FX.co ★ Technical analysis for GBP/USD pair for the week of February 22-27, 2021

Trend analysis

This week, the price from the level of 1.4005 (closing of the last weekly candle) is expected to rise to the target of 1.4285 (blue dotted line) – the historical resistance level. After testing this level, it may further extend the upward trend to the target of 1.4373 – the upper fractal (weekly candle from 04/15/2018).

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in the upward trend this week, both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick.

The first upper target is set at 1.4285 (blue dotted line) – the historical resistance level. Once this level is tested, the price may continue rising to the target of 1.4373 – the upper fractal (weekly candle from 04/15/2018).

As an alternative, the price from the level of 1.3845 (closing of the last weekly candle) may decline to the target of 1.3655 (red dotted line) – 14.6% pullback level. After testing it, the price may resume growth to the target of 1.3942 (blue dotted line) – 85.4% pullback level.