GBP/USD Likely To Remain Range-Bound For Sometime
ByLCMS Traders FX Analysis Team
MAY 14, 2021
GBP/USD bulls are having stiff resistance above 1.4100 and the pair is currently trading at 1.4057. The immediate support levels are at 1.4024 and 1.3978. The intraday resistance levels are at 1.4088 and 1.4036.
On the intraday charts, a Doji formation is present at the top while the past two closings are also in the negative zone. The SMA-14 is indicating support at 1.3872 and the SMA-50 is showing support at 1.39.70. The pair is also above the mid-Bollinger band which is at 1.3951. The upper and lower bands are at 1.4131 and 1.3770 respectively. Following the intraday charts, the pair is currently offering opportunities on both sides. A reasonable buying entry would be at or near 1.4025 with a target of 50 to 60 pips and a stop-loss at 1.3990. On the flip side, a sell entry would be ideal near 1.4110 with a target of 1.4065 and a stop-loss at 1.4135.
A weekly closing above 1.4130 is needed for the bulls to fully resume the uptrend. On the downside, a weekly closing below 1.4020 may prompt downwards rallies in the coming week.
Edited 15 May 2021, 15:24
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