Relevance up to 17:00 2021-01-20 UTC+3
The GBP / USD pair is trading below the 7/8 Murray, and below the 200 EMA and 21 SMA, showing strong bearish pressure.
The pair has bounced around the 1.3521 zone, if it breaks the 7/8 murray zone which is located at 1.3549, we can buy with targets at the 200 EMA, and the top of the bearish channel at 1.3615.
The GBP / USD pair, has a downward pressure, forming a wedge pattern, if it breaks above 1.3549, we could expect a recovery of the British pound, on the contrary we can expect a fall to the support of 6/8 of murray at 1.3427.
The eagle indicator is entering the oversold zone on 1 hour charts, it is likely that there will be a technical rebound at least to the 200 EMA, for a bearish continuation.
Our recommendation is to sell below the 200 EMA, and buy only if the 1.3549 level breaks in 4-hour charts, below 1.3549, the downward pressure could intensify.
Support And Resistance Levels For January 18-19, 2021
Resistance (1) 1.3580
Resistance (2) 1.3616
Resistance (3) 1.3662
Support (1) 1.3488
Support (2) 1.3451
Support (3) 1.3411
Trading tip for GBP/USD for January 18-19, 2021
Buy above 1.3549 (7/8 murray), with take profit 1.3605, stop loss below 1.3515.
Sell if pullback 1.3605 (EMA 200) with take profit at 1.3549 and 1.3427, stop loss above 1.3640.
*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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