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Starting from February 18, the British pound has been demonstrating growth against the US dollar. Today's article on the pound/dollar pair will focus on the technical picture of this instrument. If we take into account the external background and fundamental factors, the strengthening of the pound is facilitated by the faster pace of vaccination in the UK, the soft tone of the chairman of the US Federal Reserve System (Fed), based on the large-scale financial stimulus of the world's largest economy. Among the fundamental events of today, it is necessary to highlight the revised US GDP data, which will be published at 14:30 London time, as well as speeches by the President of the Federal Reserve Bank of Atlanta, Raphael Bostic, and a member of the Open Market Committee, Williams, which are scheduled for a later time. More detailed information on these and other events can be found in the economic calendar. And we turn to the price charts for the pound/dollar pair.
Daily
As already noted, the British currency shows a strengthening against the US dollar for five consecutive trading days. However, yesterday's daily candle with a fairly long upper shadow suggests that the GBP/USD will continue to grow. As far as memory goes, the price zone of 1.4200-1.4250 has always been difficult to pass, and depending on the situation, it provided strong support or resistance to the quote. So in yesterday's trading, having risen to 1.4232, the pair met strong resistance and ended the Wednesday session at 1.4136. Now, much will depend on whether the bulls on the pound will be able to pass the resistance of sellers at 1.4232 and consolidate trading above this mark.
To do this, yesterday's candle must be absorbed by growth and close trading above the maximum values on February 24. If this condition is met, the pair will continue to grow with a high degree of probability. If such a scenario does not work out and one or more bearish reversal candle patterns appear under the resistance of 1.4232, the pound/dollar will turn to decline, the immediate goal of which will again be the important psychological level of 1.4000. However, if we consider the downward scenario, it is worth noting that the red line of the Ichimoku Tenkan indicator passes at 1.4030, which can provide strong support to the quote. However, taking into account tomorrow's closing of February trading, during which the pound sterling actively strengthened, some adjustments may push the further scenario of the price movement for GBP/USD to a later time.
H1
On the hourly chart, I stretched the grid of the Fibonacci instrument to the growth of 1.3838-1.4231. As you can see, the pair fell exactly to the second corrective level of 38.2, after which it turned up again and shows its readiness to resume the rise. Nevertheless, as already noted, it will be possible to count on further strengthening of the British currency only in the case of a true breakdown of the resistance level of 1.4231, with a mandatory consolidation above this mark. Until this happens, I recommend considering both options for positioning for GBP/USD. Sales will become more relevant if bearish candlestick analysis patterns appear below 1.4231 on the hourly, four-hour, and/or daily charts. Purchases look good after a short-term decline in the price zone of 1.4140-1.4125, where the Fibo level of 23.6 from the already indicated growth, the current lows of today's trading, as well as the 50 simple moving average, which provides the quote with quite good support. That's all for now.
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