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.
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