Forex Analysis:::2021-04-01T20:43:00
Technical Analysis of GBP/USD for April 01, 2021
Overview :
- The GBP/USD pair continues to move upwards from the level of 1.3758, which coincides with a ratio of 61.8% Fibonacci retracement.
- According to the previous events, the GBP/USD pair is still moving between the levels of 1.3758 and 1.3901.
- On the four-hour chart, immediate resistance is seen at 1.3901. Currently, the price is moving in a bullish channel.
- This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50).
- Therefore, if the trend is able to break out through the first resistance level of 1.3846, we should see the pair climbing towards the daily resistance at 1.4088 to test it.
- It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3901.
- Buy above the spot of 1.3758 with the targets 1.3901 and 1.3955. On the other hand, the daily strong support is seen at 1.3669. If the GBP/USD pair is able to break out the level of 1.3955, the market will decline further to 1.4005.
Mourad El Keddani
Analyst InstaForex
