The GBP / USD pair, today in the European session, we saw that it broke the resistance zone of 1.37 and in these hours of the American session it is consolidating above this level.
The GBP / USD pair, is trading above the 200 EMA and the 21 SMA in 4-hour charts, showing a strong bullish signal, it is expected to remain trading above 1.37, for a bullish move to the zone from the +1/8 of murray to the level of 1.3793 in the short term.
On the contrary, a daily close below 1.37, an area of strong resistance in the past, could accelerate the decline to the level of the moving average of 21.
In the 4-hour chart, the bounce zone and at the same time the break zone have been indicated in yellow, this level is key, for this we must monitor our trading options.
Above 1.37 we recommend buying very cautiously as the eagle indicator is approaching the overbought zone.below 1.37, it would be a good short-term selling opportunity.
The market sentiment report for today, January 21, shows that the GBP / USD pair is with 61.63% of operators that are selling the pair, this is a sign that the bullish force of the market continues to prevail and we could expect a bullish movement up to 1.3795 levels in the short term.
Support And Resistance Levels For January 21-22, 2021
Resistance (1) 1.3758
Resistance (2) 1.3798
Resistance (3) 1.3844
Support (1) 1.3662
Support (2) 1.3602
Support (3) 1.3567
Trading tip for GBP/USD for January 21-22, 2021
Buy if rebound to 1.3697 (Strong Support) with take profit at 1.3793 (+1/8 murray), Stop loss below 1.3660.
Sell below 1.3685 ( Key level) with take profit at 1.3645 (SMA 21) and 1.3590, Stop loss above 1.3730.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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