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In the American pre-market, the GBP / USD pair is trading at 1.4110 at the time of writing this article. The bias is still strongly bullish. Until the 8/8 zone of murray, there is the strong resistance of 1.4160.
The triple top of the GBP / USD pair has finally been broken, and the British pound is now moving above the psychological barrier of 1.40. In addition, we could see how the symmetrical triangle was broken on Friday, which could end up paying at 1.4160.
British Prime Minister Boris Johnson will issue a statement announcing new measures related to the reopening of Britain. The vaccination campaign has drastically reduced COVID-19 cases, and some speculate that the government could speed up the deadline for reopening. This data could give more bullish momentum to the GBP / USD pair in the medium term.
Observing the 4-hour chart, we notice a strong resistance at 8/8 of murray, which should undoubtedly stop its bullish rally of the British pound. At this level, we can find a good selling opportunity.
The technical reading of the eagle indicator shows that it is approaching a key overbought level. The indicator signal is approaching 90-95, which would imply an imminent downward correction in pair as long as it does not break 1.4160.
Furthermore, a return below the 7/8 murray level around 1.4099 will also be a good opportunity to sell in the correction to the 6/8 murray support level.
The 6/8 of murray is a strong support as it is located above the psychological level of 1.40, and it could give the GBP / USD again, a new bullish momentum, at this level we recommend buying.
Support and Resistance Levels for May 10 - 11, 2021
Resistance (1) 1.4136
Resistance (2) 1.4168
Resistance (3) 1.4268
Support (1) 1.4081
Support (2) 1.4063
Support (3) 1.4035
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Trading tip for GBP/USD for May 10 - 11, 2021
Sell if pullback 1.4156 (8/8 of murray and zone of reversion) with take profit at 1.4110 and 1.4040 (6/8), stop loss above 1.4191.
Sell below 1.4099 (7/8) with take profit at 1.4040 (6/8), stop loss above 1.4136.
Buy if rebound 1.4038 (6/8 of murray) with take profit at 1.4099 (7/8) stop loss below 1.4000.
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