empty
 
 
22.02.2021 10:33 AM
Technical analysis for GBP/USD pair for the week of February 22-27, 2021

Trend analysis

This week, the price from the level of 1.4005 (closing of the last weekly candle) is expected to rise to the target of 1.4285 (blue dotted line) – the historical resistance level. After testing this level, it may further extend the upward trend to the target of 1.4373 – the upper fractal (weekly candle from 04/15/2018).

This image is no longer relevant

Figure 1 (weekly chart)

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up
  • Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in the upward trend this week, both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick.

The first upper target is set at 1.4285 (blue dotted line) – the historical resistance level. Once this level is tested, the price may continue rising to the target of 1.4373 – the upper fractal (weekly candle from 04/15/2018).

As an alternative, the price from the level of 1.3845 (closing of the last weekly candle) may decline to the target of 1.3655 (red dotted line) – 14.6% pullback level. After testing it, the price may resume growth to the target of 1.3942 (blue dotted line) – 85.4% pullback level.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback