05.03.202117:32 Forex Analysis & Reviews: March 5, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Exchange Rates 05.03.2021 analysis

In February, the GBPUSD pair looked overbought while consolidating sideways around the price-levels of 1.3700.

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

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

Strong bullish movement was expressed, Hence, upside movement was expected towards the new limit of the current movement channel around 1.4100-1.4150.

Obvious Bearish rejection and a SELL Entry was suggested around this price zone.

Short-term outlook can turn into bearish if only the GBP/USD pair could maintain movement below 1.3900 which corresponds to 50% Fibonacci level.

Bearish Persistence below 1.3820 will give more confirmation. 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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