empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

05.03.202109:39 Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 5, 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 GBP/USD pair has made a new local high at the level of 1.4014, so the price overbalance had been invalidated and bulls have a chance to push the market higher towards the next target seen at the level of 1.4080. Nevertheless, bullish attempts were capped at the level of 1.4014 after the Pin Bar candle with a long upper shadow was made, so now the market is approaching the Wednesday lows located at 1.3857. Any violation of this level will open the road towards the key short-term technical support seen at the level of 1.3780 - 1.3757.

Weekly Pivot Points:

WR3 - 1.4421

WR2 - 1.4316

WR1 - 1.4091

Weekly Pivot - 1.3990

WS1 - 1.3751

WS2 - 1.3640

WS3 - 1.3428

Trading Recommendations:

The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4224 and this was the higher high 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 05.03.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off