GBP/USD Forecast For March 1-5: Pound Slips Below 1.40

GBP/USD Technical Analysis

Technical lines from top to bottom:

  • We start with resistance at 1.4290.
  • 1.4163 has held since April 2018.
  • 1.4084 is next.
  • 1.3917 is an immediate support level.
  • 1.3808 is protecting the round number of 1.3800.
  • 1.3687 (mentioned last week) is the final support level for now.

I remain bullish on GBP/USD

The UK vaccine rollout has been a success story so far and the government has implemented a timetable to lift health restrictions, which will improve economic conditions. In the US, the Biden stimulus package, which is now on its way to the Senate, will likely weigh on the US dollar when it is approved.

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