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03.03.202118:27 Forex Analysis & Reviews: March 3, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Exchange Rates 03.03.2021 analysis

March 3, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Recently, the GBPUSD pair looked overbought while consolidating sideways 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.

Thats's why, Bearish pullback was recently expressed. However, the GBP/USD pair has failed to maintain sufficient bearish momentum.

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 1.4100-1.4150 where bearish rejection and a possible SELL Entry are expected to be present especially with the recent overbuying status of the pair.

Short-term outlook can turn into bearish if only the GBP/USD pair could break below and maintain movement below 1.3900 which corresponds to a recent prominent KeyZone.

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
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