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Technical analysis

23.04.202110:44 Forex Analysis & Reviews: Technical Analysis of GBP/USD for April 23, 2021

Exchange Rates 23.04.2021 analysis

Overview :
  • The GBP/USD pair has faced strong resistances at the levels of 1.3944 because support had become resistance on April 23, 2021.
  • The strong resistance has been already formed at the level of 1.3944 and the pair is likely to try to approach it in order to test it again.
  • However, if the pair fails to pass through the levels of 1.3944 or/and 1.4008, the market will indicate a bearish opportunity below the new strong resistance level of 1.3944 (the level of 1.3944 coincides with a ratio of 78% Fibonacci).
  • Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50).
  • Thus, the market is indicating a bearish opportunity below 1.4008 for that it will be good to sell at 1.3944 with the first target of 1.3827.
  • It will also call for a downtrend in order to continue towards 1.3784. The daily strong support is seen at 1.3715.
  • However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.4060.
Outside outlook :
  • If the trend is able to break out through the first resistance level at 1.4008, we should see the pair climbing towards the double top (1.4008) to test it.
  • Therefore, buy above the level of 1.4060 with the first target at 1.4103 in order to test the daily resistance 2 and further to 1.4175.
  • Also, it might be noted that the level of 1.4175 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3827, a further decline to 1.3715 can occur which would indicate a bearish market.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Mourad El Keddani,
Analytical expert of InstaSpot
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