The GBP / USD pair, in 4-hour charts is trading below the psychological level of 1.40, in the chart it has left a triple top. The last 4-hour candle has left a Pin Bar, which is likely to be a retracement to the 21 SMA located at 1.3905.
The 200 EMA is also strong support for the GBP / USD pair, as a bounce in that area could give the GBP / USD further bullish momentum up to the 1.40 level.
On the other hand, a consolidation below the 200 day EMA level will be an opportunity to sell, until the support of the slight bullish channel located at 1.3830.
The eagle indicator is showing a sign of exhaustion, there could be a correction from yesterday's bullish impulse, and the buying force could again give strength to GBP / USD above the 1.39 area.
Our recommendation is to sell below the triple top and buy above the 21 SMA and 200 EMA with a target of 1.40 in the short term.
Support And Resistance Levels For March 18 - 19, 2021
Resistance (1) 1.3926
Resistance (2) 1.4003
Resistance (3) 1.4046
Support (1) 1.3883
Support (2) 1.3810
Support (3) 1.3763
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Trading tip for GBP/USD for March 18 - 19, 2021
Sell now 1.3971 (Triple Top) with take profit at 1.3916, stop loss above 1.4005.
Buy if rebound 1.3916 (1/8 of murray) with take profit at 1.3960 and 1.40, stop loss below 1.3875.
Sell if breaks at 1.3895 (EMA 200) with take profit at 1.3830 and 1.3672 (0/8), stop loss above 1.3930.