Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

GBP/USD: Pair Could Move Lower

Published 10/14/2021, 04:30 AM

Looking at GBP/USD's 4-hour chart, we can see its downward trend since the past month started to slow down after a bounce from its support at 1.341.GBP/USD 4-hour chart technical analysis.

The 2% drop during the last couple of days of September was followed by a week-long consolidation at 1.356.

The road towards 1.377, where it traded before the breakdown from its previous 6-months extended support at 1.36185, is now clear.

The pair currently trades near the 1.367 price range at writing.

Intraday Outlook

Today we could see a rally towards its resistance level of 1.371 as a short-term momentum play since the pair broke the 1.36185 resistance after consolidation.

However, if it does not hold its current level, we could expect a move towards the support base at 1.359 and lower.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.