FX.co ★ Trading Signal for GBP/USD for January 15, 2021: Triple Top

The GBP / USD pair, in this American trading session, is trading below the SMA of 21, after having tested the 1.37 resistance zone for the third time, it is now falling, and we expect it to consolidate in the support zone. 1.3549.

On the 4-hour chart if you observe, the GBP / USD pair has formed a triple top, this technical pattern is a sign that the pair in the medium term, could have a deeper decline to the levels of the 200 EMA. around 1.3427.

The key level of 1.3660, there is strong resistance, this level guarantees that in the medium term the pair can continue its decline, if in the next few hours we see a pullback towards this level, it would be a good selling opportunity.

The GBP / USD pair is now trading below the SMA of 21, while it remains below this level, the downward pressure will continue to exist.

Our recommendation is to sell below the 21 SMA, and below the strong resistance at 1.3360, with targets at 1.3585 and 1.3545.