Currently, bulls are trying to resume the up trend again by bouncing towards the level of 1.3904 which is an intraday technical resistance for the market. If this level is violated, then the next target for bulls is seen at the level of 1.3948 and 1.3965. Please notice the 50 DMA located at the level of 1.3793 might be some kind of support for the price.

Weekly Pivot Points:

WR3 - 1.4220

WR2 - 1.4106

WR1 - 1.4016

Weekly Pivot - 1.3905

WS1 - 1.3808

WS2 - 1.3702

WS3 - 1.3608

Trading Recommendations:

The GBP/USD pair keeps developing the up trend despite the face, that is back inside the main ascending channel. 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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