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In the European pre-market, the GBP / USD pair was trading below the EMA of 200 and below the SMA of 21 according to the 4-hour chart with immediate support at 1.3794, where it coincides with the 2/8 of murray.
The triangle pattern that we pointed out on Friday has fulfilled its objective. After the break, we quickly saw a drop to the 200 EMA and around 1.38.
This week, the GBP / USD pair is expected to trade under some volatility in anticipation of the meeting of the Bank of England and the non-farm payrolls that will be published on Friday in the United States.
The GBP / USD pair from its maximum in the 1.3977 area accelerated its decline during the American session on Friday until it reached the level of 1.3805. This fall was caused by a bounce in the US dollar index and also by the fall of stock prices.
The technical reading of the eagle indicator on 4-hour charts shows that an upward correction could occur at 2/8 of a murray (1.3794), or if the price of GBP / USD, sustains above the 200 EMA (1.3830) , we could buy up to 4/8 of murray around 1.3901.
Recently, the 1.3916 area has acted as strong support and at the same time as strong resistance. In view of the fact that now the GBP / USD pair is located below this level, we expect that there will be a pullback towards this area to be able to sell.
The market sentiment report shows that there are 62.2% of traders who are buying the GBP / USD pair. This is a sign that the pair could continue its downward movement to the 1.37 zone in the short term.
Support and Resistance Levels For May 03 - 04, 2021
Resistance (1) 1.3915
Resistance (2) 1.3927
Resistance (3) 1.4037
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Support (1) 1.3831
Support (2) 1.3760
Support (3) 1.3703
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Trading Tip for GBP/USD for May 03 - 04, 2021
Sell if pullback 1.3905 (Strong resistance and 4/8 of murray) with take profit at 1.3850 and 1.3920 (EMA 200), stop loss above 1.3940.
Buy if rebound 1.3794 or Buy above 1.3830 (EMA 200) with take profit at 1.3901 (4/8 of murray), stop loss below 1.3794.
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