Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 1, 2024


The GBP/USD pair has breached a short-term supply zone, hinting at bullish momentum with a potential move toward the 1.2691 level. A mix of buy and sell signals from technical indicators and moving averages suggest a market in consolidation, awaiting a decisive breakout. Sentiment has shifted slightly towards bears in the last three days, despite a generally bullish stance over the past week. The GBP/USD pair has recently demonstrated a bullish inclination, successfully breaching the short-term supply zone. A sustained move above the 100-day moving average (MA) suggests potential for further upward momentum. However, the pair is currently consolidating gains, indicating a pivotal moment for traders as the market seeks direction.


Analysis are provided by InstaForex

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