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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

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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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