GBPUSD has become volatile and still residing inside the ranges of 1.4080 to 1.4200 area. GBPUSD remains below 1.4200 psychological resistance level. Will the price continue lower in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s GBP/USD Technical Analysis.
June 8, 2021, | AtoZ Markets – GBPUSD is currently trading around 1.4145 area and trying to push downside. After rejecting 1.4200 to 1.4180 resistance area, the bears have regained momentum and pushed the price down quite impulsively, but failed to sustain the bearish pressure below 1.4100 to 1.4080 support level. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the intraday chart in the coming days.
GBPUSD Remains Below as the Resistance Level Working Strongly
GBPUSD is currently residing near 1.4145 area and trying to decline further. However, the Bollinger Bands middle band is still holding the price as strong support on the daily chart.
Image: GBPUSD 4 Hour Chart
According to the 4-hour chart, GBPUSD remains below and currently trading around 1.4145 area. As per the current price action, the price may decline towards 1.4100 to 1.4080 support area again in the process. So, if the price declines towards 1.4100 to 1.4080 area and bounced higher, the bulls may regain momentum and push the price upward towards 1.4180 to 1.4200 area in the coming days. On the contrary, if the price can break below 1.4100 to 1.4080 area with an impulsive bearish candle close, the bears may sustain the bearish pressure towards 1.4020 to 1.4000 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance to push the price downside. Also, the MACD lines are currently residing near the 0.00 level and may have a bearish crossover. It indicates that the bears may continue the bearish pressure further in the process.
GBPUSD Bulls Are Still Optimistic
According to the daily chart, GBPUSD remains below, but the overall bias is still bullish. As per the current scenario, if the price bounced upside from the Bollinger Bands middle band and had an impulsive daily bullish candle close above 1.4180 to 1.4200 resistance area, the bulls may sustain the bullish trend towards 1.4320 to 1.4350 key area in the coming days.
Image: GBPUSD Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong support to push the price upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead.
To conclude, as long as the price residing over 1.4080 to 1.4100 support level, the bias will remain bullish. An impulsive daily close is needed to identify the definite momentum in the coming days.