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21.10.202116:35 Analisis Forex & Kajian: GBP/USD Price Analysis for October 21

Exchange Rates 21.10.2021 analysis

GBP/USD retraced a portion of Wednesday's gains during the European trading hours pressured by the renewed USD strength and the souring market mood. With the latest US data failing to trigger a reaction, the pair stays in a consolidation phase near 1.3800.

After reaching the upper limit of the three-week-old ascending regression channel near 1.3840, GBP/USD reversed its direction and retreated to the middle line of the channel.

Currently, the pair is testing that support at 1.3800. If a four-hour candle closes below that level, 1.3760 (lower line of the channel, static level) could be seen as the next support. As long as buyers hold the price above that level, the near-term bullish bias will remain intact. A daily close below that support level, however, could open the door for additional losses toward 1.3700 (200-period SMA, psychological level) and 1.3640 (100-period SMA).

On the upside, 1.3840 aligns as the initial resistance ahead of 1.3880 (static level) and 1.3900.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Jan Novotny,
Pakar analisis InstaForex
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