GBP/USD Drops Below the Critical Support area of 1.3670
ByLCMS Traders FX Analysis Team
JUL 20, 2021
GBP/USD is heading deep into the bearish territory after breaching below the critical trend line support area of 1.3670. Currently, the pair is trading at 1.3640 with immediate support levels at 1.3612 and 1.3574. The intraday resistance levels are at 1.3688 and 1.3718.
The current price is the lowest since April 2021 and today’s opening is suggesting that bears would challenge the 1.3600 mark. The pair is keeping below the moving averages, the SMA-14 is at 1.3793 and the SMA-50 is at 1.3988. The RSI is at 33 and MACD is below the middle line with a bearish crossover. Following the weekly and intraday price patterns, the pair is heading lower which makes it ideal for selling entries using the following levels
Direction: Sell
Entry: 1.3670
Take Profit Range: 1.3620 – 1.3580
Stop-Loss: 1.3710
An intraday closing below 1.3630 would be ideal for the bears to extend the downside during this week meanwhile on the upside, the 1.3700 mark is now acting as a stiff resistance area and bulls need to breach above this level to gain some ground.
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