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03.03.202111:43 Forex Analysis & Reviews: Technical analysis of GBP/USD for March 3, 2021

Exchange Rates 03.03.2021 analysis

Overview :

The GBP/USD pair is continuing in a bullish market from the support levels of 1.3945 and 1.3911.

Also, it should be noted that the current price is in a bullish channel. Equally important, the RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday.

Immediate support is seen at 1.3945 which coincides with a golden ratio (61.8% of Fibonacci).

Consequently, the first support sets at the level of 1.3945. So, the market is likely to show signs of a bullish trend around the spot of 1.3945/1.3911.

It is also worth noting that the price at 1.3945 will possibly form a strong support. Accordingly, saturation around 1.3945to rebound the pair is likely to occur.

Furthermore, it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 1.3945 with the first target of 1.4024 and continue towards 1.4043 and 1.4100.

This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the GBP/USD pair will move between 1.3945 and 1.4100 in coming days.

It is possible that the pair will move upwards continuing the development of the bullish trend to the level 1.4100 in order to test the daily resistance 3.

On the other hand, stop loss should always be in account, hence, it must set the stop loss below the second support of 1.3903.

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2021
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