Technical Analysis of GBP/USD for March 18, 2021

Technical Market Outlook:

The GBP/USD pair has bounced through the levels of 1.3965, 1.3982 and currently bulls are trying to resume the up trend again by bouncing towards the level of 1.4001 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 1.4054 and 1.4060. The bulls tried three times already to break through the 50% Fibonacci retracement in the past, so any breakout higher will be dynamic and strong. The immediate technical support is seen at the level of 1.3930. Any violation of this level will directly expose 1.3850 for a test.

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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