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04.03.202112:23 Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 04, 2021

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Overview :

Pivot point : 1.4004 .

The GBP/USD pair dropped from the level of 1.4004 to the bottom around 1.3858. But the pair has rebounded from the bottom of 1.3858 to close at 1.3925.

Today, the first support level is seen at 1.3858, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.4004, which coincides with the 38.2% Fibonacci retracement level.

This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the GBP/USD pair is able to break out the first support at 1.3858, the market will decline further to 1.3785 in order to test the weekly support 2.

In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.

Therefore, it will be good to sell below the level of 1.4004 with the first target at 1.3858 and further to 1.3785.

This suggests that the pair will probably go down in coming hours. If the trend is able to break the level of 1.3785, then the market will call for a strong bearish market towards the objective of 1.3715 today.

At the same time, the breakdown of 1.3715 will allow the pair to go further up to the levels of 1.4004 in order to retest the weekly pivot point again.

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