empty
 
 
26.02.2021 02:54 PM
GBP/USD Hot Forecast for 26 February, 2021

This image is no longer relevant

GBP/USD has fallen sharply, trading below 1.39 and down some 350 pips from the highs. The US dollar picks up bids as the bond market rout seems to resume. BOE Governor Bailey expects a negative first quarter for the economy.GBPUSD pair is at risk while trading under the psychological 1.4000 level and had breached below an ascending trend-line support and could start to fall towards the 1.3840 support region.

However, from the recent price action on the 4 hourly chart, price have rejected 1.3940 previous resistant breakout level. This could indicate a short term correction. Meanwhile, technical indicators on the 4 hourly chart maintained their bias for a short term corrective move which may lead to test 1.400o round figure mark. The Stochastics oscillator is firmly in the overbought levels supporting the bias.

The GBPUSD pair is only bullish while trading above the 1.4000 level, key resistance is found at the 1.4100 and the 1.4200 levels. Support awaits at 1.39, the daily low, and then by 1.3840.

Jan Novotny,
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 $1000 more!
    In April we raffle $1000 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