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22.04.202112:55 Forex Analysis & Reviews: Technical Analysis of GBP/USD for April 22, 2021

Exchange Rates 22.04.2021 analysis

Overview :

The GBP/USD pair continues to move upwards from the level of 1.3896. Today, the first support level is currently seen at 1.3896, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 1.3896, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

On the H1 chart. The level of 1.3896 coincides with 61.8% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend.

But, major support is seen at the level of 1.3896.

Furthermore, the trend is still showing strength above the moving average (100).

If the trend breaks the minor resistance at 1.3920, the pair will move upwards continuing the bullish trend development to the level 1.4008 in order to test the daily resistance 1.

Therefore, strong support will be found at the level of 1.3896 providing a clear signal to buy with a target seen at 1.4008.

The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.4008.

Accordingly, the pair is still in the uptrend from the area of 1.3896 and 1.4008. The GBP/USD pair is trading in a bullish trend from the first resistance line of 1.4008 towards the first resistance (2) level at 1.4060 in order to test it.

Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

At the same time, if a breakout happens at the support levels of 1.3784 and 1.3750, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2021
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