GBPUSD Bears Regained Momentum – Can Decline Towards May’s Low?


GBPUSD dropped below after rejecting 1.4200 to 1.4180 psychological resistance level. GBPUSD bears have regained momentum and nose dive to 1.4100 to 1.4070 support level again. Can the price decline further towards May’s low? What are the charts and technical indicators are saying? Read more to find further insights into today’s GBP/USD Technical Analysis. 

June 15, 2021, | AtoZ Markets – GBPUSD is currently trading around 1.4085 area and trying to push lower. After bouncing from 1.4070 to 1.4100 support level, the bulls have regained momentum and pushed the price higher impulsively, but failed to continue the bullish pressure over 1.4180 to 1.4200 resistance area. As per the current price action, the price may face strong support around 1.4070 to 1.4100 area again in the coming days.

GBPUSD Bears Regained Momentum as the Bulls Failed to Break the Resistance

GBPUSD is currently residing near 1.4085 area and trying to push downside. However, the price also broke below the dynamic level of 20 EMA on the daily chart.

GBPUSD Bears

Image: GBPUSD 4 Hour Chart

According to the 4-hour chart, GBPUSD bears have regained momentum and currently trading around 1.4085 area. As per the current scenario, if the price can break below 1.4100 to 1.4070 support level with an impulsive bearish candle close, the bears may sustain the bearish pressure towards 1.4010 to 1.4000 area in the coming days. On the other hand, if the price bounced upside from 1.4070 to 1.4100 support level with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards 1.4180 to 1.4200 resistance area again in the process.

Moreover, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead. However, the Bollinger Bands’ lower band is currently residing below the price, which may work as strong support to push the price upside.

GBPUSD May Continue Down

According to the daily chart, GBPUSD bears have regained as the resistance level worked strongly. As per the current price action, if the price can have an impulsive daily bearish candle close below 1.4100 to 1.4070 area, the bears may continue the bearish pressure further towards 1.4010 to 1.4000 area as a first target. The second target will be 1.3920 to 1.3900 area if the price can break below 1.4010 to 1.4000 support level in the coming days.

GBPUSD Bears

Image: GBPUSD Daily Chart

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic may act strong resistance to push the price downward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.

To conclude, the price is trading inside the ranges of 1.4070 to 1.4200 area for an extended period. An impulsive daily bearish breakout is needed to continue the bearish pressure further in the coming days. 

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