01.03.202113:52 Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 01, 2021

Overview :

The GBP/USD pair has climbed along a steep, upward-sloping support channel, the pair rose at an even more ambitious incline from the area of 1.3887.

The GBP/USD pair is showing signs of frequency at the bottom lip of a key support range between 1.3887 and 1.3900.

The pair also stalled around these levels last week and close at 1.3915.

The GBP/USD pair is going to continue to rise from the level of 1.3887 in the long term. It should be noted that the support is established at the level of 1.1422 which represents the 38.2% Fibonacci retracement level on the H1 chart, pivot point.

The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.1422.

So, buy above the level of 1.1422 (if the trend hits this price) with the first target at 1.4104 in order to test the daily resistance 1 and further to 1.4240.

Also, it might be noted that the level of 1.4240 is a good place to take profit because it will form a double top.

On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3826, a further decline to 1.3750 can occur which would indicate a bearish market.

Forecast :

• According to the previous events the price is expected to remain between 1.3887 and 1.4240 levels.
• Buy-deals are recommended above 1.3887 with the first target seen at 1.4104. The movement is likely to resume to the point 1.4162 and further to the point 1.4240.
• The descending movement is likely to begin from the level 1.3887 (below this region) with 1.3750 and 1.3703 seen as targets.