empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

03.05.202115:01 Forex Analysis & Reviews: Trading Signal for GBP/USD for May 03 - 04, 2021: Buy above 1.3830

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 03.05.2021 analysis

In the European pre-market, the GBP / USD pair was trading below the EMA of 200 and below the SMA of 21 according to the 4-hour chart with immediate support at 1.3794, where it coincides with the 2/8 of murray.

The triangle pattern that we pointed out on Friday has fulfilled its objective. After the break, we quickly saw a drop to the 200 EMA and around 1.38.

This week, the GBP / USD pair is expected to trade under some volatility in anticipation of the meeting of the Bank of England and the non-farm payrolls that will be published on Friday in the United States.

The GBP / USD pair from its maximum in the 1.3977 area accelerated its decline during the American session on Friday until it reached the level of 1.3805. This fall was caused by a bounce in the US dollar index and also by the fall of stock prices.

The technical reading of the eagle indicator on 4-hour charts shows that an upward correction could occur at 2/8 of a murray (1.3794), or if the price of GBP / USD, sustains above the 200 EMA (1.3830) , we could buy up to 4/8 of murray around 1.3901.

Recently, the 1.3916 area has acted as strong support and at the same time as strong resistance. In view of the fact that now the GBP / USD pair is located below this level, we expect that there will be a pullback towards this area to be able to sell.

The market sentiment report shows that there are 62.2% of traders who are buying the GBP / USD pair. This is a sign that the pair could continue its downward movement to the 1.37 zone in the short term.

Support and Resistance Levels For May 03 - 04, 2021

Resistance (1) 1.3915

Resistance (2) 1.3927

Resistance (3) 1.4037

*******************

Support (1) 1.3831

Support (2) 1.3760

Support (3) 1.3703

***********************************************************

Trading Tip for GBP/USD for May 03 - 04, 2021

Sell if pullback 1.3905 (Strong resistance and 4/8 of murray) with take profit at 1.3850 and 1.3920 (EMA 200), stop loss above 1.3940.

Buy if rebound 1.3794 or Buy above 1.3830 (EMA 200) with take profit at 1.3901 (4/8 of murray), stop loss below 1.3794.

Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off