Chart of the day - GBPUSD (17.03.2021)

GBPUSD has once again tested 1.3800 support yesterday. The area is marked with the lower limit of the market geometry as well as the 50-session moving average.

Daily candlestick painted a hammer candlestick and as long as the pair trades above the aforementioned 1.38 support, continuation of the upward move looks to be the base case scenario. Key short-term resistance can be found in the 1.40 area – it has been tested recently but buyers failed to break above. In case GBPUSD manages to break above 1.40, an upward move may accelerate. On the other hand, a break below the 1.38 support could hint at a bearish trend reversal.