The GBP / USD pair, in the morning of the American session, is trading above the strong resistance of 1.3848, with targets at the 200 EMA and the Murray 2/8 located around 1.3916.
At this time of writing, the pair is trading at 1.3868, since it is above 1.3850. Our recommendation is to buy at current price levels, with targets at 1.3905 There is the strong resistance of 2/8 from Murray .
On the other hand, the British pound continues to lag behind with the support of the vaccination process in the United Kingdom.
There is growing expectation for Prime Minister Boris Johnson’s announcements about the second phase of easing restrictions. This would allow the opening of shops, pubs and restaurants and hairdressers from April 12 and the possibility of reopening trips abroad.
As there are many expectations for a strong recovery in GBP / USD, there is likely to be a strong move in the next few hours to the zone of 1.3916, a key resistance level.
We may also notice the formation of a continuation pattern called a bullish pennant, if the pair sustains above 1.3750, our outlook will remain bullish, targeting 1.3916.
Our recommendation is to continue buying the pair, and sell near 1.3916, the eagle indicator is reaching overbought levels.
Support And Resistance Levels For April 05 – 06, 2021
Resistance (1) 1.3893
Resistance (2) 1.3941
Resistance (3) 1.3972
Support (1) 1.3877
Support (2) 1.3847
Support (3) 1.3808
Trading tip for GBP/USD for April 05 – 06, 2021
Buy if rebound 1.3852 (Strong Support), with take profit at 1.3885 and 1.3916(2/8), stop loss below 1.3813.
Sell if pullback 1.3905 (EMA 200), with take profit at 1.3855 and 1.3810 (SMA 21), stop loss above 1.3940.
The material has been provided by InstaForex Company – www.instaforex.com
🚀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.