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02.03.202112:09 Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 2, 2021

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Overview :

The GBP/USD pair set below on major support, prepare for a bounce around the area of 1.3823.

Further close above the high end may cause a rally towards 1.3823. Nonetheless, the weekly support level and zone should be considered.

Our forecast, the GBP/USD pair will continue to rise from the level of 1.3823. The support is found at the level of 1.3823, which represents the 38.2% Fibonacci retracement level in the H4 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.3823, while immediate resistance is seen at 1.3902.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.3823.

Therefore, buy above the level of 1.3823 with the first target at 1.3902 in order to test the daily resistance 1 and move further to 1.3982.

In coming days, the level of 1.4240 is a good place to take profit because it will form a double top.

Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3823 to 1.4240 today.

At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3724 , a further decline to 1.3565 can occur, which would indicate a bearish market.

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