23.02.202109:16 Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 23, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The GBP/USD pair has hit the level of 1.4085 which is the current swing high and the upper channel boundary level. Some kind of correction or pull-back is being expected due to the extremely overbought market conditions, so please keep an eye on the intraday technical support seen at 1.4034 and the local technical support located at the level of 1.3982 - 1.3965. Any violation of this level will open the road towards the next technical support seen at the level of 1.3889. The higher time frame trend is still up and the current correction is only an internal corrective cycle inside of the up trend.

Weekly Pivot Points:

WR3 - 1.4313

WR2 - 1.4176

WR1 - 1.4112

Weekly Pivot - 1.3970

WS1 - 1.3906

WS2 - 1.3764

WS3 - 1.3698

Trading Recommendations:

The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4050 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.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.