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At the beginning of the Asian session, the GBP / USD pair is trading above the support of 4/8 of murray located at 1.3916, after having broken the bearish channel in 1-hour charts, a little above the SMA of 21 that is located at 1.3944.
The British pound has fallen to the low of 1.3894. From that point has rebounded than 40 pips. Now it faces the resistance dynamic of the simple moving average of 21 periods. If the price breaks this level and consolidates above, there will be a good chance to buy with targets at 1.3977 (5/8). The price may hit the psychological level of 1.4000 and 1.4038 (6/8 murray).
If the GBP / USD pair makes a technical bounce at the bottom of 1.3916 or 1.3905 and trades above this zone, it will be a good opportunity to buy. The 4/8 of murray is located there which represents very strong support.
In the chart, we can also see a GAP originated after the Fed's announcement. This confirms the idea that in the medium term the GBP / USD pair could reach the zone of 1.4099 to completely close the GAP.
The technical reading of the eagle indicator is showing a sign of a possible upward movement for the next few days, as the moving signal of the indicator has bounced above the oversold zone in 1-hour charts.
Our recommendation is to buy above 1.3944 (above the SMA of 21). Alternatively, if GBP / USD bounces off 1.3905 / 16, buy with targets at 1.3977 and 1.4038.
Support and Resistance Levels for June 18 – 21, 2021
Resistance (3) 1.4005
Resistance (2) 1.3983
Resistance (1) 1.3938
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Support (1) 1.3870
Support (2) 1.3825
Support (3) 1.3757
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Trading tip for GBP/USD for June 18 - 21, 2021
Buy above 1.3944, (SMA 21), with take profit at 1.3977 (5/8), and 1.4038 (6/8), stop loss below 1.3905.
Buy if rebound around 1.3905 or 1.3916, (4/8), with take profit at 1.3977 (5/8), and 1.4038 (6/8), stop loss below 1.3870.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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