FX.co ★ Trading Signal for GBP/USD for March 19 - 22, 2021: Symmetric Triangle

The GBP / USD pair, in 4-hour charts, is trading above the 200 EMA and the 21 SMA, forming a symmetrical triangle, awaiting the break for the confirmation of the next movement of the British pound.

The symmetric triangle pattern is a form of consolidation, waiting for a break of the 200 EMA, and 21, we expect it to remain below that level with targets at 1.3840, the second uptrend channel is located.

The break of 1.3840, could accelerate the fall to 0/8 of murray located at 1.3671, as a goal in the short term, however, this level is key as there may be a technical rebound there.

On the contrary, a break and consolidation above 1.3945, will be a buy signal with targets at the 1.40 psychological level and 1.4160 there is 2/8 of murray.

Our recommendation is to buy or sell above or below the symmetric triangle, the eagle indicator is showing a bearish signal.

Support And Resistance Levels For March 19 - 22, 2021

Resistance (1) 1.3945

Resistance (2) 1.4015

Resistance (3) 1.4111

Support (1) 1.3860

Support (2) 1.3810

Support (3) 1.3784

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Trading tip for GBP/USD for March 19 - 22, 2021

Sell below 1.3895 (SMA 21 and EMA 200, Symmetric Triangle ) with take profit at 1.3845 and 1.3651, stop loss above 1.3940.

Buy above 1.3945 (Symmetric Triangle), with take profit at 1.40 and 1.4160, stop loss below 1.3905.