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16.04.2021 11:11 AM
Technical Analysis of GBP/USD for April 16, 2021

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Overview :
  • After breaking the support at 1.3794. The GBP/USD pair has set strong resistances at the levels of 1.3794 because the support has become a resistance on the 15th of April 2021.
  • So, the price has already formed the strong resistance at the level of 1.3794 and the pair probably will try to approach from it in order to test it again.
  • However, if the pair fails to pass through the level of 1.3794, the market will indicate a bearish opportunity below the new strong resistance level of 1.3794 (the level of 1.3794 coincides with the ratio of 50% Fibonacci).
  • Moreover, the RSI is becoming to signal a downward trend, as the trend is still showing strong above the moving average (100) and (50).
  • Thus, the maket is indicating a bearish opportunity below the 1.3794 level so it will be a good sign to sell at 1.3794 with the first target of 1.3729.
  • It will also call for a downtrend in order to continue towards 1.3670. The daily strong support is seen at 1.3670.
  • On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the price of 1.3918.
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