GBP/USD Bulls are Having Stiff Resistance Near the SMA-14

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GBP/USD Bulls are Having Stiff Resistance Near the SMA-14

ByLCMS Traders FX Analysis Team

 AUG 26, 2021

GBP/USD Daily Forecast

GBP/USD has dropped nearly 30 pips from the SMA-14 resistance line and is currently trading at 1.3737. The intraday support levels are at 1.3716 and 1.3685. The near-term resistance areas are at 1.3766 and 1.3790.

On the intraday charts, the bulls seem to have stalled near the SMA-14 (1.3764) and require a breach above this level to move forward to challenge the SMA-50 resistance line at 1.3818. The RSI is at 45 and has a downwards curve while the MACD is above the middle line. So far, the upwards traction is intact and the pair has managed to recover from last week’s low of 1.3597. However, a buy entry is only recommended using the following levels if the pair closes above the 1.3766 resistance area on the 4-hourly chart.

Direction: Buy

Entry: 1.3770

Take Profit: 1.3810 – 1.3830

Stop-Loss: 1.3725

 

GBP/USD Bulls are Having Stiff Resistance Near the SMA-14

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