FX.co - Technical Analysis of GBP/USD for April 02, 2021

2021-04-02T12:00:01

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Technical Analysis of GBP/USD for April 02, 2021

Technical Analysis of GBP/USD for April 02, 2021

Overview :

The GBP/USD has broken resistance at 1.3819 which acts as a support this morning.
The pair is moving between the levels of 1.3819 and 1.3851. As the trend is still above the 100 EMA, a bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Consequently, the level of 1.3851 remains a key support zone. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.3851, to form a bullish channel.
Therefore, there is a possibility that the GBP/USD pair will move upwards above 1.3851, which coincides with a ratio 50% of Fibonacci retracement.
The falling structure does not look corrective. In order to indicate a bearish opportunity above 1.3851, buy above this level with the first target at 1.3851.
Moreover, if the pair succeeds to pass through 1.3851, it will move upwards continuing the bullish trend development to 1.3873 in order to test the daily resistance 1.
However, if a breakout happens at 1.3795, this scenario may be invalidated.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

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Analytical expert

Mourad El Keddani

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