Facebook
 
 

23.02.202118:26 Forex Analysis & Reviews: February 23, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Exchange Rates 23.02.2021 analysis

Recently, the GBPUSD pair looked overbought while consolidating around the price-levels of 1.3700.

Sideway movement with slight bullish tendency was recently demonstrated while approaching these price levels around 1.3700-1.3750.

Bearish pullback was recently demonstrated. However, the GBP/USD pair has failed to maintain bearish decline.

Instead, Another temporary bullish movement was expressed above the previous WEEKLY High (1.3700).

Further upside movement was expected towards the upper limit of the current movement channel around 1.4000 where bearish rejection and a possible SELL Entry are suggested.

Short-term outlook can turn into bearish if only the GBP/USD pair could break below and maintain movement below 1.3900.

If so, a quick bearish decline towards 1.3400 would be expected.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

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