empty
 
 
19.04.2021 04:30 PM
Trading Signal for GBP/USD for April 19 - 20, 2021: Key level 1.3977

This image is no longer relevant

The GBP / USD pair, in the American session, is trading with a strong upward trend, after having broken the 200 EMA, it sharply shot up to the 1.3935 level for now.

The US dollar (USDX) weakened at the opening of the European session, as the expectations that the Fed will maintain lower interest rates for a longer period, is causing the crosses against the US dollar to strengthen. Likewise, GBP / USD is likely to climb after breaking 1.3830.

Last week, the 200 EMA around 1.3815 / 30 kept the pair under downward pressure. However, this week after breaking it rose rapidly to 1.3935 100 pips in a matter of hours. Now it has strong resistance at 1.3977, there is the 5/8 of Murray area where there could be a correction of the pair.

On the other hand, the goal of reaching the psychological level of 1.40 seems a clear possibility in the midst of an empty US economic agenda and negative market sentiment for the US Dollar.

On the other hand, 1.3855 / 25 zone of the 200 EMA now appears to act as immediate strong support. Any other weakness could now be seen as a buying opportunity. This, in turn, should help limit the decline as Murray's 3/8 is also at this level.

Support And Resistance Levels For April 19 - 20, 2021

Resistance (1) 1.3972

Resistance (2) 1.4009

Resistance (3) 1.4071

Support (1) 1.3925

Support (2) 1.3897

Support (3) 1.3825

***********************************************************

Trading tip for GBP/USD for April 19 - 20, 2021

Buy if rebound 1.3855 (Strong Support and 3/8 , with take profit at 1.3916 and 1.3977, stop loss below 1.3820.

Sell if pullback at 1.3977 (5/8 of murray), with take profit at 1.3916 and 1.3855 (EMA 200), stop loss above 1.4010.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
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