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In the European session on Monday, the GBP/USD pair reached the level of 1.4050 not seen in 35 months. Then, on the 1-hour charts we saw that it left a pin bar candlestick, thus showing that buyers cannot maintain the price at this level.
GBP/USD has captured a new buying wave, rebounding after a brief dip to 1.3981. The office of UK Prime Minister Boris Johnson announced that all four conditions are met to ease the covid-induced lockdown measures and, therefore, the government can proceed with the first step of reopening the economy as of March 8.
The factor that has supported the bullish sentiment on the British pound and gave it strength above other currencies is that the United Kingdom is the first country to act in terms of the vaccination. Now approximately 25% of the UK population has been vaccinated with the first dose.
On a technical level, GBP/USD has left two pin bar candlesticks above the 7/8 Murray zone, indicating that there is likely to be a correction in the American session to the 1.3916 zone. The 6/8 murray level is now acting as immediate support.
Our recommendation is to wait and sell below the 21 SMA (1.4014) on 1-hour charts with the targets at 1.3916(6/8).
Support And Resistance Levels For February 22 - 23, 2021
Resistance (1) 1.4082
Resistance (2) 1.4126
Resistance (3) 1.4162
Support (1) 1.3956
Support (2) 1.3911
Support (3) 1.3875
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Trading tip for GBP/USD for February 22 - 23, 2021
Sell if the price breaks through 1.4014 (SMA 21) with take profit at 1.3955 and 1.3916 (6/8 and EMA 200), stop loss above 1.4050.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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