Note

GBP/USD Continues Moving in the Sideways Range

Verified Person
· View 141

#OPINIONLEADER# #Signal#

GBP/USD Continues Moving in the Sideways Range

ByLCMS Traders FX Analysis Team

 JUN 15, 2021

GBP/USD has recovered moderately after falling after ending the last week on the lower side. Currently, the pair is trading at 1.4110 with immediate resistance levels at 1.4123 and 1.4167. The intraday support levels are at 1.4090 and 1.4077.

On the intraday chart, the pair is still within the ongoing trading range with SMA-14 indicating resistance at 1.4150 and the SMA-50 indicating support area at 1.4007. The RSI is at 50 and appears flat while the MACD is above the zero line. The mid-Bollinger band is at 1.4147 while the upper and lower bands now appear to be expanding. Following the ongoing trading range, the pair is offering opportunities on both sides. A buy entry would be ideal at the following levels

Direction: Buy

Entry: 1.4090

Take Profit: 1.4140

Stop-Loss: 1.4070

On the flip side, a selling entry would be ideal at the following levels

Direction: Sell

Entry: 1.4155

Take Profit: 1.4100

Stop-Loss: 1.4180

An intraday closing above 1.4170 is needed for the bulls to push further higher in the coming days. On the downside, bears require a sustained price action below 1.4060 to gain more control and challenge the psychological support level of 1.4000.

GBP/USD Continues Moving in the Sideways Range

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

If you like, reward to support.
avatar

Hot

No older comments, be the first to grab the sofa.

login