empty
 
 
14.05.2021 07:29 PM
May 14, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

Bearish Persistence below 1.3820 favoured bearish decline towards the 1.3600 levels. Hence, Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.

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 1.4000 earlier last week.

This failed bullish spike above 1.3900 has re-tested the backside of the depicted broken channel which applied significant bearish pressure on the pair.

By the end of last week, signs of bullish breakout above 1.3950 were witnessed.

However, this turned out to be a bullish trap once the GBPUSD pair returned below 1.3950 again until bullish breakout occurred shortly afterwards.

Further bullish advancement was anticipated towards 1.4100 then 1.4150 where the lower limit of the recently-broken channel is currently located.

Failure to maintain bearish pressure below 1.3940 will probably enhance another bullish movement for retesting of the price level of 1.4225.

On the other hand, Conservative traders should be waiting for signs of bearish rejection. If so, quick bearish decline should be anticipated towards 1.4050 then 1.3950 as initial target.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback