25.02.202219:16 Forex Analysis & Reviews: Technical analysis of GBP/USD for February 25, 2022

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Overview :

The GBP/USD pair continues to move upwards from the level of 1.3272. Yesterday, the pair rose from the level of 1.3272 to a top around 1.3412.

Today, the first resistance level is seen at 1.3455 followed by 1.3498, while daily support 1 is seen at 1.3358 (23.6% Fibonacci retracement).

According to the previous events, the GBP/USD pair is still moving between the levels of 1.3412 and 1.3358; so we expect a range of 54 pips.

Furthermore, if the trend is able to break out through the first resistance level at 1.3455, we should see the pair climbing towards the golden ratio (1.3498) to test it.

Therefore, buy above the level of 1.3358 with the first target at 1.3412 in order to test the daily resistance 1 and further to 1.3455. Also, it might be noted that the level of 1.3498 is a good place to take profit because it will form a new double top.

On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3358, a further decline to 1.3272 can occur which would indicate a bearish market.

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