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GBP/USD: Technical Analysis and Trading Recommendations_04/30/2021

GBP/USD: Technical Analysis and Trading Recommendations_04/30/2021

During today's corrective decline, GBP / USD reached the important short-term support level 1.3901 (ЕМА200 and the lower boundary of the ascending channel on the 1-hour chart).

GBP/USD: Technical Analysis and Trading Recommendations_04/30/2021

The breakout of this level did not happen, and after pushing off from it, the GBP / USD subsequently switched to growth, maintaining also the long-term upward dynamics above the support level 1.3835 (ЕМА50 on the daily chart) and moving within the ascending channel on the weekly chart.

GBP/USD: Technical Analysis and Trading Recommendations_04/30/2021

Breakdown of resistance levels 1.3970 (the upper border of the descending channel on the daily chart and Fibonacci level 38.2% of the correction to the decline of the GBP / USD in the wave that began in July 2014 near the level of 1.7200), 1.4006 (local resistance level) may become a signal for a resumption long positions in GBP / USD with targets at resistance levels 1.4240, 1.4350, 1.4440, 1.4580 (50% Fibonacci level), 1.4830 (ЕМА200 on a monthly chart).

GBP/USD: Technical Analysis and Trading Recommendations_04/30/2021

In an alternative scenario and after the breakdown of the support level 1.3901, GBP / USD may decline to support levels 1.3853 (ЕМА200 on the 4-hour chart), 1.3835, and after their breakdown - to levels 1.3600 (ЕМА144 on the daily chart), 1.3480 (ЕМА200 on the daily chart).

GBP/USD: Technical Analysis and Trading Recommendations_04/30/2021

A breakdown of support levels 1.3270 (ЕМА200 on the weekly chart), 1.3210 (Fibonacci level 23.6%) will increase the risks of a resumption of the global bearish trend in GBP / USD and may provoke a deeper decline towards support levels 1.2250, 1.2085, 1.2000 (Fibonacci level 0%).

Support levels: 1.3901, 1.3853, 1.3835, 1.3680, 1.3600, 1.3480, 1.3270, 1.3210

Resistance levels: 1.3970, 1.4006, 1.4100, 1.4240, 1.4350, 1.4440, 1.4580, 1.4830

Trading recommendations

Sell Stop 1.3890. Stop-Loss 1.3980. Take-Profit 1.3853, 1.3835, 1.3680, 1.3600, 1.3480, 1.3270, 1.3210

Buy Stop 1.3980. Stop-Loss 1.3890. Take-Profit 1.4006, 1.4100, 1.4240, 1.4350, 1.4440, 1.4580, 1.4830

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