ByLCMS Traders FX Analysis Team
AUG 27, 2021
GBP/USD Daily Forecast
As mentioned in yesterday’s analysis GBP/USD bulls needed to breach above the 1.3770 resistance to move further higher. Failing to achieve that the pair is now trading lower at 1.3702 which is acting as a major support area. Other support levels are at 1.3685 and 1.3660. The intraday resistance levels are at 1.3729 and 1.3762
On the intraday charts, the pair is now keeping below the moving averages which suggests a further decline. The SMA-14 is at 1.3751 and the SMA-50 resistance line is way higher at 1.3815. The RSI is below the neutral zone and appears flat. The current intraday price pattern is now strongly bearish and favors selling entries on small rallies using the following levels
Direction: Sell
Entry: 1.3725
Take Profit: 1.3680
Stop-loss: 1.3776
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