Trade Ideas on September 6-10
Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…
GBP/USD Near Supply Zone
2021-07-06 • Updated
4H Chart
Daily Chart
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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