The GBP / USD pair, in the morning of the American Session, is trading within a bullish channel on 4-hour charts and above the SMA of 21, after having found strong resistance at 1,380.
GBP / USD remains bullish after rebounding this week from very strong support at 0/8 Murray around the 1.3671 area and gained some positive traction for the fourth consecutive session on Thursday.
It is likely that if the GBP / USD, manages to overcome the resistance of the 200 EMA located at 1.3830, it will give it a strong bullish momentum to the psychological level of 1.40.
Because investors seem convinced that the Fed will keep interest rates low for a longer period, and this could favor the GBP / USD pair, and little by little it will strengthen.
The market sentiment report shows that 61.63% of operators are buying the pair, this is a sign that the rise of the pair will be limited below the 200 EMA and in the medium term could fall to the zone of 1.35.
Our recommendation is to sell below 1.38 and below 1.3830, with targets at the SMA of 21.
Support And Resistance Levels For April 15 - 16, 2021
Resistance (1) 1.3806
Resistance (2) 1.3839
Resistance (3) 1.3870
Support (1) 1.3743
Support (2) 1.3711
Support (3) 1.3679
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Trading tip for GBP/USD for April 15 - 16, 2021
Sell below 1.3798 (1/8 of murray), with take profit at 1.3740 (SMA 21), stop loss above 1.3835.
Sell if pullback 1.3830 (EMA 200), with take profit at 1.3740 (SMA 21), stop loss above 1.3865.
Buy if rebound 1.3735 (Strong Support and SMA 21), with take profit at 1.3790 and 1.3830, stop loss below 1.3700.