09.02.202112:23 Forex Analysis & Reviews: Analysis and forecast for GBP/USD on February 9, 2021

In yesterday's trading, the GBP/USD currency pair showed a relatively small increase, as a result of which it ended Monday's trading by only 2 points, but above Friday's closing price of 1.3733. At the time of writing this article, the British pound sterling is showing a much more significant strengthening against the US dollar.

Daily

As can be seen on the daily chart of the GBP/USD currency pair, in the current period, there is a breakdown of a fairly strong resistance level of 1.3756. The ending of all this will become clear after the closing of today's trading session. In the meantime, let's outline the possible scenarios. In the event of a true breakdown of the sellers' resistance at 1.3756, with a mandatory consolidation above this mark, the British pound will have excellent chances to continue its upward momentum. In this scenario, the next target of the bulls for the pound will be the previously mentioned strong and important price zone of 1.3800-1.3820. If the breakdown of the resistance level of 1.3756 turns out to be unsuccessful and a bearish candlestick analysis model appears on the daily chart, it is worth preparing for the subsequent decline of the pair, which means its sales. And yet, despite the bearish divergence of the MACD indicator, the upward scenario for the pound looks the most preferable. However, everything is the will of the market, so the alternative scenario should never be discounted.

H4

Regarding this timeframe, we see one candle that has already closed above the resistance level of 1.3756. It is worth noting the confident and fairly solid growth of the British currency, as can be seen from the last closed white candle. At the time of writing, the pair was already rolling back to 1.3760, from where it quickly began to recover its losses and is now preparing for the continuation of the upward trend. Since the pullback has already occurred after the breakdown of 1.3756, I recommend that for those who want to buy on the market, and even at its current peak, open long positions right here and now with targets in the area of 1.3800-1.3820. There is little certainty that the mark of 1.3800 will be passed (if at all) on the first try. The level is very strong and difficult to pass. The appearance of bearish candlestick patterns in the price range of 1.3800-1.3820 will be a signal to open sales with small targets within 40 points.

The current trend for the GBP/USD pair is upward, so it is better to open positions according to the trend, that is, consider buying the British currency. I would like to note an important macroeconomic event for sterling, which will be the preliminary GDP data for the fourth quarter of last year. These statistics will be published on February 12, at 08:00 London time. Today, in my opinion, there are no significant and important statistics for the GBP/USD pair. But tomorrow at 14:30 (London time), important macroeconomic indicators from the United States on changes in consumer prices will be published. It is likely that the indicated statistics from the United States and the United Kingdom will have an impact on the price dynamics of the pound/dollar currency pair in the weekly cycle. At this stage of time, I consider the main trading idea for GBP/USD to be purchases that are better planned after a short-term pullback of the pair to the area of the broken resistance of 1.3756, or rather, from the price zone of 1.3765-1.3755.