FX.co ★ April 21, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Obvious Bearish rejection and a SELL Entry was suggested around the price zone of (1.4150-1.4200) which corresponds to the upper limit of the movement channel.

Since then, the GBPUSD pair has been moving sideways with some 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.

However, the pair has recently failed to drop below the price level of 1.3670.

Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.

Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600 where the lower limit of the depicted movement channel could be tested.

Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.

However, the GBPUSD pair was trapped above the ascending trend (1.3670) and below the key-level around 1.3850 until a bullish breakout above 1.3945 took place earlier this week.

The current bullish breakout above 1.3900 will probably liberate further bullish movement towards 1.4100 then 1.4200 unless the pair returns to consolidate below 1.3880 once more.