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 –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.