FX.co ★ April 7, 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 the price zone of 1.3820-1.3900 which corresponded to (61.8%-50%) Fibonacci zone. The current bullish trial for retesting should give a valid SELL Entry.

Note that Bearish Persistence below 1.3820 will enhance bearish decline at least towards 1.3500. Otherwise, another breakout above 1.3900 will probably liberate another bullish movement towards 1.4200.