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Trading Signal for GBP/USD for July 21 - 22, 2021: Buy above 1.3610

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In the early American session, the GBP / USD pair is trading above the extreme oversold support level of murray (+1/8) located at 1.3610 according to a 1-hour chart. We believe that if it remains above this level, there could be a technical rebound in the short term.

Yesterday the British pound fell to a minimum of 1.3570. From that level, it started a consolidation above +1/8 of murray, and above the SMA of 21 in 1-hour charts. In the chart, we can see the formation of a Bearish wedge. At this moment, the GBP / USD pair is broken. If it stays above this level, there could be an upward momentum to the 2/8 murray zone.

The US dollar index has reached the level of 93.15. In a 1-hour chart, it has formed a double top. If this reversal pattern is confirmed, it could give GBP / USD upward strength.

The British pound in recent days has been under downward pressure due to disagreement over the Northern Ireland protocol, in a showdown that was supposed to be delayed until after the summer, along with the resurgence of COVID-19 infections in the UK. These headwinds have been limiting a recovery of GBP / USD.

Therefore, we must wait for GBP / USD to stay above 1.3610 in order to buy. This correction is likely to be limited to the 1.3793 zone of the 200 EMA.

The 2/8 murray zone is a level of strong resistance. The 200 EMA is located at the same level. Therefore, a pullback towards this level could give GBP / USD a selling opportunity.

On the contrary, a convincing break below 1.3570 will be seen as a new trigger for the bears and there could be a rapid decline towards the psychological level of 1.3500.

Our recommendation is to buy above the +1/8 of murray around 1.3610 with targets at 1.3671 and 1.3793 (2/8), the eagle indicator is showing bullish signal for the next few hours.

Support and Resistance Levels for July 21 - 22, 2021

Resistance (3) 1.3800

Resistance (2) 1.3710

Resistance (1) 1.3660

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Support (1) 1.3561

Support (2) 1.3509

Support (3) 1.3447

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Trading tip for GBP/USD for July 21 - 22, 2021

Buy above SMA 21 at 1.3610, with take profit at 1.3670 and 1.3793 (2/8), stop loss below 1.3570.

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