The GBP / USD pair, reached the low of Murray’s 0/8 located at 1.3671, a level that we had mentioned in our previous analysis. The 1.3671 area is a strong support. From that point, the GBP / USD pair managed to recover more than 50 pips. At the moment it is trading at 1.3720, we still expect a break above 1.3740.
From a technical perspective, GBP / USD confirmed a bearish break through 1.3810 on Tuesday, accelerating the decline to the 1.3670 area. This is a very strong bottom where we should expect a technical bounce above this area and expect a recovery of the British pound to the 1.3805 area, the top of the bearish channel.
The key level to take into account is 1.3735 / 45. This is the area where 21-period SMA is located in 1-hour charts. A break above and a consolidation will give us a good opportunity to buy with targets at 1.3805 and 1.3870.
A technical bounce will occur only if it trades above the 21 SMA, also the eagle indicator is supporting a technical bounce that will be imminent in the next few hours.
Support And Resistance Levels For March 24 – 25, 2021
Resistance (1) 1.3760
Resistance (2) 1.3784
Resistance (3) 1.3828
Support (1) 1.3660
Support (2) 1.3578
Support (3) ……
Trading tip for GBP/USD for March 24 – 25, 2021
Buy above 1.3740 (SMA 21), with take profit at 1.3805, stop loss below 1.3700.
Buy if rebound 1.3675 (0/8 of murray) with take profit at 1.3740 and 1.3805, stop loss below 1.3630.
The material has been provided by InstaForex Company – www.instaforex.com
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