GBP/USD Moves Within the Range – Presents Opportunities on Both Sides
ByLCMS Traders FX Analysis Team
JUN 16, 2021
1.4034. Currently, the pair is trading 0.22% higher to 1.4113 with immediate resistance levels at 1.4148 and 1.4178. The intraday support levels are at 1.4090 and 1.4066.
Yesterday’s closing at 1.4080 indicates the bulls still have the ability to take keep the pair above the 1.4100 mark. However, on the intraday charts, plenty of resistances are present beyond the 1.4150 mark. The SMA-14 is indicating resistance at 1.4146 and the SMA-50 support line is at 1.4016. The mid-Bollinger band is at 1.4159 while the upper and lower bands are at 1.4220 and 1.4071 respectively. The RSI is at the neutral zone and appears flat. Following the intraday price patterns, the pair is presenting opportunities on both sides. A decent buying entry is recommended on a dip at the below levels.
Direction: Buy
Entry: 1.4080
Take Profit: 1.4035
Stop-Loss: 1.4060
Direction: Sell
Entry: 1.4145
Take Profit: 1.4095
Stop-Loss: 1.4170
Bulls require an intraday closing above 1.4175 to regain control and move further higher. On the downside, an intraday closing below 1.4060 would strengthen the bears and they would be in a better position to challenge the 1.4000 mark in the coming days.
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