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The British pound this morning of the American session is trading under downward pressure, in the 4-hour chart we can see the formation of a reversal pattern, if the pair breaks the 1.3895 area, a fall could occur to the 1.36 area, in the short term.
The key support of 1.3916, the 5/8 Murray level, is now acting as a stabilizer for the pair, however, if the pair breaks this zone, the bearish force could lead to the 200 EMA zone located at 1.3820. .
On the contrary, if the GBP / USD pair does not break this key support level, we can buy in the technical rebound with targets towards the SMA of 21 located at 1.4045.
The 21 SMA in 4-hour charts is a key level because if the GBP / USD pair remains below this level we can continue to sell towards the 1.36 support levels in the medium term.
The market sentiment report for today March 1 shows 51% of traders who are buying the GBP / USD pair, this is a sign that if this figure increases, a fall of the GBP / USD pair could occur in the short term. up to levels of 1.38, and up to 1.36.
Support And Resistance Levels For March 01 - 02, 2021
Resistance (1) 1.4013
Resistance (2) 1.4083
Resistance (3) 1.4140
Support (1) 1.3863
Support (2) 1.3794
Support (3) 1.3724
Trading tip for GBP/USD for March 01 - 02, 2021
Buy if rebound around 1.3920 (strong support and 5/8 murray) with take profit at 1.4045, stop loss below 1.3875.
Sell if pullback at 1.4045 (SMA 21) with take profit at 1.3990 and 1.3919 (5/8), stop loss above 1.4080.
Sell if breaks 1.3895 (5/8 of murray) with take profit at 1.3820 and 1.3750, Stop loss above 1.3935.
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