Technical Analysis of GBP/USD for March 22, 2021

Technical Market Outlook:

The bulls on GBP/USD pair failed to resume the up trend again by bouncing towards the level of 50% Fibonacci retracement located at 1.4001, leaving the Pin Bar candlestick behind. The market has returned back to the consolidation zone located between the levels of 1.4001 - 1.3801. 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 with a target for bulls is seen at the level of 1.4054 and 1.4060. The immediate technical support is seen at the level of 1.3850. Any violation of this level will directly expose 1.3801 for a breakout.

Weekly Pivot Points:

WR3 - 1.4132

WR2 - 1.4065

WR1 - 1.3940

Weekly Pivot - 1.3879

WS1 - 1.3752

WS2 - 1.3684

WS3 - 1.3557

Trading Recommendations:

The GBP/USD pair keeps developing the up trend despite the fact, 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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