The GBP / USD pair yesterday made a break of the uptrend channel, now it is trading below this channel, and below the SMA ed 21, approaching the 200 EMA.
The 200 EMA zone around 1.3601 is a key level that could offer a technical rebound to the pair in the short term, on the other hand there is the possibility that the GBP / USD will pull back to the zone of 8/8 murray around 1.3672.
The GBP / USD pair is showing a sign of a bearish exhaustion, in 4 hours charts and it is probable that there will be a new bullish wave as the eagle indicator is in the oversold zone.
Our recommendation is to buy the GBP / USD pair above the 200 EMA and sell below the 21 SMA.
The market sentiment report for the GBP / USD shows a figure of 56% of traders who are selling the British pound this is a sign that a bullish movement could occur in the market to the 1.37 zone again.
Support And Resistance Levels For February 03 - 04, 2021
Resistance (1) 1.3686
Resistance (2) 1.3710
Resistance (3) 1.3764
Support (1) 1.3615
Support (2) 1.3561
Support (3) 1.3537
Trading tip for GBP/USD for February 03 - 04, 2021
Buy if rebound around 1.3601 (EMA 200) with take profit at 1.3645 and 1.3675 (SMA 21), stop loss below 1.3560.
Sell if pullback at 1.3671 (SMA 21) with take profit at 1.3601 and 1.3549 (7/8), stop loss above 1.3705.
