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22.04.202115:40 Forex Analysis & Reviews: Trading Signal for GBP/USD for April 22 - 23, 2021: Sell Below 1.3916

Exchange Rates 22.04.2021 analysis

The GBP / USD pair before the opening of the American session, in 4-hours charts is trading below the SMA of 21 and below Murray's 4/8 which acts as a pivot point for the pair, the British pound. It is showing bearish signal supported by the eagle indicator.

In the last hours, we noticed that the GBP / USD pair has tried several times to break the 1.3950 level, leaving several indecision candles. At this moment, it is breaking the 21 SMA, thus showing strong downward pressure.

The GBP / USD pair, at the psychological level of 1.40, found strong resistance, from that level it continues to decline after yesterday it made a pullback to 1.3950. Now it is preparing for a new bearish wave.

The US dollar has remained weak near multi-week lows amid expectations that the Fed will keep interest rates low for a longer period. Initially this data gave GBP / USD upward force, which took it to the 1.40 level, however, the market sentiment is playing against the pair.

Our recommendation is to sell below the SMA of 21 located at 1.3937 and below the 5/8 of Murray located at 1.3916. Both levels are key for a fall of the pair to support levels of the EMA of 200 located at 1.3840.

Support And Resistance Levels For April 22 - 23, 2021

Resistance (1) 1.3952

Resistance (2) 1.3984

Resistance (3) 1.4019

Support (1) 1.3891

Support (2) 1.3855

Support (3) 1.3827

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Trading tip for GBP/USD for April 22 - 23, 2021

Sell below 1.3916 (4/8 of murray), with take profit at 1.3840, stop loss above1.3946.

Sell if pullback 1.3937 (SMA 21), with take profit at 1.3840 (EMA 200), stop loss above 1.3977.

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

Dimitrios Zappas,
Analytical expert
InstaForex Group © 2007-2021
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