The GBP / USD pair in the European session again reached 1.3671, the lowest level since mid-February, and the 4/8 Murray zone. After a few hours we saw a technical rebound breaking the 21 SMA.
Please be aware that GBP/USD has made a formation of a double bottom at the 1.3671 area, which could be a sign of a bullish movement, from the correction of the pair to the 200 EMA area located at 1.3846.
A consolidation above 1.3720 is expected, as the last attempts to overcome this level have not been favorable and the price has pushed down below this zone. If the pair trades above this level, we expect an upward momentum until the 1.3775 and 1.3846 zone.
On the contrary, a close in 4-hour charts below 1.3670 will open the possibility of new lows taking it to the 1.3630 and 1.3580 area.
The eagle indicator is showing a bullish signal on 1-hour charts. We should expect the price to stay above 1.3725 for a short term bullish expectation.
Support And Resistance Levels For March 25 – 26, 2021
Resistance (1) 1.3737
Resistance (2) 1.3762
Resistance (3) 1.3789
Support (1) 1.3689
Support (2) 1.3753
Support (3) 1.3621
Trading tip for GBP/USD for March 25 – 26, 2021
Buy above 1.3710 (SMA 21), with take profit at 1.3775 and 1.3846, stop loss below 1.3671.
Sell if pullback 1.3775 (5/8), with take profit at 1.3700, stop loss above 1.3805.
The material has been provided by InstaForex Company – www.instaforex.com
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