GBP/USD Dips Back To 1.3700 Likely To End the Week on Lower Side

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 AUG 27, 2021

GBP/USD Daily Forecast

As mentioned in yesterday’s analysis GBP/USD bulls needed to breach above the 1.3770 resistance to move further higher. Failing to achieve that the pair is now trading lower at 1.3702 which is acting as a major support area. Other support levels are at 1.3685 and 1.3660. The intraday resistance levels are at 1.3729 and 1.3762

On the intraday charts, the pair is now keeping below the moving averages which suggests a further decline. The SMA-14 is at 1.3751 and the SMA-50 resistance line is way higher at 1.3815. The RSI is below the neutral zone and appears flat. The current intraday price pattern is now strongly bearish and favors selling entries on small rallies using the following levels

Direction: Sell

Entry: 1.3725

Take Profit: 1.3680

Stop-loss: 1.3776