Forex Analysis:::2021-04-02T12:00:01
Technical Analysis of GBP/USD for April 02, 2021
Overview :
- The GBP/USD has broken resistance at 1.3819 which acts as a support this morning.
- The pair is moving between the levels of 1.3819 and 1.3851. As the trend is still above the 100 EMA, a bullish outlook remains the same as long as the 100 EMA is headed to the upside.
- Consequently, the level of 1.3851 remains a key support zone. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.3851, to form a bullish channel.
- Therefore, there is a possibility that the GBP/USD pair will move upwards above 1.3851, which coincides with a ratio 50% of Fibonacci retracement.
- The falling structure does not look corrective. In order to indicate a bearish opportunity above 1.3851, buy above this level with the first target at 1.3851.
- Moreover, if the pair succeeds to pass through 1.3851, it will move upwards continuing the bullish trend development to 1.3873 in order to test the daily resistance 1.
- However, if a breakout happens at 1.3795, this scenario may be invalidated.
Mourad El Keddani
Analyst InstaForex
