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10.03.202117:16 Forex Analysis & Reviews: March 10, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 10.03.2021 analysis

In February, the GBPUSD pair looked overbought while consolidating sideways around the price-levels of 1.3700.

Sideway movement with slight bullish tendency was demonstrated while approaching these price levels around 1.3700-1.3750.

Thats's why, Bearish pullback was expressed. However, the GBP/USD pair has failed to maintain sufficient bearish momentum.

Strong bullish movement was expressed, Hence, upside movement was expected towards the new limit of the current movement channel around 1.4100-1.4150.

Obvious Bearish rejection and a SELL Entry was suggested around this price zone.

Short-term outlook can turn into bearish if only the GBP/USD pair could maintain movement below 1.3900 which corresponds to 50% Fibonacci level.

Bearish Persistence below 1.3820 will give more confirmation. If so, a quick bearish decline towards 1.3400 would be expected.

Mohamed Samy
Analytical expert of InstaForex
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