empty
 
 
16.04.2021 08:42 AM
Technical Analysis of GBP/USD for April 16, 2021

Technical Market Outlook:

The GBP/USD pair has broken out from the consolidation zone located just below the 50% Fibonacci retracement at the level of 1.3792 after the Bearish Sandwich candlestick pattern was made. The local low was made at the level of 1.3731 and bears are still trying to push the price towards the level of 1.3705 or lower. The intraday technical support is located at 1.3745 and 1.3705 and only If the level of 1.3822 is violated the bulls will get back to the main channel zone and try to test the recent swing high located at 1.3918.

Weekly Pivot Points:

WR3 - 1.4080

WR2 - 1.4000

WR1 - 1.3827

Weekly Pivot - 1.3750

WS1 - 1.3579

WS2 - 1.3494

WS3 - 1.3340

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback