Trading Signal for GBP/USD for January 12-13, 2021: Key Level 1.3549

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Trading Signal for GBP/USD for January 12-13, 2021: Key Level 1.3549

Trading Signal for GBP/USD for January 12-13, 2021: Key Level 1.3549

The GBP / USD pair, on 4-hour charts, is trading above the 21-period SMA, and above the 200 EMA, it is now within a 4-hour bearish channel.

The pressure line that is drawn from the maximum that the GBP / USD relaized near 1.37, has had 4 attempts to break this level, now it is facing this zone again.

If the GBP / USD pair remains above the 21 SMA, above the key level of 1.3549, we could expect a bullish move in the short term to the 1.3671 area. The eagle indicator is showing bullish signal on 4-hour charts.

A break below the SMA of 21 and below the support of 1.3546, which is also located there at 7/8 of Murray, we could expect a bearish move to the EMA of 200, around 1.3427.

Our recommendation is to buy above the 21 SMA around 1.3549, as long as the pair trades above this level, we can buy with targets at 1.3670 and 1.3790.

The market sentiment report for January 12, shows 55% of operators who are selling the GBP / USD pair, this is a sign that in the short term, an upward movement of the GBP / USD could occur to the area of 1,371 and 1.3793.

Trading Signal for GBP/USD for January 12-13, 2021: Key Level 1.3549

Support And Resistance Levels For January 12-13, 2021

Resistance (1) 1.3631

Resistance (2) 1.3664

Resistance (3) 1.3691

Support (1) 1.3510

Support (2) 1.3449

Support (3) 1.3427

Trading tip for GBP/USD for January 12-13, 2021

Buy above 1.3549 (strong support and SMA 21), with take profit 1.3612 and 1.3670, stop loss below 1.3505.

Sell if breaks 1.3549 (SMA 21) with take profit at 1.3427 ( EMA 200), stop loss above 1.3585.

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

Source : https://www.fx.co/forex_analysis/quickview/202343/