The GBP / USD pair this morning of the American session is trading above the SMA of 21 and above the EMA of 200 in 4-hours charts and above the Symmetrical Triangle.
The expectations that the Fed will take some action to curb the rapid rise in the cost of long-term borrowing caused a sharp pullback in US Treasury yields. This in turn gave it a downward correction. to the US dollar, so the GBP / USD pair could now bounce and consolidate above 1.38.
In the 4-hour chart, we notice the last two candles that the GBP / USD has left, they confirm that there could be an upward movement to the 1.3916 area, a key resistance level in the short term.
If the GBP / USD pair; manages to break above 1.3916 there is the 5/8 of Murray and the top of the bearish channel, this will give the British pound a strong bullish impulse and could reach the level of 1.40.
On the contrary, a pullback towards 1.3916, if it fails to break, could be a good opportunity to sell since the market is still under downward pressure, on the other hand, if the GBP / USD pair trades below the symmetrical triangle, or below of 1.3800 would be a good opportunity to sell with targets at 1.3671 on the 4/8 of Murray.
Support And Resistance Levels For March 09 - 10, 2021
Resistance (1) 1.3906
Resistance (2) 1.3968
Resistance (3) 1.4111
Support (1) 1.3828
Support (2) 1.3791
Support (3) 1.3762
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Trading tip for GBP/USD for March 09 - 10, 2021
Buy above 1.3830 (EMA 200) with take profit at 1.3916(5/8 of murray), stop loss below 1.3795.
Sell if pullback at 1.3916 (Top bearish channel) with take profit at 1.3870 and 1.3830 (EMA 200), stop loss above 1.3955.
