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Technical Analysis of GBP/USD for April 15, 2021


Overview :
  • On the M30 chart, the GBP/USD pair continues moving in a bullish trend from the support level of 1.3755.
  • Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • The bias remains bullish in the nearest term testing 1.3755 and 1.3800.
  • Immediate resistance is seen around 1.3755 levels, which coincides with the weekly pivot.
  • Moreover, the moving average (100) starts signaling an upward trend; therefore, the market is indicating a bullish opportunity above the level of 1.3755.
  • So, it will be good to buy at 1.3755 with the first target of 1.3808. It will also call for an uptrend in order to continue towards 1.3830. The strong daily resistance is seen at 1.3844.
  • However, if a breakout happens at the resistance level of 1.3739, then this scenario may be invalidated.
  • Forecast :
  • Also, the level of 1.3844 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3755 to 1.3844 today. At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3844 , a further decline to 1.3755 can occur, which would indicate a bearish market.
The material has been provided by InstaForex Company -