Technical Analysis of GBP/USD for April 12, 2021

0
40
Technical Analysis of GBP/USD for April 12, 2021

Technical Analysis of GBP/USD for April 12, 2021

Technical Market Outlook:

The GBP/USD pair has bounced from the technical support located at the level of 1.3669. This level had been tested twice already and it is the key short-term technical support for bulls. The target for the bounce is located at the level of 1.3745, but of the bounce gets extended, then the price might hit the lower channel boundary located around the level of 1.3795. Please notice, the momentum is still weak and negative, so the bears are still in control of the market and all the bounces are so far the counter-trend corrective in nature.

Weekly Pivot Points:

WR3 – 1.4080

WR2 – 1.4000

WR1 – 1.3827

Weekly Pivot – 1.3750

WS1 – 1.3579

WS2 – 1.3494

WS3 – 1.3340

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

Technical Analysis of GBP/USD for April 12, 2021

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/216165/