The GBP / USD pair, in 4-hour charts, is trading above the 21 SMA, forming a bullish pennant, although it has not yet confirmed the direction it will take.
The GBP / USD pair has strong support in the 1.3670 area, this level coincides with Murray’s 0/8, which is expected to continue to support the pair, if this level is broken it is located at 1.3549, as -1 /8 of Murray.
In view of the fact that the US Dollar Index (USDX) is in the oversold zone, a recovery of the US currency is likely, it could push the British pound down, and news from the UK is weakening its currency.
Therefore, for a new bearish cycle, we should expect a breakout and consolidation below 1.3670.
On the other hand, if the GBP / USD pair remains above 1.3740, there is a probability of a bullish move to the 200 EMA located at 1.3844. Which this is a sign that the outlook will remain bearish for the Pound.
Our recommendation is to buy above the 21 SMA on 4-hour charts, if the pair trades below this level, we could sell if it remains below 1.3720.
Support And Resistance Levels For April 13 – 14, 2021
Resistance (1) 1.3784
Resistance (2) 1.3820
Resistance (3) 1.3857
Support (1) 1.3677
Support (2) 1.3609
Support (3) 1.3569
Trading tip for GBP/USD for April 13 – 14, 2021
Buy above 1.3740 (SMA 21), with take profit at 1.3790 and 1.3844, stop loss below 1.3705.
Sell below 1.3720 (SMA 21), with take profit at 1.3670 (0/8), stop loss above 1.3755.
The material has been provided by InstaForex Company – www.instaforex.com
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