FX.co ★ Technical Analysis of GBP/USD for March 4, 2021

Technical Market Outlook:

The GBP/USD pair has made a new local high at the level of 1.4005, so the price overbalance had been invalidated and bulls have a chance to push the market higher towards the next target seen at the level of 1.4080. However, if the bulls fail to deliver the up move, the market might reverse back down again. Please pay attention to the supply zone located between the levels of 1.3965 - 1.3982 as well. Only a sustained bounce above the level of 1.4080 would confirm the correction is terminated and the up trend has been resumed.

Weekly Pivot Points:

WR3 - 1.4421

WR2 - 1.4316

WR1 - 1.4091

Weekly Pivot - 1.3990

WS1 - 1.3751

WS2 - 1.3640

WS3 - 1.3428

Trading Recommendations:

The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.