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The GBP / USD pair, in the American session, is trading with a strong upward trend, after having broken the 200 EMA, it sharply shot up to the 1.3935 level for now.
The US dollar (USDX) weakened at the opening of the European session, as the expectations that the Fed will maintain lower interest rates for a longer period, is causing the crosses against the US dollar to strengthen. Likewise, GBP / USD is likely to climb after breaking 1.3830.
Last week, the 200 EMA around 1.3815 / 30 kept the pair under downward pressure. However, this week after breaking it rose rapidly to 1.3935 100 pips in a matter of hours. Now it has strong resistance at 1.3977, there is the 5/8 of Murray area where there could be a correction of the pair.
On the other hand, the goal of reaching the psychological level of 1.40 seems a clear possibility in the midst of an empty US economic agenda and negative market sentiment for the US Dollar.
On the other hand, 1.3855 / 25 zone of the 200 EMA now appears to act as immediate strong support. Any other weakness could now be seen as a buying opportunity. This, in turn, should help limit the decline as Murray's 3/8 is also at this level.
Support And Resistance Levels For April 19 - 20, 2021
Resistance (1) 1.3972
Resistance (2) 1.4009
Resistance (3) 1.4071
Support (1) 1.3925
Support (2) 1.3897
Support (3) 1.3825
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Trading tip for GBP/USD for April 19 - 20, 2021
Buy if rebound 1.3855 (Strong Support and 3/8 , with take profit at 1.3916 and 1.3977, stop loss below 1.3820.
Sell if pullback at 1.3977 (5/8 of murray), with take profit at 1.3916 and 1.3855 (EMA 200), stop loss above 1.4010.
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