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In the early US session, the GBP/USD pair is trading bullish. The reason for this is the weakness of the US dollar and the intensified vaccination campaign in the United Kingdom that is giving a boost to the British pound.
On the 4-hour chart, you can see that GBP/USD is trading above the 21 SMA around 1.3605. If the pair consolidates above this level, we expect a push for the next few hours to the resistance zone at 1.3671, or 8/8 Murray's level.
Conversely, a trade below 1.3590 or below the 21 SMA could weaken the British pound. Then, we would expect a downward movement to the 1.3549 support zone, Murray's 7/8 level, and to the 1.3492 zone of the 200 EMA in the period of 4 hours.
We recommend buying above 1.36 as the eagle indicator is staying in the oversold zone. It is likely to support the bullish force, targeting 1.3671 and 1.3793 in the medium term.
We should avoid buying below 1.36 as the downward pressure could weigh on the GBP/USD pair, and a decline to the 1.3427 support zone will occur in the medium term.
The market sentiment report for this morning of January 19 shows that 46% of operators are selling the GBP/USD pair. This is a sign that in the short term there could be a fall to the support zone of 1.34 and 1.33.
Support And Resistance Levels For January 19-20, 2021
Resistance (1) 1.3641
Resistance (2) 1.3695
Resistance (3) 1.3711
Support (1) 1.3566
Support (2) 1.3533
Support (3) 1.3488
Trading tip for GBP/USD for January 19-20, 2021
Buy above 1.3610 (SMA 21), with take profit 1.3640 and 1.3690, stop loss below 1.3575.
Sell below 1.3585 (SMA 21) with take profit at 1.3545(7/8) and 1.3488 ( EMA 200), stop loss above 1.3630.
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