EUR/USD, GBP/USD, USD/JPY
Weekly Forex Analysis
(February 22 - February 26, 2021)
Hey! This is Philip with our new weekly outlook for EUR/USD, GBP/USD, and USD/JPY.
GBPUSD Technical Analysis
The uptrend in GBPUSD is gaining traction as the price broke above the mid-point of the rising channel (see chart below). We’ve discussed this line many times in past weeks as a proxy for GBPUSD sentiment, and a bullish breakout confirms the strength in the underlying trend here.
With the price now above 1.40, GBPUSD is ready to attack the 1.44 resistance area around the 2018 highs. This is a major resistance area, so some price reaction there is very likely if and when GBPUSD reaches it.
To the downside, 1.40 and 1.39 are now moderate support zones that should keep the most recent “faster” bullish leg intact. The first stronger support lies in the 1.3700-1.3750 area.
They've been called the "most boring stocks on earth." But I wouldn't trade them for the world. These stocks payout whether the market moves up, down, or sideways (they are mandated by law to make a profit). Today's market roller coaster ride is proof that these "boring" stocks are (or should be) a critical part of your investment strategy.
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