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At the time of publication of this article, the GBP / USD pair is traded near the 1.3810 mark, in the zone of strong short-term resistance levels 1.3821 (ЕМА200 on the 1-hour chart), 1.3834 (ЕМА200 on the 4-hour chart) and support level 1.3800 (ЕМА50 on the daily chart).
GBP / USD continues to trade within the upward channel on the weekly chart, generally maintaining long-term positive dynamics. Considering the long-term upward dynamics of the pair, it is logical to place buy orders in this zone with stops below the support level of 1.3800.
The breakdown of the resistance level of 1.3834 will be the first signal for the resumption of long positions in GBP / USD.
After the breakdown of resistance levels 1.3915 (local highs), 1.3970 (Fibonacci level 38.2% of the correction to the decline of the GBP / USD pair in the wave that began in July 2014 near the level of 1.7200), 1.4006 (local resistance level) GBP / USD will head towards resistance levels 1.4240, 1.4350, 1.4440, 1.4830 (50% Fibonacci level), 1.4830 (ЕМА200 on the monthly chart).
In an alternative scenario and after the breakdown of the support level 1.3800 (ЕМА50 on the daily chart), GBP / USD may decline to support levels 1.3540 (ЕМА144 on the daily chart), 1.3410 (ЕМА200 on the daily chart), 1.3210 (ЕМА200 on the weekly chart and Fibonacci level 23, 6%).
A breakdown of the local support level 1.2685 (September 2020 lows) will increase the risks of a resumption of the global bearish trend in GBP / USD and may provoke a deeper decline towards the support levels 1.2250, 1.2085, 1.2000 (Fibonacci level 0%).
Support levels: 1.3800, 1.3680, 1.3540, 1.3410, 1.3300, 1.3210
Resistance levels: 1.3821, 1.3834, 1.3915, 1.3970, 1.4006, 1.4100, 1.4240, 1.4350, 1.4440, 1.4580, 1.4830
Trading recommendations
Sell Stop 1.3770. Stop-Loss 1.3850. Take-Profit 1.3680, 1.3540, 1.3410, 1.3300, 1.3210
Buy Stop 1.3850. Stop-Loss 1.3770. Take-Profit 1.3915, 1.3970, 1.4006, 1.4100, 1.4240, 1.4350, 1.4440, 1.4580, 1.4830
