GBP/USD: Technical Analysis and Trading Recommendations_01/04/2022

 
 
 
 
 
 
 
GBP/USD W Chart

Having tested an important support level (Fibonacci level 23.6% of the correction to the decline in the wave that began in July 2014 near the level of 1.7200), GBP / USD rebounded from it and rose by 2.3% to the current mark of 1.3505, breaking through important resistance level 1.3430 (ЕМА50 on the daily chart). Nevertheless, the current growth in GBP / USD should still be viewed as corrective, and the main scenario for now is a long-term decline within the bearish trend.

GBP/USD D Chart

However, in order to resume short positions, you should still wait for the price to return into the zone below the support level 1.3410 (ЕМА200 on the 4-hour chart), and the breakdown of the support level 1.3440 (ЕМА200 on the 1-hour chart) will be the first signal for this. A breakdown of the local support level 1.3160 ​​will open the way for a decline towards 1.3000, 1.2700.

GBP/USD H4 Chart

In an alternative scenario, the corrective growth of GBP / USD will continue, and its target may be resistance levels 1.3590 (ЕМА200 on the daily chart), 1.3600. Their breakdown may signal the end of the GBP / USD downtrend.

GBP/USD H1 Chart

Support levels: 1.3440, 1.3430, 1.3410, 1.3375, 1.3300, 1.3210, 1.3160, 1.3000, 1.2865, 1.2685

Resistance levels: 1.3590, 1.3700, 1.3832, 1.3900, 1.3970, 1.4000

Trading recommendations

Sell Stop 1.3450. Stop-Loss 1.3530. Take-Profit 1.3440, 1.3430, 1.3410, 1.3375, 1.3300, 1.3210, 1.3160, 1.3000, 1.2865, 1.2685

Buy Stop 1.3530. Stop-Loss 1.3450. Take-Profit 1.3590, 1.3700, 1.3832, 1.3900, 1.3970, 1.4000