FX.co ★ Trading Signal for GBP/USD for April 01 - 02, 2021: Buy above 1.3793 Symmetrical Triangle

The GBP / USD pair in the morning of the American session, in 4-hour charts, is trading above the SMA of 21 and with a slight uptrend.

The GBP / USD pair is trading within a range between two converging trend lines since the beginning of this week. This constitutes the formation of a symmetrical triangle on the 4-hour chart, indicating indecision among traders.

Meanwhile, the upper limit of the triangle matches the level of 1/8 of Murray around 1.3793 acting as resistance, above this level we recommend buying.

A breakout of the pair above this 1/8 Murray level could increase demand for the GBP / USD pair and could be a trigger for bullish traders and will pave the way for additional gains.

Higher up is the 200 EMA, located at 1.3885, this level is key as it could be a good selling opportunity, and act as a strong resistance for the British pound, in this area we recommend selling.

On the other hand, the support zone of 1.3752, bottom of the lower limit of the symmetric triangle, could protect the immediate downside, and give it a bullish rebound, a level where we recommend buying.

Support And Resistance Levels For April 01 - 02, 2021

Resistance (1) 1.3820

Resistance (2) 1.3863

Resistance (3) 1.3887

Support (1) 1.3767

Support (2) 1.3724

Support (3) 1.3680

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Trading tip for GBP/USD for April 01 - 02, 2021

Buy if rebound 1.3752 (Strong Support), with take profit at 1.3855 and 1.3887, stop loss below 1.3720.

Buy above 1.3793 (1/8 of murray), with take profit at 1.3855 and 1.3887 (EMA 200), stop loss below 1.3755.