Technical analysis

08 April 2021

12:14 GBP/USD is testing MA 200 H1 support

The GBP/USD was trading lower yesterday and closed the day in the red around $1.3735. Today it was trading in a narrow range of $1.3730-55, staying close to yesterday's closing price. On the hourly chart, GBP/USD is testing the strength of the support - the moving average MA (200) H1 ($1.3800). On the four-hour chart, it remains below the MA 200 H4 line for now. Based on the above, it is probably worth sticking to the northern direction in trading, and while the GBP/USD remains above MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.

  • Resistances levels are at: $1.3790, $1.3835, $1.3865

  • Support levels are at: $1.3705-15, $1.3670, $1.3650

Probably, the main scenario - is continued growth to $1.3790 (high of the American session on Apr 7). An alternative scenario - may be consolidation below the MA 200 H1 level, followed by a fall to $1.3705 (Mar 30 low).

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