GBP/USD had been moving in a narrow range for a few days, however, in today’s session, it seems that the lower range is breached and the pair may further fall towards 1.3000 in the coming days. The pair is currently trading at 1.3112 with immediate support at 1.3100, other supports are available at 1.3072 and 1.3040. The intraday resistance is at 1.3162 while other resistance can be seen at 1.3182 and 1.3220 levels.

The current price pattern is moderately bearish, the RSI is keeping at 52 and indicates a further move down towards the bearish zone. The MACD is below the zero line while the Lower-Bollinger band is favoring a drop until 1.3022. The SMA-21 indicates resistance at 1.3186 while the SMA-50 shows a support level at 1.2942. Based on the current price pattern, the pair is good to sell on intraday bases. A decent selling entry would be at 1.3140 while keeping a target at 1.3080. A tight stop-loss for this trade would be just above the 1.3182 resistance level.

Closing below 1.300 would raise the possibility of testing the 1.300 and 1.2970 levels. On the upside, bulls would need closing above 1.3220 to regain control.


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By ForexBriefcase Analyst Team

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