Technical Analysis of GBP/USD for April 16, 2021

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Technical Analysis of GBP/USD for April 16, 2021

Technical Analysis of GBP/USD for April 16, 2021

Technical Market Outlook:

The GBP/USD pair has broken out from the consolidation zone located just below the 50% Fibonacci retracement at the level of 1.3792 after the Bearish Sandwich candlestick pattern was made. The local low was made at the level of 1.3731 and bears are still trying to push the price towards the level of 1.3705 or lower. The intraday technical support is located at 1.3745 and 1.3705 and only If the level of 1.3822 is violated the bulls will get back to the main channel zone and try to test the recent swing high located at 1.3918.

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 16, 2021

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

Source : https://www.fx.co/forex_analysis/quickview/217085/