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The British pound has reached the levels of August 23, the last price that was registered today when it touched the low of 1.3600 before the opening of the American session. Now it is trading close to these levels. However, it could be a correction as there are two key supports that we will proceed to explain below.
The key support of the ascending trend line on the daily chart originated at 1.3570 on July 20. Then the next low of 1.3600 was formed on August 23 and the last one appeared around 1.3643 on September 21. As we can see, the pair has tested these lows approximately every 28 days. Therefore, if this sequence of lows continues, there could be a technical rebound in the next few days while the price remains above 1.3640.
On the other hand, at the fundamental level, investors are concerned about the decision of the Federal Reserve. The central bank is expected to indicate the exact date when it will begin to withdraw the stimulus program. The Fed buys bonds worth $120 billion each month, and reducing this amount will be one of the reasons for raising the interest rate.
The US dollar is positioned with a strong uptrend. However, it has reached the key level of 7/8 murray around 93.35 which is a reversal zone. As long as it remains below this zone, USDX could make a correction, and the British pound could take advantage of it to rebound to the 200 EMA located at 1.3732.
Therefore, the key for the next few days is to buy as long as GBP remains above 0/8 of murray (1.3671). A breakout and consolidation above the 200 EMA located at 1.3732 will be a sign of a bullish movement with targets at 1.3790 and 1.3890.
Support and Resistance Levels for September 20 - 21, 2021
Resistance (3) 1.3754
Resistance (2) 1.3732
Resistance (1) 1.3696
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Support (1) 1.3663
Support (2) 1.3609
Support (3) 1.3549
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Trading tip for GBP/USD for September 20 - 21, 2021
Buy if GBP rebounds at 1.3640 or buy above 1.3670 (0/8), with take profit at 1.3670 and 1.3732 (EMA 200), stop loss below 1.3600.
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