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Technical analysis

07.05.202113:30 Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 07, 2021

• After breaking the support at 1.3937. The GBP/USD pair has set strong resistances at the levels of 1.3937 because the support has become a resistance.
• So, the price has already formed the strong resistance at the level of 1.3937 and the pair probably will try to approach from it in order to test it again.
• However, if the pair fails to pass through the level of 1.3937, the market will indicate a bearish opportunity below the new strong resistance level of 1.3937 (the level of 1.3937 coincides with the ratio of 78% Fibonacci).
• Moreover, the RSI is becoming to signal a downward trend, as the trend is still showing strong above the moving average (100) and (50).
• Thus, the market is indicating a bearish opportunity below the 1.3937 level so it will be a good sign to sell at 1.3937 with the first target of 1.3867.
• It will also call for a downtrend in order to continue towards 1.3841. The daily strong support is seen at 1.3800 (double bottom).
• However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the price of 1.3975.
• On the other hand, it is also worth noting that the price at 1.3800 will possibly form a strong support.
• Accordingly, saturation around 1.3800 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bullish market.
• Hence, it will be a good sign to buy above 1.3800 with the first target of 1.3900 and continue towards 1.3937 and 1.3975. In the long term we guess a range between the levels of 1.3800 and 1.3975.

*บทวิเคราะห์ในตลาดที่มีการโพสต์ตรงนี้ เพียงเพื่อทำให้คุณทราบถึงข้อมูล ไม่ได้เป็นการเจาะจงถึงขั้นตอนให้คุณทำการซื้อขายตาม

Mourad El Keddani,
Analytical expert of InstaSpot
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