12.02.202113:18 Forex Analysis & Reviews: Technical analysis of GBP/USD for February 12, 2021

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Overview :

The GBP/USD pair is trading sideways in the nearest term between 1.3750 and 1.3824.

Immediate support is seen around 1.3750. Besides, a clear break below that area could lead the price to the neutral zone in the nearest term testing 1.3715 or lower around 1.3565 in order to form a double bottom on the one-hour chart.

Today, we expect the GBP/USD pair is keeping its bearish momentum bottomed at 1.3780. The bias remains bearish in the nearest term testing 1.3750.

Immediate resistance is seen around 1.3824. The daily pivot point also stands at 1.3750; for that the level of 1.3750 will act as a minor support in coming hours. If the trend is not able to break that area, it could lead the price to the bearish zone in the short run testing 1.3750 - 1.3715.

Moreover, any downside pullback from the price of 1.3865 now is normal, because on the whole we remain bearish at present.

Accordingly, in small time frames the trend is still bearish as long as the level of 1.3865 is not broken.

Thereupon, it would be wise to sell below the level of at 1.3865 with the primary target at 1.3750. Then, the GBP/USD pair will continue towards the second target at 1.3680 (a new target is around 1.3636).

However, stop loss has always been in consideration. Thus, it will be useful to set it above the R3 of 1.3900.

Alternative scenario:

The breakdown of 1.3824 will allow the pair to go further up to the levels of 1.3865 and 1.3900.

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