28.02.202012:04 Forex Analysis & Reviews: Technical analysis of GBP/USD for February 28, 2020

Overview:

Pivot : 0.2948.

Currntly price : 1.2911.

Trend : uptrend.

There are no changes in my technical outlook. The bias remains bullish in the nearest term testing 1.3117 or higher. The GBP/USD pair will continue rising from the level of 1.2948 today. So, the support is found at the level of 1.2825, which represents the 23.6% Fibonacci retracement level in the H1 time frame. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.2825. The current price is set at the level of 1.2962 that acts as a daily pivot point seen at 1.2948. Equally important, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.2825 and 1.3048. Therefore, strong support will be formed at the level of 1.2825 providing a clear signal to buy with the targets seen at 1.3048. If the trend breaks the first resistance at 1.3048, the pair will move upwards continuing the development of the bullish trend to the level 1.3117 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 1.3048 and 1.3117. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2848.