ByLCMS Traders FX Analysis Team
MAY 17, 2021
GBP/USD bulls are once again gaining upwards momentum after hitting a low of 1.4005 during the last week. The pair is currently trading at 1.4098 with immediate resistance levels at 1.4100 and 1.4144. The intraday support levels are at 1.4077 and 1.4158.
The pair recovered from the trend line support area that was earlier acting as a major resistance area. Proceeding to the new week, the intraday charts are bullish. The RSI is at 61 and the MACD is above the zero line. The SMA-14 is indicating support line at 1.3985 and the SMA-50 is showing support near 1.3879. following the intraday and 4-hourly price patterns, the pair is currently good to buy near 1.4075 with a target of 1.4130 and a stop-loss at 1.4040.
An intraday closing above 1.4120 would likely accelerate the uptrend and help bulls move towards the 1.4200 and 1.4265 resistance areas. On the downside, bears require a sustained price action below 1.4020 to get back some control.
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