FX.co ★ Trading Signal for GBP/USD for January 28 - 29, 2021: Sell Below 1.3689

The GBP / USD pair, in 4-hour charts, is trading below the 21 SMA and below the 8/8 Murray, entering a negative zone of bearish pressure.

As you can see in the graph we have several points where the pair has bounced above its 4-hour trend channel, now it is facing this channel, if the pair breaks sharply below this area, and consolidates below. The market could become more bearish and the British pound fall to the support zone of the 200 EMA around 1.3549.

The key level to watch is the 1.3640 area, there is the uptrend line, and strong support, we could expect a rebound at this level to the area of the 21 SMA around 1.3690.

The 21 SMA in 4-hour charts has now become a strong resistance for the GBP / USD pair, which is keeping downward pressure, therefore, a pullback towards this area would be a good selling opportunity with targets on the 7/8 of murray in the short term.

The market sentiment report for the GBP / USD pair, this morning of the American session shows a percentage of 53% of operators who are selling the pair, this is a sign that in the short term a correction could occur up to the 1.3549 support zone.

Support And Resistance Levels For January 28 - 29, 2021

Resistance (1) 1.3740

Resistance (2) 1.3777

Resistance (3) 1.3798

Support (1) 1.3599

Support (2) 1.3550

Support (3) 1.3488

Trading tip for GBP/USD for January 28 - 29, 2021

Sell below 1.3672 (8/8 murray) with take profit at 1.3610 and 1.3549 (7/8), stop loss above 1.3722.

Sell if pullback at 1.3690 (SMA 21) with take profit at 1.3640 and 1.3549 (7/8 of murray), stop loss above 1.3745.

Sell if trade below 1.3640, with take profit at 1.3549, stop above 1.3672.