GBP/USD: the pair continues to grow actively 15 February 2021, 10:10

GBP/USD: the pair continues to grow actively

15 February 2021, 10:10

Scenario
Timeframe	Weekly
Recommendation	BUY STOP
Entry Point	1.3955
Take Profit	1.4070
Stop Loss	1.3900
Key Levels	1.3750, 1.3850, 1.3955, 1.4070

Alternative scenario
Recommendation	SELL STOP
Entry Point	1.3850
Take Profit	1.3750
Stop Loss	1.3900
Key Levels	1.3750, 1.3850, 1.3955, 1.4070

Current trend

The GBP/USD pair is showing an upward trend, trading around the level of 1.3900.

The price is supported by the stabilization of the situation with the spread of COVID-19 in the country. So, according to yesterday’s statistics, 10972 new cases of infection were detected, which is the minimum since the beginning of October. Prime Minister Boris Johnson accented that vaccination was proceeding at an acceptable pace, and about 22% of the population had already been vaccinated. According to him, if the number of newly diagnosed cases of coronavirus infection continued to decline, on February 22, it was possible to start discussing a plan to lift the restrictions.

Since the opening of trading, the USD Index has been declining, trading around 90.240, although another attempt to impeach former US President Donald Trump failed. Yesterday, the Senate acquitted the ex-head of the White House, as it failed to get the required number of votes: 57 senators voted for impeachment, and 43 voted against. To make an approving decision, it was necessary to collect 67 votes.

Support and resistance

Globally, the instrument trades within a narrow ascending channel, moving towards the local trend level of 61.8% Fibonacci. Technical indicators are in a local buy state. Alligator indicator’s EMA fluctuations range expands, and the AO oscillator histogram is in the positive zone.

Resistance levels: 1.3955, 1.4070.

Support levels: 1.3850, 1.3750.

Trading tips

After growth or consolidation above the local resistance of 1.3955, buy positions with the target at 1.4070 are relevant. Stop loss is 1.3900. Implementation period: 7 days or more.

After In a reversal and decline, or consolidation below the local support of 1.3850, sell positions with the target at 1.3750 are relevant. Stop loss is 1.3900.