The GBP / USD pair during the American session on Monday, on 4-hour charts, is trading below Murray's 5/8, below the 21 SMA, and above the 200 EMA, holding slightly to the up, and trading within a range of 1.3930 and 1.3850.
The repeated failures to consolidate above the key psychological level of 1.4000, is giving bearish pressure, given that its dynamic support is at the EMA of 200, located at 1.3845 supporting this bullish outlook for now.
A definitive break below the 200 Ema on a 4-hour chart is a sign that a strong downward movement could occur to levels of 1.3670, there is 4/8 of Murray.
Meanwhile, the eagle indicator is in a neutral zone, on the 4-hour charts it is not supporting any firm direction. Investors now appear reluctant to open aggressive positions, preferring to wait on the sidelines before the FOMC's monetary policy decision on Wednesday and the Bank of England meeting on Thursday.
Our recommendation is to sell below the 21 SMA, and Murray's 5/8, or if your strategy is to buy, we recommend buying on a bounce around the 200 EMA at 1.3852.
Support And Resistance Levels For March 15 - 16, 2021
Resistance (1) 1.3945
Resistance (2) 1.4015
Resistance (3) 1.4111
Support (1) 1.3860
Support (2) 1.3810
Support (3) 1.3784
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Trading tip for GBP/USD for March 15 - 16, 2021
Sell below 1.3916 (SMA 21 and 5/8 of murray) with take profit at 1.3855, stop loss above 1.3952.
Buy if rebound 1.3855 (EMA 200) with take profit at 1.3916 and 1.40, stop loss below 1.3815.
Sell if breaks at 1.3840 (EMA 200) with take profit at 1.3672 (4/8), stop loss above 1.3879.
