The GBP / USD pair yesterday reached a new weekly high near the psychological level of 1.40, but quickly returned below and is trading at the time of writing at 1.3957 showing a slight daily rise, although for the moment unable to reach above 1.4000.
It is likely that the GBP / USD pair will still remain consolidated in the 5/8 murray zone located at 1.3916, that will give the pair stability and could rise to the level of 1.41 in the short term.
On the contrary, a break below 1.3916, there could be a fall to the 1.3830 area, at that level the 200 EMA is located in 4-hour charts.
Our recommendation is to buy above the 21 SMA located at 1.3930, with targets at the top of the bearish channel around 1.4030.
The market sentiment report for today shows a figure of 45.26% of traders who are selling the pair, this is a sign that in the short term, a fall of the GBP / USD could occur to the 1.3830 area, there the EMA of 200 is located.
Support And Resistance Levels For March 03 - 04, 2021
Resistance (1) 1.4013
Resistance (2) 1.4045
Resistance (3) 1.4116
Support (1) 1.3879
Support (2) 1.3809
Support (3) 1.3761
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Trading tip for GBP/USD for March 03 - 04, 2021
Buy above 1.3930 (SMA 21) with take profit at 1.4030, stop loss below 1.3895.
Sell if pullback at 1.4030 (Top bearish channel) with take profit at 1.3970 and 1.3916 (5/8), stop loss above 1.4075.
