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GBP/USD is trading above the 200 EMA (1,3815) and below the 21 SMA located at 1.3840. On September 14, it came to test the strong resistance of 1.3916 level of 4/8 of murray. From that point, the pair has been trading under bearish pressure.
Today in the European session, GBP/USD has been trading in the red until the price made a small technical bounce at the 200 EMA. However, a break and consolidation below 1.3793 (2/8) could be the start of a bearish scenario and the pair could fall to 1.3732 support. If bearish pressure prevails, it could fall to 1.3671 strong support level.
Conversely, if the pound makes a technical bounce at the 2/8 murray level or the bull channel support, there will be a good opportunity to buy, targeting 1.3855 so that the price could rise to 1.3916. With a close charts below 1.3793 in the 4-hour chart, we should avoid buying this pair.
On the other hand, the USDX dollar index is located above the 200 EMA. This could be a negative signal for the pound. Besides, the US dollar is receiving support from the expectations that the Fed could announce the start of tapering massive stimuli later this year.
The market sentiment report is showing 52.41% of traders who are buying the GBP / USD pair. If this percentage is increasing, it will be a bearish signal for the pair and it could fall to the level of 1.3670 in the short term.
The technical reading of the eagle indicator shows a decrease in the market volume, and in turn waning bullish force. If you observe on the chart, we have drawn a bearish line where the moving average of the indicator has been oscillating below a bearish channel. This will be a negative sign for the British pound.
Support and Resistance Levels for September 16 - 17, 2021
Resistance (3) 1.3921
Resistance (2) 1.3887
Resistance (1) 1.3855
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Support (1) 1.3765
Support (2) 1.3740
Support (3) 1.3671
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Trading tip for GBP/USD for September 16 - 17, 2021
Sell below 1.3808 (EMA 200) or 1.3793 with take profit at 1.3732 and 1.3671 (0/8), stop loss above 1.3825.
Buy if GBP rebounds at 1.3800 with take profit at 1.3855 and 1.3916 (4/8), stop loss below 1.3770.
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