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04.02.202109:30 Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 4, 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 bearish pressure on GBP/USD has increased and the market has broke below the technical support located at the level of 1.3608. This level will now act as an intraday technical resistance. The local low was made at the level of 1.3586, so the next target for them is the intraday technical support located at the level of 1.3519. The market is coming off the overbought conditions and the momentum is weak and negative, pointing down. The key mid - term technical support is seen at the level of 1.3428, but please pay attention to any breakout below the trend line support around the level of 1.3500 first. This might be the first indication of a potential move lower.

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.

Exchange Rates 04.02.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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