GBP/USD Near Supply Zone

GBP/USD Near Supply Zone

2021-07-06 • Updated

4H Chart        

GBPUSD H4.png

Daily Chart

GBPUSD d.png

GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually. This supports the idea of a short-term retracement to the upside before the downtrend resumes later. In the meantime, GBP/USD is nearing a new selling zone which stands at 1.3950 and represents its 100-day MA followed by the psychological resistance at 1.40. This is the area where we will be interested in shorting GBP/USD not only on the short-term but on the medium-term as well, despite the fact that GBP/USD managed to hold above its uptrend line on the daily chart. We believe that this is a short-term play before the downside pressure resumes especially with the continuous estimates of a sooner tapering by the Federal Reserve. 

S3

S2

S1

Pivot

R1

R2

R3

1.3739

1.3789

1.3817

1.3839

1.3867

1.3889

1.3939

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