The GBP / USD pair this morning of the American session is trading above the SMA of 21 and above the EMA of 200 in 4-hours charts and above the Symmetrical Triangle.
The expectations that the Fed will take some action to curb the rapid rise in the cost of long-term borrowing caused a sharp pullback in US Treasury yields. This in turn gave it a downward correction. to the US dollar, so the GBP / USD pair could now bounce and consolidate above 1.38.
In the 4-hour chart, we notice the last two candles that the GBP / USD has left, they confirm that there could be an upward movement to the 1.3916 area, a key resistance level in the short term.
If the GBP / USD pair; manages to break above 1.3916 there is the 5/8 of Murray and the top of the bearish channel, this will give the British pound a strong bullish impulse and could reach the level of 1.40.
On the contrary, a pullback towards 1.3916, if it fails to break, could be a good opportunity to sell since the market is still under downward pressure, on the other hand, if the GBP / USD pair trades below the symmetrical triangle, or below of 1.3800 would be a good opportunity to sell with targets at 1.3671 on the 4/8 of Murray.
Support And Resistance Levels For March 09 – 10, 2021
Resistance (1) 1.3906
Resistance (2) 1.3968
Resistance (3) 1.4111
Support (1) 1.3828
Support (2) 1.3791
Support (3) 1.3762
Trading tip for GBP/USD for March 09 – 10, 2021
Buy above 1.3830 (EMA 200) with take profit at 1.3916(5/8 of murray), stop loss below 1.3795.
Sell if pullback at 1.3916 (Top bearish channel) with take profit at 1.3870 and 1.3830 (EMA 200), stop loss above 1.3955.
The material has been provided by InstaForex Company – www.instaforex.com
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