05.02.202109:36 Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 5, 2021

Technical Market Outlook:

The GBP/USD pair has retraced 61% of the last wave down after the low at the level of 1.3565 had been made. The bulls has broken back above the short-term trend line and made a local high at the level of 1.3696 during a 4h rally. Nevertheless, there was no 4h candle close above the level of 1.3683, which is the 61% Fibonacci retracement level. Anyway, the price is back to the consolidation zone and the momentum is currently neutral. The intraday technical support is seen at the level of 1.3624 and the intraday technical resistance is located at 1.3696.

Weekly Pivot Points:

WR3 - 1.4011

WR2 - 1.3877

WR1 - 1.3788

Weekly Pivot - 1.3646

WS1 - 1.3564

WS2 - 1.3416

WS3 - 1.3342

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3744 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.