Forex Analysis:::2021-04-30T10:13:47
Technical Analysis of GBP/USD for April 30, 2021
Overview :
- The GBP/USD pair rose perfectly, remain bullish for a further climb.
- Price is testing major resistance at 1.3932 (78% of Fibonacci retracement, bullish bar harmonic formation) and we expect to see a strong reaction off this level to push price up towards 1.4008 before 1.3879 support (61% Fibonacci retracement, horizontal swing low support).
- However, the pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above the pivot point. Long positions are recommended with the first target at 1.4008. A break of that target will move the pair further upwards to 1.4069. The pivot point stands at 1.3879.
- RSI (34) sees major ascending resistance line acting as resistance to push price up from the area of 1.3839 - 1.3799.
- According to the previous events the price is expected to remain between 1.3839 and 1.4069 levels.
- Buy-deals are recommended above 1.3839 with the first target seen at 1.3932. The movement is likely to resume to the point 1.4008 and further to the point 1.4069.
- At the same time, if a breakout happens at the support levels of 1.3869, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
Mourad El Keddani
Analyst InstaForex
