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The strong bullish movement of the British pound took it to the highs of 1.4232 was based on speculation that the United Kingdom could accelerate its exit from the restrictions before the government's target date of June 21.
On the other hand, the pessimism of Fed Chairman Jerome Powell and the UK exit plan may trigger a new upward movement, after the technical correction of the British pound ends.
On a technical level, we note that GBP / USD, on the 1-hour charts, is touching the 21-day SMA, which is likely to be a downward movement if the pair trades below 1.4134.
In addition, the eagle indicator is in the overbought zone, it is most likely that there will be a downward correction in the next few hours.
In the 1-hour chart, we can see the 6/8 Murray line, this level is now offering resistance to the GBP / USD pair. If the British pound moves below this level, there could be a technical correction.
The immediate support is located at 1.3961, there is the 200 EMA in 1-hour charts, this level is key for a new technical rebound, and for taking profit.
Support And Resistance Levels For February 24 - 25, 2021
Resistance (1) 1.4194
Resistance (2) 1.4288
Resistance (3) 1.4355
Support (1) 1.4082
Support (2) 1.4029
Support (3) 1.4005
Trading tip for GBP/USD for February 24 - 25, 2021
Sell below 1.4133 (SMA 21) with take profit at 1.4005,(EMA 200), stop loss above 1.4175.
Buy if rebound around 1.4015 (EMA 200) with take profit at 1.4160 (6/8 of murray), stop loss below 1.3970.
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