ByLCMS Traders FX Analysis Team
JUN 25, 2021
GBP/USD correction appears to be ending following bull’s rejection from 1.4000 on Wednesday. Currently, the pair is trading at 1.3917 with immediate support levels at 1.3888 and 1.3846. The intraday resistance levels are at 1.3933 and 1.3967.
On the intraday charts, the SMA-14 is indicating resistance at 1.4007 while the SMA-50 resistance area is at 1.4033. The pair is also keeping below the mid-Bollinger band (1.4053). The upper and lower bands are at 1.4288 and 1.3819 respectively. The RSI is at 42 and supportive of the bears. Following the intraday and 4-hourly price pattern the pair is presenting selling opportunities at the following levels
Direction: Sell
Entry: 1.3930
Take Profit Range: 1.3880 – 1.3855
Stop-Loss: 1.3967
A weekly closing below 1.3900 would be ideal for the bears to extend the downside during the next week. On the upside, bulls require a sustained price action above 1.3970 to breach above the SMA-50 and move further higher.
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