The GBP / USD pair, prior to the release of non-farm payroll (NFP) on 4-hour charts, is trading above the 21 SMA and below the resistance of 1.3850, and within the uptrend channel.
At the time of writing, the GBP / USD is trading at 1.3830, having failed to break above the 1.3850 level, this level acts as a strong resistance, below this level a correction of the pair is expected.
Above 1.3850, we expect there to be upward momentum to the 1.3894 resistance, 200 EMA zone and Murray’s 2/8, at this level we recommend selling with targets at 1.3793.
The eagle indicator in 4-hour charts is showing an overbought signal and a correction of the GBP / USD pair is imminent in the next few hours.
On the other hand, immediate support is expected at 1.3790, level of the SMA of 21 and 1/8 Murray, this zone could give the pair a technical rebound, if it consolidates above this level it could again challenge the zone of 1.3894.
Our recommendation is to buy a bounce on the 1/8 Murray around 1.3793, or if there is a pullback sell at the 200 EMA around 1.3890.
Support And Resistance Levels For April 02 – 05, 2021
Resistance (1) 1.3860
Resistance (2) 1.3893
Resistance (3) 1.3951
Support (1) 1.3778
Support (2) 1.3712
Support (3) 1.3680
Trading tip for GBP/USD for April 02 – 05, 2021
Buy if rebound 1.3793 (Strong Support and 1/8), with take profit at 1.3850 and 1.3894 (EMA 200), stop loss below 1.3750.
Sell if pullback to 1.3894 (EMA 200), with take profit at 1.3850 and 1.3793 (SMA 21), stop loss above 1.3925.
The material has been provided by InstaForex Company – www.instaforex.com
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