GBP/USD analysis for April 21, 2021
Looking at the chart on the four-hour time frame, we see that after arriving in the zone around 1.40000, the GBP/USD pair makes a pullback with Fibonacci 61.8% level, falling further below 50.0% with the goal of finding support at 38.2% level at 1.38850. At that level, we are also waiting for the moving averages MA20 and EMA20, which can give a certain boost and lead customers to buy the pound and return it to the bullish trend again. The MACD indicator is in the early phase of the bearish trend, and based on it; we can expect a further continuation of the decline of this pair down to better support.
On the daily time frame, we see that the GBP/USD pair was in a pullback yesterday and that today the price has stabilized at the current 1,39300. The GBP/USD pair supports moving averages from the bottom, but we can expect further pullback so that the GBP/USD pair can find better support and find better momentum for the next bullish impulse. The MACD indicator has been in a bullish trend since the beginning of April, giving us support for further continuation, perhaps above 1.40000.
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