In the early American session, the GBP / USD pair is trading below the 200 EMA and the 21 SMA, after having encountered strong resistance at 1.3916. It remains lateral between 1.3916 and 1.3860.
The foreign exchange market is with the expectation placed on the meeting of the FED. No changes are expected, the tone and signals from the Fed will be key. It is estimated that the description of the economy would be more optimistic considering the latest data such as consumer confidence for April, as the house price indicators for February beat expectations.
The GBP / USD pair remains sideways with a slight bearish bias, in view of the 1.3916 barrier and the 4/8 Murray pivot point zone, which have prevented the pair from making new highs.
On the other hand, GBP / USD has found a strong support in the 3/8 of Murray located at 1.3860, now this has become a strong floor that could give bullish strength to reach levels of 1.40.
As long as it holds above 1.3855 / 60, losses for the British pound will be limited. A drop below this level would increase the pressures to the downside, with the next support at 1.3793 there is 2/8 of Murray.
Our recommendation is to sell below the 200 EMA and below the 4/8 of Murray, or if the 1.3855 support breaks, it will be a good selling opportunity.
Support And Resistance Levels For April 28 - 29, 2021
Resistance (1) 1.3935
Resistance (2) 1.3962
Resistance (3) 1.3986
Support (1) 1.3831
Support (2) 1.3804
Support (3) 1.3787
***********************************************************
Trading tip for GBP/USD for April 28 - 29, 2021
Sell if pullback 1.3912 (EMA 200 and 4/8) with take profit at 1.3855 (3/8), stop loss above 1.3945.
Sell if breaks 1.3855 (Strong support) with take profit at 1.3793 (2/8 of murray), stop loss below 1.3890.