GBPUSD: Is this the top?

24/02/2021

It looks like the FX market is finally starting to reflect the soaring US yields, and the GBPUSD pair erased its daily losses to turn negative during the US session.

The daily candle now looks like a huge bearish pin bar, which is a reversal formation and usually marks the top in the market. 

If the daily candle closes near the current price at 1.41, it could signal further losses for the Pound. Considering the fact it has been rising nonstop since December, it could be ready for a correction. 

The first target for bears might be at 1.41 and afterward at around 1.3950. However, strong reversal bars like this could send the price down 300-400 pips very quickly. 

Since the Fed's Powell failed to stop the yields from rising at his yesterday's presser, the greenback strengthened, and it was seen broadly higher today. 
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