HomeContributorsTechnical AnalysisGBPUSD Bearish Under 1.3690

GBPUSD Bearish Under 1.3690

Technical analysis

The GBPUSD pair broke below its 200-day moving average for the first-time since December 2020 yesterday.

Bullish MACD price divergence makes selling the GBPUSD pair risky from current trading levels.

What the possible outcomes are

In our most likely scenario, the GBPUSD pair starts to recover above its trend defining 200-day moving average and head back towards the 1.3900 resistance level due to the presence of bullish MACD price divergence.

Alternatively, the GBPUSD pair may continue to weaken below its 200-day moving average on a multi-day basis, and then start to test towards the 1.2500 support level over the coming session.

Key levels

Support 1.2630 1.2500

Resistance 1.3740 1.3900

These trading ideas can only be applied to the intraday trading strategy and remain valid for 24 hours after publication. They are based on historical data and analysis and do not guarantee constant profit. You remain solely responsible for your decisions and the financial risks you take. In case your pending order is not executed within a single trading day, please, do not forget to cancel it.

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