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Bears dictated yesterday's trading on the pound/dollar currency pair. One of the reasons for such dynamics and demand for the US currency is the new COVID-19 strains. Before moving on to the technical part of the review, it is necessary to mention today's important events that are planned in the economic calendar. So, today, the final data on UK GDP for the first quarter will be presented to investors. It is an important indicator that will show the degree of recovery of the British economy from the consequences of COVID-19. Employment data from ADP will be received from the US and data on the housing market. At the same time, the most significant day will be Friday, when data on the US labor market will be released. All the details about today's events can be found by looking at the economic calendar. And now it's time to move on to the technical part of the article.
Daily
As previously assumed, one of the most important points will be the ability of players to lower the rate to overcome the strong technical support level of 1.3860. As a result of yesterday's pressure on the pair, trading closed below this mark. Moreover, there are important macroeconomic reports ahead, which can significantly impact the technical picture. It is characteristic that now the pair has rolled back to the level of 1.3860 passed yesterday. However, it could not return above this mark. If the pressure on the British pound continues, the pair will fall into a strong technical zone of 1.3810-1.3790. I dare to assume that this is where the further direction of the quote will be determined. A confident consolidation under 1.3800 and a true breakdown of the support level of 1.3785 will further indicate bearish sentiment on the instrument. If the pair returns above 1.3860, it will probably test the strength of the price zone of 1.3900-1.3930 again.
H1
This week, the hourly chart for GBP/USD has not yet been considered. Let's fill this gap. First of all, I would like to draw your attention to the fact that the pair is trading under all three used moving averages of 50 MA, 89 EMA, and 200 EMA, and this is a bearish picture. At the same time, in the case of attempts to grow, each of these moving averages can provide quite strong resistance. It is especially true for the 50 MA and 89 EMA, hanging over the level of 1.3860 passed yesterday, and can seriously prevent the return of the quote above this mark. Taking into account this factor, I suggest considering the next sales of GBP/USD after a short-term rise in the price zone of 1.3860-1.3880. However, considering the macroeconomic features of today, we cannot exclude a more significant rise to the orange 200 exponential moving average, which runs at 1.3915. Thus, we are looking for sales at more favorable prices in the area of 1.3900-1.3920. As for purchases, they are currently relevant after an equally short-term decline in the price zone of 1.3810-1.3790. However, if the price is fixed at 1.3800, the chances of successful purchases will become less.
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