30 April 2021, GBP/USD
Technical observation
On the hourly chart above, price is trading on the supportive zone 1.3945-1.3939 with an increasing bearish bias. In case of a break below the zone, I anticipate the value of this pair to plummet towards 1.3864; however, if it is sustained above the zone, I expect a momentum to the upper side towards the resistance level 1.4008. Remain neutral with this pair and wait for either a break below it or a bounce within it. Pick long position in case GBP is contained above 1.3945-1.3939 with your take profit at 1.4008 and stop loss at 1.3941. In case of a break below the same zone, wait for a retracement to it before you pick short positions.
Trade recommendation
Remain neutral.
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