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The GBP / USD pair, before the opening of the American session in 4-hour charts, is trading at 1.3819, below the 200 EMA and within the downtrend channel, the eagle indicator is in the oversold zone, it is imminent in the next few hours there is a technical rebound.
Yesterday's speech by Fed Chairman Jerome Powell said that there will be more increases in Treasury yields, which intensified the negative climate in the stock markets and gave strength to the US Dollar.
In approximately 1 hour the US employment report will be published with non-farm payrolls and the unemployment rate, we wait for this data for the market to define the next movement of the pair.
If the downward pressure continues in the GBP / USD, a support is expected at the 1.3712 area, the level of the bottom of the bearish channel, this area will give a break to the British pound.
Conversely, a consolidation above the 200 EMA located at 1.3825 will be a good sign to buy with targets at 1.3916.
If the GBP / USD makes a pullback towards the resistance zone and the top of the bearish channel located at 1.3916, it will be a good point to sell the GBP / USD with targets at 1.3712 in the medium term.
Support And Resistance Levels For March 05 - 08, 2021
Resistance (1) 1.3841
Resistance (2) 1.3906
Resistance (3) 1.3928
Support (1) 1.3794
Support (2) 1.3704
Support (3) 1.3667
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Trading tip for GBP/USD for March 05 - 08, 2021
Buy if rebound around at 1.3755, with take profit at 1.3825 and 1.3916, Stop loss below 1.3710.
Buy above 1.3825 (EMA 200) with take profit at 1.3916, stop loss below 1.3790.
Sell if pullback at 1.4030 (Top bearish channel) with take profit at 1.3970 and 1.3916 (5/8), stop loss above 1.4075.
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