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GBP/USD Settles Below 1.4000 Following FED’s Hawkish Remarks

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GBP/USD Settles Below 1.4000 Following FED’s Hawkish Remarks

ByLCMS Traders FX Analysis Team

 JUN 17, 2021

GBP/USD dropped more than 100 pips yesterday amid Fed’s hawkish remarks about the interest rate hike. The pair is currently trading at 1.3979 and appears to have further downside room. The intraday support levels are at 1.3972 and 1.3940. The near-term resistance areas are at 1.4015 and 1.0466.

On the intraday charts, the price pattern is now strongly bearish with SMA-14 indicating resistance at 1.4118 and the SMA-50 showing resistance at 1.4017. The pair is also below the mid-Bollinger band which is at 1.4129. The upper and lower bands are at 1.4249 and 1.4000 respectively. The RSI is at 41 and has a downwards curve. Following the intraday price pattern, the pair is currently ideal to sell on small rallies.

Direction: Sell

Entry: 1.4000

Take Profit range: 1.3945 – 1.3920

Stop-Loss: 1.4025

On the upside, only an intraday closing above 1.4025 would give some space back to the bulls. Failing to achieve that would strengthen the bears and they would be in a better position to challenge the 1.3900 mark.

GBP/USD Settles Below 1.4000 Following FED’s Hawkish Remarks

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