ByLCMS Traders FX Analysis Team
MAY 6, 2021
GBP/USD is currently trading 0.04% lower to 1.3900 ahead of the European session. The pair lost nearly 140 pips on the first day of this week but later managed a partial recovery. However, bulls are having stiff resistance near 1.3900. Other resistance areas are at 1.3933 and 1.3965. The intraday support levels are at 1.3877 and 1.3824.
The pair is currently trading almost in the middle of the ongoing trading range. The intraday charts are presenting a mixed outlook with SMA-14 showing resistance at 1.3903 and the SMA-50 indicating support at 1.3853. The pair is above the mid-Bollinger band while the RSI is at 52. The MACD is above zero line and supportive of the bulls. Following the intraday charts, a pullback would favor buying entries. A decent buying would be at or near 1.3870 with a target of 1.3925 and a stop-loss at 1.3835. On the flip side, a small upwards rally would favor selling entry near 1.3935 with a target of 1.3880 and a stop-loss at 1.3960.
An intraday closing below 1.3850 (SMA-50) is would strengthen the bears and help extend the downside. On the upside, bulls require to close above 1.3950 to once again challenge the 1.4000 mark.
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