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10.03.202116:16 Forex Analysis & Reviews: Trading Signal for GBP/USD for March 10 - 11, 2021: Buy above 1.3870

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The GBP / USD pair, in the morning of the American session is trading above the 21 SMA and above the 200 EMA, the bearish force is still prevailing, and the pair is struggling to stay above the key level of 1.3830.

The previous sessions, the GBP / USD pair has been struggling to stay above the 1.3916 level, there is the 5/8 Murray line, and the top of the bearish channel in 4-hour charts, the mentioned barrier should act now as a key point for intraday investors.

Meanwhile, the eagle indicator on 4-hour charts is giving a bullish signal. Investors also seem reluctant, preferring to wait for the release of US consumer inflation figures on Wednesday for a new boost.

That said, a convincing breakout of the 1.3916 (5/8 of murray) barrier and the break of the bearish channel could be seen as a further trigger for the bulls.

The GBP / USD pair, could accelerate the momentum and point towards the objective of recovering the key psychological level of 1.4000 and 1.4160 (6/8).

On the other hand, the break below the 200 EMA, and a daily close below this level, accelerate the decline to the 4/8 murray level located at 1.3671.

Sustained weakness below this zone will mark a bearish breakout and make GBP / USD vulnerable to extend its recent pullback from multi-year highs.

Support And Resistance Levels For March 10 - 11, 2021

Resistance (1) 1.3943

Resistance (2) 1.3996

Resistance (3) 1.4067

Support (1) 1.3819

Support (2) 1.3747

Support (3) 1.3730

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Trading tip for GBP/USD for March 10 - 11, 2021

Buy above 1.3870 (SMA 21) with take profit at 1.3916 and 1.4000, stop loss below 1.3835

Buy if breaks above 1.3916 (5/8 of murray) with take profit at 1.3975 and 1.4030, stop loss below 1.3870.

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