GBP/USD bulls are strengthening their hold after hitting a low of 1.3784 last week. Currently, the pair is trading 0.20% higher to 1.3977 with immediate resistance levels at 1.4000 and 1.4045. The intraday support levels are at 1.3944 and 1.3918.

On the intraday charts, the pair is fast approaching the SMA-50 which is at 1.4029 while the SMA-14 is at 1.4042. The RSI is at 45 and still below the neutral zone. The mid-Bollinger band is at 1.4081, the upper and lower bands are at 1.4308 and 1.3855 respectively. The SMA-50 is likely to be a strong hurdle for the bulls and that is creating opportunities on both sides. An intraday buy entry is ideal on a small dip at the following levels

Direction: Buy
Entry: 1.3955
Take Profit range: 1.400 – 1.4025
Stop-Loss: 1.3925

On the flip side, a quick rally towards the SMA-50 (1.4029) is deal for intraday sell entries at the below levels

Direction: Sell
Entry: 1.4030
Take Profit: 1.4070
Stop-Loss: 1.4060

An intraday closing above 1.4030 would be ideal for the bulls to move further higher during the week. On the downside, an intraday closing below 1.3930 would be supportive of the bears and help them drag the price lower.

 

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By LCMS Traders FX Analysis Team

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