GBP/USD Selling Zone!

GBP/USD Selling Zone!

2021-08-05 • Updated

GBP/USD 4H Chart

GBPUSDH4 5 Aug 2021.png

GBP/USD Daily Chart

GBPUSDDaily 5 Aug 2021.png

GBP/USD is currently trading within a new selling zone on both short and medium-term charts. The zone stands between 1.3915 and 1.3990 which represents its 50% and 61.8% of the recent selloff from June 1st top to July 20th bottom. This area remains solid since last week, while we wait for the Bank of England's decision later today. Yet, it would still be worth it to risk a short position with a stop above 1.4020, especially after the pair failed to break above its 100 and 50-day MA’s yesterday, while the technical indicators remain around the 50 mid-point (RSI). On the downside view, the first initial target would be 1.38 which could be seen later today, especially if the BoE decides to avoid tapering discussions.

S3 S2 S1 Pivot R1 R2 R3
1.3767 1.3839 1.3864 1.3911 1.3936 1.3983 1.4055


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3 Forex Pairs to Trade Right Now

The year started only a couple of weeks ago, but we already have a lot of fascinating movements in various trading instruments. To help you in trading, we choose several forex pairs that may surprise you and plunge greatly in a short period. 

The GBP setups ahead of CPI
The GBP setups ahead of CPI

The performance of the British pound against other majors has grabbed a lot of attention during the last couple of weeks.

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