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The GBP/USD pair, before the opening of the European session, on the 1-hour chart is trading above the 21 SMA and above the psychological level of 1.40. In addition, we can see that it is located above the strong support of 6/8 of murray.
On the 1-hour chart, you can see the formation of a symmetrical triangle, a break above the upper edge, could be a signal for a bullish momentum of GBP/USD to the 1.4111 zone, in this zone the channel line downtrend converges.
From its highest level this week, GBP/USD has fallen back to the minimum in the 1.4015 area, this level represents a key and psychological level for traders, because below this there could be a fall to 1.37. As long as the price trades above that key point, we expect GBP/USD to strengthen.
On the contrary, as long as it remains above 1.4000, there on the 1-hour chart, the 200 EMA is located, which also offers dynamic support to the pair, therefore a rebound in this area of the moving average could give it a good upward momentum and a good opportunity to buy.
The technical reading of the eagle indicator shows that GBP/USD on the 1-hour chart has reached an oversold level, and there could be a bullish move in the next few hours.
The market sentiment index shows that there are 59.39% of traders who are selling the British pound, this is a sign that there could be a new upward momentum to the 1.41 area in the coming days.
Our recommendation is to buy if GBP/USD bounces in the 1.40 region, or breaks above 1.4050 with targets at 1.4111 for the next few hours. In case of a daily close below 1.40 we should avoid buying and close any bullish position.
Support and Resistance Levels for May 14 - 17, 2021
Resistance (3) 1.4111
Resistance (2) 1.4080
Resistance (1) 1.4062
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Support (1) 1.4008
Support (2) 1.3988
Support (3) 1.3970
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Trading tip for GBP/USD for May 14 - 17, 2021
Buy if the price breaks 1.4050 (symmetrical triangle) with a Take Profit at 1.4111 and a Stop Loss below 1.4000
Buy if the price rebounds at 1.4000 (EMA 200) with a Take Profit at 1.4055 (SMA 21) and 1.4111 (7/8), and a Stop Loss below 1.3965.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
