Technical Analysis of GBP/USD for April 19, 2021

Technical Market Outlook:

The GBP/USD pair has broken above the level of 1.3807 and is now back inside the main channel, heading towards the level of 1.3918. Moreover, the bulls have managed to break through the trend line resistance around the level of 1.3820 as well, so the overall short-term outlook is still bullish. The momentum is increasing as well despite the overbought market conditions. Please keep an eye on the market reaction at the level of 1.3918 as any violation will be an indication of another up wave to come, targeting 1.3965, 1.3982 or even 1.4000.

Weekly Pivot Points:

WR3 - 1.4086

WR2 - 1.3961

WR1 - 1.3918

Weekly Pivot - 1.3791

WS1 - 1.3746

WS2 - 1.3618

WS3 - 1.3575

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

analytics607d3a794e37e.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Pages