In a few hours later Jerome Powell, speaking in New York, may provide a timely reminder that the world’s largest economy needs more help, and his call on lawmakers to act may refocus minds on stimulus. In turn, yields could start to rise, making the dollar more attractive.

This could weaken the GBP / USD pair, which is now very overbought, it is likely that the markets are waiting for this data before making a decision, meanwhile the British pound is trading near the highs of 1.3854.

The 21-day SMA in 1-hour charts is located at the 1.3814 area, this level is key because below this area, the GBP / USD pair could have a deceleration and make a technical correction to the 200 area in 1.3645.

The technical indicator of the eagle is showing an overbought signal, which is imminent a correction in the next few hours, because according to the Murray lines it is located in extreme overbought, this can cause a retracement of the GBP / USD in the short term.

Our recommendation is to sell below the 21 SMA, around 1.3815 with targets at 1.3750 and 1.3645.

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Support And Resistance Levels For February 10 – 11, 2021

Resistance (1) 1.3876

Resistance (2) 1.3940

Resistance (3) 1.3995

Support (1) 1.3803

Support (2) 1.3755

Support (3) 1.3668

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Trading tip for GBP/USD for February 10 – 11, 2021

Sell if breaks at 1.3815 (SMA 21, H1) with take profit at 1.3751 (SMA 21, H4) and 1.3645 (EMA 200), stop loss above 1.3850.

Sell if breaks at 1.3756 (SMA 21, H4) with take profit at 1.3645 (EMA 200), stop loss above 1.3790.

The material has been provided by InstaForex Company – www.instaforex.com

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