FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
ETX Capital information and reviews
ETX Capital
90%
FxPro information and reviews
FxPro
88%
OctaFX information and reviews
OctaFX
86%
EUR/USD
1.1876
GBP/USD
1.3894
USD/JPY
109.2158
USD/CHF
0.905
USD/CAD
1.2509
EUR/JPY
129.7035

GBPUSD favors bearish scenario after failure to conquer tough resistance


4 June 2021

GBPUSD bulls abandoned the difficult battle around February’s ceiling of 1.4235, letting the price tumble below the 1.4100 level. Having breached the 23.6% Fibonacci of the 1.3668 – 1.4250 upleg too, the pair seems to be exposed to additional downside on the four-hour chart in the absence of any nearby obstacles. The momentum indicators are currently backing this narrative as the RSI continues to point downwards in the bearish territory and the MACD is trending southwards in the negative zone.

The 200-day simple moving average (SMA) and the 38.2% Fibonacci of 1.4026 could provide the next opportunity for a rebound. If they fail to act, the bears could take a breather near the 1.40 mark before speeding towards the 50% Fibonacci of 1.3557. On the upside, a bounce above 1.4160, where the 20- and 50-day SMAs are currently fluctuating, would shift the spotlight back to the 1.4235 hurdle. A close higher would clear the way towards the 2018 top of 1.4375.

Summarizing, GBPUSD is expected to post a negative performance in the near term, with the 200-day and the 1.4026 number likely setting the stage for the next upturn.  

#source

Related

GBPUSD Daily: Bulls are waking from their slumber

The Pound Sterling on the Daily time frame was in a down trend until 20 July, when a last lower bottom was recorded at 1.35719. After the bottom at 1.35719...

2 Aug 2021

The Pound rebounded from its 5-month bottom

GBPUSD is slowly recovering but the risks didn't go anywhere. The British Pound is successfully correcting against the USD. The current quote for the instrument...

22 Jul 2021

The Pound had to retreat

GBPUSD reversed once again and is currently retreating. The British Pound reversed to the downside against the USD. The current quote for the instrument is 1.3825...

15 Jul 2021

The Pound is growing despite inflation

GBPUSD is moving upwards on Wednesday despite the statistics. The British Pound is rising against the USD in the middle of the trading week. The current...

14 Jul 2021

The Pound is looking weak

GBPUSD continues falling; the greenback pressures too much. The British Pound is looking weak against the USD. The current quote for the instrument...

30 Jun 2021

The Pound is back to weakening

GBPUSD is falling after the BoE meeting. The British Pound is retreating against the USD before the weekend. The current quote for the instrument is 1.3912...

25 Jun 2021


Editors' Picks

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.