Key support – 1.3643

12.04.2021

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Daily chart: the pair is approaching the lower border of the Bollinger Bands (1.3643). The general trend is downtrend, so bears will probably try this support. However, the current state of the ADX is weak for this, therefore, the scenario of the continuation of the decline can only be considered extended for the entire next week.

Н4: we note the presence of local bearish pressure in the lower Bollinger band area (1.3664). Therefore, we are waiting for the pound today at the daily support of 1.3643 and monitoring the market reaction to this zone.

Н1: as we can see, the concentration of sellers’ forces on intraday timeframes can be assessed as substantial. Only selling can be considered in such a market, however, the proximity of support at 1.3643 reduces the attractiveness of shorts. Market will “fly” down only after the breakout and consolidation below this zone.

Conclusions: decline to 1.3643 and, possibly, to 1.3600.
Trading decisions: sales to 1.3643 and 1.3600.