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FX.co ★ April 5, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

April 5, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

April 5, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

In February, the GBPUSD pair looked overbought while consolidating sideways around the price-levels of 1.3700.

Sideway movement with slight bullish tendency was demonstrated while approaching these price levels around 1.3700-1.3750.

Thats's why, Bearish pullback was expressed. However, the GBP/USD pair has failed to maintain sufficient bearish momentum.

Strong bullish movement was expressed, Hence, upside movement was expected towards the new limit of the current movement channel around 1.4100-1.4150.

Obvious Bearish rejection and a SELL Entry was suggested around this price zone. Since then, the GBPUSD pair has been moving sideways with bearish tendency.

Short-term outlook has turned into bearish after the GBP/USD pair could maintain movement below 1.3820 which corresponds to 61.8% Fibonacci level.

Bearish Persistence below 1.3820 was supposed to enhance bearish decline at least towards 1.3500. However, another breakout above 1.3900 may be executed Today.

If so, this will probably liberate another bullish movement towards 1.4200.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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