The GBP / USD pair in the morning of the American session, in 4-hour charts, is trading near the SMA of 21, and below the resistance of 1.3805, a few hours ago it reached this level, and is now backing about 40 pips.
The pair has extended this week’s rebound from Murray’s 0/8 support at 1.3671, and for the third day in a row is holding up.
However, it should overcome the resistance of 1.3805 and 1.3835, where the EMA of 200 is located, a strong resistance that the pair has not been able to overcome on previous occasions.
A consolidation above 1.3840 and above the 200-exponential moving average could be seen as a trigger for intraday bullish traders.
On the other hand, our outlook will continue to be bearish, as long as it remains below 1.3840 and we also notice a modest rebound in US Treasury yields, this could limit the gains for the GBP / USD pair, and maintain it under pressure.
Therefore, we recommend buying above 1.3735 if there is a technical bounce, if the pair tries to break the 1.3805 resistance again, it could be a good selling opportunity.
Support And Resistance Levels For April 14 – 15, 2021
Resistance (1) 1.3810
Resistance (2) 1.3820
Resistance (3) 1.3855
Support (1) 1.3735
Support (2) 1.3702
Support (3) 1.3659
Trading tip for GBP/USD for April 14 – 15, 2021
Buy if rebound 1.3735 (Strong Support and SMA 21), with take profit at 1.3805 and 1.3835, stop loss below 1.3700.
Sell if pullback to 1.3805 and 1.3835 (1/8 of murray – EMA 200), with take profit at 1.3740 (SMA 21), stop loss above 1.3845.
The material has been provided by InstaForex Company – www.instaforex.com
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