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03.02.202119:10 Forex Analysis & Reviews: February 3, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 03.02.2021 analysis

In December, the price levels of (1.3380-1.3400) have prevented further bullish movement for a few weeks.

Bearish target was projected towards 1.3300. However, the pair has failed to pursue towards lower targets.

Instead, a bullish spike was expressed towards 1.3480-1.3500 where the upper limit of the depicted movement channel has previously provided bearish pressure on the pair.

Shortly after, another bullish spike has recently been demonstrated towards 1.3600 where the upper limit applied considerable bearish rejection again.Recently, the GBPUSD pair looked overbought while consolidating above the key-level of 1.3400.

As expected, bearish reversal was recently initiated around 1.3600. A quick bearish decline was demonstrated towards 1.3200.

However, the GBP/USD pair has failed to maintain bearish decline below 1.3200 in the previous attempt. Instead, bullish persistence above 1.3400 invalidated the bearish scenario for the short-term.

Another temporary bullish movement is being expressed to test the previous WEEKLY High around 1.3700. Further upside movement is expected towards the upper limit of the current movement channel around 1.3800 where bearish rejection and a possible SELL Entry are suggested.

Intermediate-term outlook can turn into bearish if only the GBP/USD pair could break below and maintain movement below 1.3400. If so, a quick bearish decline initially towards 1.3200-1.3150 would be expected.

Mohamed Samy
Analytical expert of InstaForex
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