Last week in the articles posted on InstaForex of the GBP / USD pair, we explained the 1.3549 zone as strong support. However, you may notice that the British pound has broken this support, and now it has become strong resistance. Meanwhile, GBP/USD is heading to the 200 EMA zone.
The break of the level of 1.3549 is a bearish sign in the medium term, with targets at 6/8 and 5/8 for Murray, the 6/8 coincides with the EMA of 200, this level will be a good opportunity for a technical rebound and buying opportunities.
A definitive break of the 200 EMA around 1.3427 will open the longest bearish path to the 1.3183 area, as long as it remains above 1.3427, there will be a buying opportunity in the short term.
In the 4-hour chart, you can see the area painted in yellow, they are support and resistance areas that we have indicated, you should keep in mind these levels that agree with the price action.
Our recommendation on the GBP / USD pair for today or tomorrow is to buy if the pair approaches the 200 EMA zone around 1.3427, above this level we can buy, a break of this level, we must avoid purchases.
Market sentiment for today January 11 shows a figure of 46.50% of traders who are selling the GBP / USD pair, this is a sign that in the medium term, the British pound could suffer a fall to the 1.3180 area.
Support And Resistance Levels For January 11-12, 2021
Resistance (1) 1.3519
Resistance (2) 1.3577
Resistance (3) 1.3617
Support (1) 1.3427
Support (2) 1.3322
Support (3) 1.3292
Trading tip for GBP/USD for January 11-12, 2021
Buy if rebound around 1.3427 (EMA 200 and 6/8), with take profit 1.3549, stop loss below 1.3390.
Sell if pullback to 1.3550, with take profit at 1.3485 and 1.3427 (6/8 of murray),stop loss above 1.3595.
