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In our analysis on Monday, we pointed out the strong resistance of 8/8 of Murray which was a strong barrier around 1.4061, we invite you to review it.
Before the opening of the European session, the GBP/USD pair is trading below the 21 SMA and below the 7/8 Murray reversal zone with a pronounced bearish bias. Although it is bouncing in these hours.
Yesterday the US CPI accelerated the decline of the GBP/USD pair after the data published in the US showed 4.2% year-on-year in April.
This data was significantly above the consensus estimates that point to a reading of 3.8%, the underlying CPI also exceeded expectations and jumped 3.0% year-on-year from the 1.6% registered in the previous month.
The data that led to risk aversion has made many take refuge in the US dollar. In addition, USDX managed to bounce above the psychological level of 90.00.
On the other hand, the optimistic outlook for the UK's economic recovery from the pandemic could help and limit the fall of the pound sterling as long as it remains above the psychological level of 1.4000.
On the technical level, we note the SMA of 21 that coincides with 7/8 of a Murray. This level adds downward pressure to the pair. Therefore, a pullback towards this zone could be a good selling opportunity with targets at the 1.4015 level.
We can also see the formation of a shoulder head shoulder in the 4H chart, this pattern could end up paying at the psychological level of 1.40.
We can also observe the formation of a shoulder head shoulder on the 4H chart. This pattern could give a target at the psychological level of 1.40.
We hope that the 1.40 level acts as strong support since the 6/8 of Murray is located and could give it a good upward rebound for the next few days.
Our recommendation is to sell below 1.4099 and buy above 1.40. It is likely that at those range levels the GBP/USD pair will trade in the coming days.
Support and Resistance Levels for May 11 - 12, 2021
Resistance (3) 1.4134
Resistance (2) 1.4115
Resistance (1) 1.4083
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Support (1) 1.4014
Support (2) 1.3990
Support (3) 1.3979
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Trading tip for GBP/USD for May 13 - 14, 2021
Sell if pullback 1.4099 (reversal zone and 7/8) with take profit at 1.4015 (6/8), stop loss above 1.4138.
Buy if rebound 1.4015 (6/8 of murray) with take profit at 1.4099 (7/8), stop loss below 1.4075.
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