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The GBP / USD pair, at the opening of the American session, is trading above the downtrend channel, and above the SMA of 21, located at 1.3905, we can also observe a bullish wedge, if the pair remains above of 1.39, we could expect a recovery to the 200 EMA.
In 1 hour charts we can see that the eagle indicator is showing a bullish signal, since the last two candles in 1 hour charts have been decisive to break the technical pattern.
Now we must wait for a pullback towards the bottom of the channel, if it bounces above it, a bullish movement is likely to the 1.4020 area, where the 200 EMA is located.
On the other hand, a break below 1.3890, and a close in 4-hour charts below this level, could accelerate the downward pressure and we must cancel our buy orders, we could sell with objectives at 1.3820, there the EMA of 200 in 4-hour charts. You can check the analysis published yesterday for this technical data.
Our recommendation is to buy above 1.3890, given that the eagle indicator and the technical pattern are supporting this forecast.
Support And Resistance Levels For March 02 - 03, 2021
Resistance (1) 1.3970
Resistance (2) 1.4013
Resistance (3) 1.4071
Support (1) 1.3880
Support (2) 1.3844
Support (3) 1.3794
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Trading tip for GBP/USD for March 02 - 03, 2021
Buy if rebound at 1.3890 or above , with take profit at 1.4020, stop loss below 1.3840.
Sell if pullback at 1.4020 (EMA 200) with take profit at 1.3960 and 1.3890, stop loss above 1.4055.
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