Technical Analysis of GBP/USD for April 07, 2021

Overview :The GBP/USD pair faced resistance at the level of 1.3863, while minor resistance is seen at 1.3794. Support is found at the levels of 1.3728 and 1.3669. Also, it should be noted that a daily pivot point has already set at the level of 1.3794. Equally important, the GBP/USD pair is still moving around the key level at 1.3794, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the GBP/USD pair continued to move downwards from the level of 1.3794. The pair fell from the level of 1.3794 (this level of 1.3794 coincides with the double top ) to the bottm around 1.3750. In consequence, the GBP/USD pair broke resistance, which turned strong support at the level of 1.3728. The level of 1.3794 is expected to act as major support today. From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.3823 towards the target level of 1.3863. If the pair succeeds in passing through the level of 1.3863, the market will indicate the bullish opportunity above the level of 1.3863 in order to reach the third target at 1.3918. Notwithstanding, if a breakout happens at the support level of 1.3669, then this scenario may be invalidated.