Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis

GBP/USD is declining for a third consecutive day and is currently trading at 1.3383. The move is largely attributed to the strength in the USD. The pair’s intraday support levels are at 1.3355 and 1.3337. The intraday resistance levels are at 1.3412 and 1.3439.

On the intraday charts, the SMA-14 is indicating resistance at 1.3447 while the SMA-50 resistance line is at 1.3607. The pair is also keeping below the mid-band which is at 1.35208. The upper and lower bands are at 1.3779 and 1.3263 respectively. The MACD is below the middle line and favors the bears. The current intraday price pattern is strongly bearish and favors selling entries around 1.3390 with a target of 1.3338 and a stop-loss at 1.3424.

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