Relevance up to 17:00 2021-01-16 UTC+3
The GBP / USD in 1 hour charts is trading slightly higher, however the Eagle indicator is showing a bearish signal, if in the next few hours it breaks the SMA of 21 in 1 hour, we could expect a bearish move to support of 200 EMA, around 1.3590.
The GBP / USD pair yesterday has formed a double top technical pattern, in our analysis yesterday we explained, you can review it again, this means that this pattern is prevailing and there is downward pressure below 1.3698.
Since we observe the last 1 hour candles of the GBP / USD, which is having problems breaking 8/8 of murray, this level is a strong resistance, a bearish movement could occur until the support of 1.3590.
Furthermore a definitive break below the 200 EMA around 1.3590 will open the way for a deeper decline to 7/8 murray at 1.3549 and 6/8 murray at 1.3427.
Because we observe the weakness in the candles and the bearish signal of the eagle indicator, we recommend selling below 1.3635, zone of SMA of 21.
The sentiment of the market for the GBP / USD, shows 58% of operators that are selling the GBP / USD pair, this is a sign that the pair would be accumulating sellers for a new bullish momentum, we expect at least a fall to 7/8 from murray at 1.3549 in the short term.
Support And Resistance Levels For January 14-15, 2021
Resistance (1) 1.3684
Resistance (2) 1.3736
Resistance (3) 1.3769
Support (1) 1.3598
Support (2) 1.3558
Support (3) 1.3505
Trading tip for GBP/USD for January 14-15, 2021
Buy above 1.3645 (SMA 21), with take profit 1.3671 and 1.3700, stop loss below 1.3610.
Sell below 1.3627 (SMA 21) with take profit at 1.3590 (EMA 200), stop loss above 1.3671.
Sell if breaks 1.3585 (EMA 200) with take profit at 1.3549( 7/8 of murray) and 1.3427, stop loss above 1.3625.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Tommy Gip,
Analytical expert
InstaForex Group © 2007-2021
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