Forex Analysis & Reviews: 14.04.2021 - Technical Analysis of...

14.04.2021 11:38 AM

Technical Analysis of GBP/USD for April 14, 2021

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Overview :

The British pound has rallied quite nicely early to recapture the 1.3764 level. The level of 1.3764 is coincided with the ratio of 38.2%.
Any subsequent positive move might confront some resistance near the 1.3764 mark. This is closely followed by the 38.2% Fibo. level, around the 1.3764 region, which if cleared decisively will negate the near-term positive bias.
The pair might then accelerate the momentum back towards the 1.3800 mark before eventually climbing to monthly tops, around the 1.3780-1.3800 area.
Strong support will be found at the level of 1.3774 providing a clear signal to buy with a target seen at 1.3823.
If the trend breaks the minor resistance at 1.3823, the pair will move upwards continuing the bullish trend development to the level 1.3863 in order to test the daily resistance 2.
The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3863.
On the H1 chart. the level of 1.3794 coincides with 50% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend.
But, major support is seen at the level of 1.3764. Furthermore, the trend is still showing strength above the moving average (100).
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.
The idea of buying dips and most certainly would like the idea of buying a breakout the 100 day EMA. The next major target would be the 1.3918 level.
On the downtrend :
However, if we were to break down below the 1.3918 handle, it would not only break a major psychologically important level, but it would also break the 200 day EMA, something that would certainly be worth paying attention to.

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