GBPUSD Sustains Below 1.4000 Resistance Area – What Next?


GBPUSD has become volatile and currently residing inside the ranges of 1.3670 to 1.4000 area. GBPUSD sustains below 1.4000 resistance level. What is next? Bears to regain momentum 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. 

April 27, 2021, | AtoZ Markets – GBPUSD is currently trading around 1.3897 area and trying to push higher. After bouncing from 1.3670 to 1.3700 support level, the bulls have regained momentum and pushed the price upside quite impulsively, but failed to break over 1.3970 to 1.4000 resistance area. As per the current price action, the price may find support at the dynamic level of 20 EMA on the daily chart in the coming days.

GBPUSD Sustains Below as the Price Facing Strong Resistance

GBPUSD is currently residing near 1.3897 area and trying to recover higher. However, the price broke over the dynamic level with a 4-hour bullish candle.

GBPUSD Sustains Below

Image: GBPUSD 4 Hour Chart

According to the 4-hour chart, GBPUSD sustains below and currently trading around 1.3897 area. As per the current price action, if the price can have an impulsive bullish candle close above the last candle’s high, the bulls may push the price upward towards 1.3970 to 1.4000 area in the process. Alternatively, if the price can break below the dynamic level with a 4-hour bearish candle, the bears may regain momentum and push the price downside towards 1.3840 to 1.3820 area as a first target. The second target will be 1.3700 to 1.3670 area if the price can break below 1.3840 to 1.3820 area in the days ahead.

Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price higher. Besides, the Stochastic Oscillator lines are currently residing above the oversold level 20 and gradually moving upside. It indicates that the bulls may sustain the bullish pressure further in the coming days.

GBPUSD May Strike Higher

According to the daily chart, GBPUSD sustains below, but the bulls are still optimistic. As per the current scenario, if the price can have an impulsive daily bullish candle close over the last candle’s high, the bulls may strike upside towards 1.3970 to 1.4000 area as a first target. The second target will be 1.4200 to 1.4230 area if the price can break above 1.3970 to 1.4000 area in the coming days.

GBPUSD Sustains Below

Image: GBPUSD Daily Chart 

In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may hold the price as strong support. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. Moreover, the Kumo Cloud is also holding the price as strong support, which indicates that the bulls may regain momentum in the days ahead.

To conclude, after an impulsive bullish momentum, the price has successfully retraced towards the dynamic level. A daily close will help to identify the definite momentum in the coming days. 

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