The GBP / USD pair is being supported as the UK is moving forward with the next phase of reopening the economy amid its successful vaccination campaign. The government’s move does not face rejection from the medical community or the opposition.
This has caused the GBP / USD to rebound from the low of 1.3671, leaving a double bottom, and is now trading above the 21 SMA on 4 hours charts, showing a bullish signal in the short term.
This strength of the British pound against the US dollar is reinforced by the fact that the eagle indicator in the 4-hour charts is giving a bullish signal, when it bounced off the 0/8 support of Murray, and the bullish bias remains.
Therefore, a break above the 1/8 of Murray located at 1.3793, it is more likely that there will be a bullish momentum to the 1.3880 resistance zone, there is the 200 EMA that acts as a zone of strong resistance.
On the other hand, the initial lows of the European session, around the 1.3740 zone, now seem to defend the immediate fall, as the 21 SMA is located there and it is supporting the pair and maintaining the current bullish expectation.
The GBP / USD pair could become vulnerable to further weaken below the lows of the 21 SMA around 1.3720, and they could finally aim to challenge the 0/8 Murray support at 1.3671.
Support And Resistance Levels For March 26 – 29, 2021
Resistance (1) 1.3791
Resistance (2) 1.3839
Resistance (3) 1.3881
Support (1) 1.3762
Support (2) 1.3716
Support (3) 1.3689
Trading tip for GBP/USD for March 26 – 29, 2021
Buy if rebound or above 1.3740 (Strong Support and SMA 21), with take profit at 1.3805, stop loss below 1.3710.
Sell if breaks at 1.3720 (SMA 21), with take profit at 1.3671 (0/8 of murray), stop loss above 1.3753.
Buy if breaks above 1.3805 (1/8 of murray), with take profit at 1.3880,(EMA 200), stop loss 1.3765.
The material has been provided by InstaForex Company – www.instaforex.com
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