FX.co ★ February 16, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Recently, the GBPUSD pair looked overbought while consolidating 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.

Bearish pullback was recently demonstrated. However, the GBP/USD pair has failed to maintain bearish decline.

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 1.3900 where bearish rejection and a possible SELL Entry are suggested.

Short-term outlook can turn into bearish if only the GBP/USD pair could break below and maintain movement below 1.3780. If so, a quick bearish decline towards 1.3400 would be expected.