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The GBP / USD pair before the opening of the American session, in 1-hour charts, is trading below the SMA of 21, and below Murray's 5/8, after having reached the psychological level of 1.4007 the level highest since early March and has been supported by the prevailing bearish sentiment around the US dollar.
However, since 1.40 is a very strong resistance level, the bulls have struggled to overcome this barrier or consolidate above the key psychological level of 1.4000.
The US dollar, USDX, has fallen to six-week lows amid speculation that the Fed will keep interest rates near zero for a longer period. This data, together with the monthly employment results in the UK, has provided an additional boost to the GBP / USD pair, and has continued to be supportive.
According to the eagle indicator on the 1-hour chart, we can see the overbought signal and there is likely to be a technical correction towards the support level of 1.3916.
According to the Fibonacci indicator, we note that the GBP / USD pair could make a correction to 61.8% located at 1.3830, which coincides with the 200 EMA in 4-hour charts. We trace the Fibonacci sequence from its low of 1.3720 to the high of 1.4007.
Our recommendation is to sell below 1.3985, since there are two resistances, the SMA of 21 and 5/8 of Murray, with short-term targets to 1.3840, this is the zone of 61.8% Fibonacci retracement.
Support And Resistance Levels For April 20 - 21, 2021
Resistance (1) 1.4047
Resistance (2) 1.4071
Resistance (3) 1.4111
Support (1) 1.3927
Support (2) 1.3897
Support (3) 1.3863
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Trading tip for GBP/USD for April 20 - 21, 2021
Sell below 1.3985 (SMA 21), with take profit at 1.3916 and 1.3850, stop loss above 1.4020.
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