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The GBP / USD pair is trading above the 21 and 200 moving average and within the 4-hour bullish channel, it is also consolidating above Murray's 8/8 (1.3672), in the short term it is forming a range above this level.
On the 4-hour chart we notice a formation of a fractal in the last highs that it has made above 1.37, this pattern could give us a signal of a probable bearish movement in the next few days, we can only sell below the formation of the fractal , zone of 1.3690.
The GBP / USD pair is showing a signal of overbought, and of exhaustion in the volume and demand of the pair as observed in the eagle indicator, this could lead to a correction in the short term to the area of the 200 EMA around 1.3549.
If you see the GBP / USD trading below the 21 SMA in the next few hours, the downward pressure is likely to increase, to Murray's 8/8 support level.
On the other hand, a sharp break in the uptrend channel, and a daily close below 1.3670, could be the start of a likely bearish move to the Murray 7/8 zone and the 200 EMA around 1.3549.
Support And Resistance Levels For January 29, 2021
Resistance (1) 1.3763
Resistance (2) 1.3812
Resistance (3) 1.3844
Support (1) 1.3647
Support (2) 1.3580
Support (3) 1.3550
Trading tip for GBP/USD for January 29, 2021
Sell below 1.3705 (SMA 21, H4) with take profit at 1.3630, stop loss above 1.3735.
Sell if breaks below 1.3670 (Trend line) with take profit at 7/8 of murray at 1.3510, stop los above 1.3705.
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