FX.co ★ Technical Analysis of GBP/USD for March 5, 2021

Technical Market Outlook:

The GBP/USD pair has made a new local high at the level of 1.4014, 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. Nevertheless, bullish attempts were capped at the level of 1.4014 after the Pin Bar candle with a long upper shadow was made, so now the market is approaching the Wednesday lows located at 1.3857. Any violation of this level will open the road towards the key short-term technical support seen at the level of 1.3780 - 1.3757.

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.