May 28, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

In April, Bearish Persistence below 1.3800 favoured bearish decline towards the 1.3600 levels. Bearish breakout below 1.3600 was needed to enhance further bearish decline.

However, the GBPUSD pair was contained above the demand level of (1.3660) a few times before a temporary bullish spike could reach the price level of 1.4120.

The previous spike above 1.3880 has re-tested the backside of the depicted broken channel around 1.4015 which applied significant bearish pressure on the pair.

This turned out to be a bullish trap until another bullish breakout occurred shortly afterwards.

Moreover, Failure to maintain bearish pressure below 1.3800 (76% Fibonacci Level) has enhanced another bullish movement for retesting of the price level of 1.4225 where the lower limit of the recently-broken channel as well as 100% Fibonacci Level are currently located.

Please note that around the price levels of 1.4200-1.4225, Conservative traders should be considering bearish rejection and possible SELL Entries.

If so, the current bearish decline should be anticipated towards 1.4050 then 1.3950 as initial targets.