On the 4H chart, the GBP/USD pair in the Asian session is trading within a symmetrical triangle, and above the SMA of 21 and below the 5/8 of Murray, after having reached a weekly high of 1.3977.
Yesterday the US dollar regained ground during US trading hours supported by the strong rebound observed in US Treasury yields. Yesterday US Treasuries rose by 2% to 1,649%.
From a technical point of view, the GBP/USD pair could find support in the zone of the SMA of 21, which coincides with 4/8 of Murray, this level on previous occasions has acted as strong resistance and now it has become a key point and strong support.
Below 1.3916, there could be a downward correction to the 200 EMA around 1.3830, this level will be the last point to give the market a new bullish force.
The eagle indicator is in the oversold zone is a sign that the market could turn to risky assets, such as GBP/USD, and give the strength to break the psychological level of 1.40. It may reach the 6/8 of Murray around 1.4038.
The market sentiment report shows that there are 50.15% of traders who are buying the pair. This is a sign that there could be a new bearish cycle until the support of 1.3830.
Support And Resistance Levels For April 30, 2021
Resistance (1) 1.3972
Resistance (2) 1.3994
Resistance (3) 1.4012
Support (1) 1.3918
Support (2) 1.3898
Support (3) 1.3871
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Trading tip for GBP/USD for April 30, 2021
Buy above 1.3950 (symmetrical triangle) with take profit at 1.3977 (5/8 of murray), and 1.4038 (6/8) stop loss below 1.3915.
Sell below 1.3916 (Strong support and SMA 21) with take profit at 1.3830 (EMA 200), stop loss above 1.3952.
The material has been provided by InstaForex Company - www.instaforex.com