Technical analysis

08 April 2021

19:39 GBP / USD is trading below MA (200) H1

Today, the GBP/USD pair is trading in different directions: after rising from $1.3730 to $1.3780, the pair fell sharply to $1.3720. On the hourly chart, the pair is trading below the moving average line MA (200) H1 ($1.3800), and on the four - hour chart-below MA (200) H4 ($1.3880). Technically speaking, the resistance of MA (200) H1 ($1.3800)may keep the pair from rising. If it breaks through, prices may rise to $1.3940-50. The lower bound of $1.3705 represents the support level. The most likely range of price movement for today may be hidden within the range of $1.3705-1.3800



Resistance levels are: $1.3780-1.3800,  $1.3940-50, $1.3920

Support levels are: $1.3705, $1.3670, $1.3610


The main scenario for the pair's promotion -  if the support of $1.3705 (March 30 low) is broken, the pair may fall to $1.3670 (March 25 low)

An alternative scenario - breakout of the session high of $1.3780 and MA (200) H1 ($1.3800) and may be an increase to $1.3940-50 (April 2 and 7 highs)


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