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Trading Signal for GBP/USD for August 31, 2021: Sell Below 1.3795 (EMA 200)


The British pound is trading at 1.3781 with an uptrend that is limited below the 200 EMA and below the 2/8 murray. This level is strong resistance and the GBP / USD pair could make a correction as long as it remains below this level.

The weakness of the dollar index #USDX, caused by the moderate stance of the US central bank on Friday, encourages the GBP / USD pair to continue its rise.

UK COVID-19 cases remain high. Daily infection rates are still around 31,000 people, and it could be a factor against the British pound strengthening and could weaken consumer confidence in the Kingdom.

The critical level of 1.3795 will be the key. With a definitive break and consolidation above this level, the GBP / USD pair could continue its bullish movements until 1.3855 level of 3/8 and quickly reach 4/8 of murray at 1.3916.

On the other hand, if the GBP / USD pair fails to consolidate above 1.3793, the downward pressure that is going on below the 200 EMA and the 2/8 murray line could push the pair down, and this it could a fall to the support of the 21 SMA located at 1.3740.

The key support is located at 1.3732. This level will be the key as a technical rebound could occur and give a new upward impetus to the GBP / USD pair. Besides, it could be a good point to buy with the target seen at 1.3855.

Following a final consolidation below 1.3730, the British pound could enter a bearish phase and could accelerate its decline to the critical support of -1/8 murray around 1.3610.

In view of the fact that the pair maintains an uptrend in 4-hour charts, it would be prudent to expect the pound sterling to trade in a support zone to buy the pair again. The eagle indicator is showing a bullish signal.

Support and Resistance Levels for August 31, 2021

Resistance (3) 1.3824

Resistance (2) 1.3809

Resistance (1) 1.3793


Support (1) 1.3759

Support (2) 1.3732

Support (3) 1.3702


Trading tip for GBP/USD for August 31, 2021

Sell below EMA 200 at 1.3793 with take profit at 1.3730 (1/8), stop loss above 1.3830.

Buy if the pair rebounds at 1.3732 with take profit at 1.3793 and 1.3855 (3/8), stop loss below 1.3700.

The material has been provided by InstaForex Company -