The GBP / USD pair, before the opening of the American session, is bouncing above Murray's 0/8, and below the SMA of 21, and with a bearish channel on the 4-hour charts, which is exerting pressure, to break it can make a pullback towards 1.3785.
This downward pressure on the British pound is due to propel a strong rally in US Treasury yields, which helped the US dollar break out of its 21 SMA and consolidate above it, showing a bullish signal.
In the European session on Friday, GBP / USD fell to Murray's key 0/8 support located at 1.3671, if you look at the chart it has left a Pin Bar candle, and forming a triple bottom.
Now at the time of writing, it has the downtrend line converging at 1.3720, if it breaks it it could continue to bounce to the 21 SMA around 1.3785.
Our recommendation is to buy, above 1.3671, given that Murray's 0/8 is located there and it has proven on several occasions that it is a strong support.
On the other hand, a consolidation above 1.3720, we can buy up to 1.3785, at this level there is a strong resistance that coincides with the SMA of 21, there we can take an opportunity to sell since the bias is still bearish in the medium term.
Support And Resistance Levels For April 09 - 12, 2021
Resistance (1) 1.3767
Resistance (2) 1.3806
Resistance (3) 1.3830
Support (1) 1.3704
Support (2) 1.3679
Support (3) 1.3641
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Trading tip for GBP/USD for April 09 - 12, 2021
Buy if rebound or above 1.3671 (Strong Support 0/8 murray), with take profit at 1.3720 and 1.3785, stop loss below 1.3635.
Sell if pullback 1.3785 (SMA 21), with take profit at 1.3730 and 1.3670 (0/8), stop loss above 1.3820.
