ByLCMS Traders FX Analysis Team
AUG 18, 2021
GBP/USD Daily Forecast
GBP/USD dropped nearly 100 pips yesterday and is currently trading at 1.3751. The upbeat UK employment data has also failed to entice the buyers. The pair’s immediate support levels are at 1.3744 and 1.3718. The intraday resistance levels are at 1.3777 and 1.3822.
Yesterday’s drop has brought the pair to a critical support area and a drop below this level is likely to help bears drag the price below the 1.3700 mark. The SMA-14 is indicating resistance at 1.3851 while the SMA-50 resistance line is at 1.3862. The RSI is at 42 and still away from the absolute oversold zone. The MACD is below the middle line and supportive of the bears. Following the intraday price pattern, the pair is ideal to sell using the following levels
Direction: Sell
Entry: 1.3775
Take Profit: 1.3730
Stop-loss: 1.3818
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