19.02.202110:42 Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 19, 2021

Technical Market Outlook:

The GBP/USD pair keeps moving up and the recent bounce back above the levels of 1.3844 and 1.3889 is the confirmation of the strength of bulls. The market is currently consolidating the recent gains around the level of 1.3970, but the next target for bulls is seen at the level of 1.4000. There is another target located at the level of 1.4089. The strong and positive momentum supports the short-term bullish outlook for Cable.

Weekly Pivot Points:

WR3 - 1.4119

WR2 - 1.3990

WR1 - 1.3939

Weekly Pivot - 1.3805

WS1 - 1.3748

WS2 - 1.3625

WS3 - 1.3558

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level of 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3901 and this was the higher close 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.