FX.co ★ GBP/USD Hot Forecast on 1st March

GBP/USD came under modest bearish pressure in the European session and retreated below 1.3390 amid the souring market mood. The pair, however, managed to erase its losses and seems to have steadied above 1.3400 as investors assess geopolitical headlines.

An ascending triangle seems to have formed on the four-hour chart. The triangle resistance is located at 1.3440 and it could be assessed as a bullish sign if this level turns into support. Moreover, GBP/USD closed the last four four-hour candles above the 20-period SMA, confirming the bullish tilt.

On the upside, 1.3500 (psychological level) could be seen as the next target ahead of 1.3540 (100-period SMA, 200-period SMA).

Supports are located at 1.3400 (psychological level, 20-period SMA, ascending trend line), 1.3340 (static support) and 1.3300 (psychological level).