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Before the opening of the European session, the GBP/USD pair is trading above the key level of 1.37 after having reached the high of 1.3746, its highest level since May 2018. The latest candles confirm that the GBP/USD pair is facing an overbought zone. If the pair dips below 1.37, we could expect a significant correction.
A technical data that we should note is the old resistance of 1.37, now it has become strong support. If the bullish force continues, it could reach the resistance level of 1.3793 that coincides with the +1/8 of Murray, we should expect the British pound to remain above 1.3705.
The 4-hour chart shows that the Eagle indicator is approaching overbought levels. However, it is losing bullish momentum. Meanwhile, the pair continues to develop above all moving averages with the SMA of 21 and the EMA of 200 which is located around 1.3505.
The 21 SMA is now trading at the 1.3671 level which coincides with Murray's 8/8 showing this level a zone of strong support. If a correction occurs, we expect a technical rebound of a new bullish wave.
On the contrary, a break below the 1.3671, area of the SMA of 21 and 8/8 of Murray, we could expect a decline of the pair to the 7/8 of Murray and the EMA of 200 around 1.3510.
Our recommendation is to buy if there is a technical bounce at 1.3672 and sell below 1.3665, the key level to watch is the yellow area around 1.3672.
Support And Resistance Levels For January 22 - 25, 2021
Resistance (1) 1.3765
Resistance (2) 1.3804
Resistance (3) 1.3844
Support (1) 1.3668
Support (2) 1.3609
Support (3) 1.3571
Trading tip for GBP/USD for January 22 - 25, 2021
Sell below 1.3715 (SMA 21, H1) with take profit at 1.3630, stop loss above 1.3745.
Buy if rebound at 1.3672 (SMA 21, H4) with take profit at 1.3730 and 1.3791 (+1/8 of murray), stop loss below 1.3630.
Sell if breaks below 1.3665 (SMA 21, H4) with take profit at 7/8 of murray at 1.3510, stop los above 1.3705.
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