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18.01.202116:32 Forex Analysis & Reviews: Trading Signal for GBP/USD for January 18 - 19, 2021: Buy above 1.3549

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The GBP / USD pair is trading below the 7/8 Murray, and below the 200 EMA and 21 SMA, showing strong bearish pressure.

The pair has bounced around the 1.3521 zone, if it breaks the 7/8 murray zone which is located at 1.3549, we can buy with targets at the 200 EMA, and the top of the bearish channel at 1.3615.

The GBP / USD pair, has a downward pressure, forming a wedge pattern, if it breaks above 1.3549, we could expect a recovery of the British pound, on the contrary we can expect a fall to the support of 6/8 of murray at 1.3427.

The eagle indicator is entering the oversold zone on 1 hour charts, it is likely that there will be a technical rebound at least to the 200 EMA, for a bearish continuation.

Our recommendation is to sell below the 200 EMA, and buy only if the 1.3549 level breaks in 4-hour charts, below 1.3549, the downward pressure could intensify.

Support And Resistance Levels For January 18-19, 2021

Resistance (1) 1.3580

Resistance (2) 1.3616

Resistance (3) 1.3662

Support (1) 1.3488

Support (2) 1.3451

Support (3) 1.3411

Exchange Rates 18.01.2021 analysis

Trading tip for GBP/USD for January 18-19, 2021

Buy above 1.3549 (7/8 murray), with take profit 1.3605, stop loss below 1.3515.

Sell if pullback 1.3605 (EMA 200) with take profit at 1.3549 and 1.3427, stop loss above 1.3640.

Dimitrios Zappas
Analytical expert of InstaForex
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