GBPUSD Technical Analysis – February 15, 2021

The Great Britain Pound (GBP) inched higher against the U.S. Dollar (USD) on Monday, increasing the price of the GBPUSD to more than 1.3800, ahead of the release of UK Market Services PMI news. 

Technical Analysis 

As of this writing, the GBPUSD strengthens around 1.3852. The price of the pair might find some resistance near the listed price levels.

Resistance

1.3945 – the high of January 14, 2018

1.4000 – the psychological level 

1.4141 – the horizontal resistance level

On the downside, the pair might find some sustainability near the listed support levels. 

Support 

1.3796 – the lower trendline arm

1.3700 – the psychological number

1.3583 – the 23.6% Fib level support 

UK Market Services PMI News

The Chartered Institute of Purchasing & Supply and the Markit Economics anticipates releasing numbers on Friday (February 19, 2021). According to economists, the Market Services PMI registered a reading of 40.5 in February, as compared to the reading of 39.5, in the month before.

The PMI service reflects the condition of sales and employment within the UK. It is worth mentioning here that the UK service sector does not influence the GDP as much as the Manufacturing PMI does. Generally speaking, a reading above 50 suggests a bullish market for the GBPUSD ahead and vice versa.  

Conclusion

Given the macro-economic outlook of the pair over the past few days, buying it around current levels might help to make some profits in the short to medium term.