The GBP / USD pair in 4-hour charts is trading just around the 200 EMA zone and below the 21 SMA, we also noticed the formation of a symmetrical triangle pattern, which is a sign of a possible movement after break.
The break of the triangle above the 200 EMA will be a buy signal targeting the 21 SMA and the top of the bearish channel.
On the contrary, the break below the triangle and below 1.3800. it will be a bearish signal targeting 4/8 murray at 1.3671.
The eagle indicator is in the oversold zone, it is likely that we will see an imminent correction in the next few days.
A pullback towards the 1.3916 resistance zone will be considered a selling opportunity, due to the fact that the top of the bearish channel is located there and it is probable that the bearish force will continue to prevail in the medium term.
The market sentiment report for today shows 46.2% of operators who are selling the GBP / USD pair, this is a sign that in the medium term the downward pressure could continue, before we should wait for a technical correction.
Support And Resistance Levels For March 08 - 09, 2021
Resistance (1) 1.3895
Resistance (2) 1.3968
Resistance (3) 1.4023
Support (1) 1.3766
Support (2) 1.3730
Support (3) 1.3707
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Trading tip for GBP/USD for March 08 - 09, 2021
Buy if breaks above 1.3840 with take profit at 1.3916, stop loss below 1.3805.
Sell if breaks below 1.3800, with take profit at 1.3671, stop loss Above 1.3840
Sell if pullback at 1.3916 (Top bearish channel) with take profit at 1.3820 and 1.3671 (4/8), stop loss above 1.3952.
