GBPUSD Technical Analysis – April 06, 2021

The pound rose against the U.S. dollar last week, and the technical bias is bullish due to higher highs in the recent uptrend.

The Pound and USD are currently trading near 1.39100, and multiple resistance levels can be seen above, which may prevent the price from rising further.

  • Resistance Level 1: 1.39520
  • Resistance Level 2: 1.40000
  • Resistance Level 3: 1.40650

Multiple support levels can be found below the price, and these price levels may support the price and prevent a decline.

  • Support Level 1: 1.38770
  • Support Level 2: 1.38450
  • Support Level 3: 1.38000

In terms of data, UK will release Markit service industry PMI data on Wednesday. Comparing with the manufacturing and service industry PMI data appears to be less important, but it is still an important window for observing economic development. Higher numbers indicate that it is good for the Pound, so the Pound-USD currency pair is bullish, and vice versa.

All in all, given the current price trends and economic development, buying the Pound–USD currency pair near the current level may be a good trading choice.