Technical Analysis of GBP/USD for April 01, 2021

Overview :The GBP/USD pair continues to move upwards from the level of 1.3758, which coincides with a ratio of 61.8% Fibonacci retracement. According to the previous events, the GBP/USD pair is still moving between the levels of 1.3758 and 1.3901. On the four-hour chart, immediate resistance is seen at 1.3901. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50). Therefore, if the trend is able to break out through the first resistance level of 1.3846, we should see the pair climbing towards the daily resistance at 1.4088 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3901. Buy above the spot of 1.3758 with the targets 1.3901 and 1.3955. On the other hand, the daily strong support is seen at 1.3669. If the GBP/USD pair is able to break out the level of 1.3955, the market will decline further to 1.4005.