empty
 
 
02.03.2021 12:09 PM
Technical Analysis of GBP/USD for March 2, 2021

This image is no longer relevant

Overview :

The GBP/USD pair set below on major support, prepare for a bounce around the area of 1.3823.

Further close above the high end may cause a rally towards 1.3823. Nonetheless, the weekly support level and zone should be considered.

Our forecast, the GBP/USD pair will continue to rise from the level of 1.3823. The support is found at the level of 1.3823, which represents the 38.2% Fibonacci retracement level in the H4 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.3823, while immediate resistance is seen at 1.3902.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.3823.

Therefore, buy above the level of 1.3823 with the first target at 1.3902 in order to test the daily resistance 1 and move further to 1.3982.

In coming days, the level of 1.4240 is a good place to take profit because it will form a double top.

Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3823 to 1.4240 today.

At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3724 , a further decline to 1.3565 can occur, which would indicate a bearish market.

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