GBPUSD Trade setup : EW 4H Analysis

7 мар. 2021 г.

The GBP/USD pair trades in the 1.3900 price zone, with a neutral-to-bearish stance in the near-term. The 4-hour chart shows that the pair spent the day hovering around its 20 and 100 SMAs, both lacking directional strength. The pair is now speeding down below them, favoring a bearish extension. The Momentum indicator is piercing its 100 level, while the RSI hovers around 42, indicating increasing selling interest. A strong support level is 1.3860, where the pair bottomed this week.

Support levels: 1.3860 1.3820 1.3770

Resistance levels: 1.3950 1.3990 1.4030