GBP/USD: technical analysis and trading recommendations_03/03/2022
At the time of publication of this article, the GBP/USD pair is traded near the 1.3380 mark, remaining in the bear market zone below the key resistance level 1.3560 (EMA200 on the daily chart). The pair continues to develop downward dynamics within the descending channels on the daily and weekly charts, the lower boundaries of which pass through 1.3190, 1.2950, respectively.
Fixation in the area below the long-term resistance level 1.3400 (EMA200 on the weekly chart) and further decline may mean a complete transition of the GBP/USD into the long-term bear market zone.
In an alternative scenario, the price first needs to break through the resistance level 1.3430 (EMA200 on the 1-hour chart and the local resistance level). Corrective growth may in this case continue to the resistance level 1.3495 (EMA50 on the daily chart and EMA200 on the 4-hour chart).
However, only a breakdown of the key resistance level 1.3560 can again increase the risks of breaking the GBP/USD bearish trend, sending the pair first to the local maximum at 1.3745, and then towards the highs of 2021 and the mark of 1.4200.
Support levels: 1.3365, 1.3300, 1.3275, 1.3190, 1.3100, 1.2950
Resistance levels: 1.3400, 1.3430, 1.3495, 1.3560, 1.3640, 1.3700, 1.3745, 1.3900, 1.3970, 1.4000
Sell Stop 1.3360. Stop Loss 1.3410. Take-Profit 1.3300, 1.3275, 1.3190, 1.3100, 1.2950, 1.2865, 1.2685
Buy Stop 1.3410. Stop Loss 1.3360. Take-Profit 1.3430, 1.3495, 1.3560, 1.3640, 1.3700, 1.3745, 1.3900, 1.3970, 1.4000