GBP/USD Bulls Fail To Retain Previous Day Gains – Another Closing Below 1.3800 is on the Cards
ByLCMS Traders FX Analysis Team
AUG 17, 2021
GBP/USD Daily Forecast
GBP/USD is trading 0.25% lower to 1.3804 following yesterday’s rally towards 1.3884 which acted as a strong resistance area for the bulls. The pair is once again back into the bearish channel with immediate support levels at 1.3800 and 1.3772. The intraday resistance levels are at 1.3833 and 1.3864.
On the intraday charts, both the SMA-14 and SMA-50 are indicating resistance at 1.3871. The RSI is at 45 and has a clear downwards curve while the MACD is below the middle line and also indicating a bearish trajectory. The current price is also keeping below the mid-Bollinger band which is at 1.3850 while the upper and lower bands are at 1.3976 and 1.3726 respectively. Currently, the intraday pattern does not suggest a bigger downwards move however, bears are likely to test the 1.3750 support area which favors selling entries using the following levels.
Direction: Sell
Entry: 1.3820
Take Profit: 1.3780 – 1.3760
Stop-Loss: 1.3870
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.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-