The GBP / USD pair after another day of bullish force has found a zone of strong resistance at 1.3788, its current maximum, at this level there is a strong barrier, so it is likely that there will be a correction to the SMA of 21.
The SMA of 21 in 1 hour charts is key to sustain the pair with the uptrend, if the British pound breaks the level of 1.3750 we expect a fall to the 1.3671 level that coincides with the 8/8 of Murray.
Therefore, we must monitor in 1-hour charts if the pair is below the SMA of 21 will have a chance to sell with targets at the 200 EMA around 1.3660.
The eagle indicator in 1-hour charts is showing an overbought signal and it is imminent that in the next few hours there will be a downward correction of GBP / USD.
Support And Resistance Levels For February 09 – 10, 2021
Resistance (1) 1.3790
Resistance (2) 1.3803
Resistance (3) 1.3832
Support (1) 1.3762
Support (2) 1.3720
Support (3) 1.3693
Trading tip for GBP/USD for February 09 – 10, 2021
Buy if rebound around 1.3760 (SMA 21) with take profit at 1.3821, stop loss below 1.3730.
Sell if breaks at 1.3750 (SMA 21) with take profit at 1.3710 and 1.3672 (EMA 200) , stop loss above 1.3790.
The material has been provided by InstaForex Company – www.instaforex.com
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