Forex Analysis:::2021-06-16T08:37:55
Technical Analysis of GBP/USD for June 16, 2021
Overview :
- The GBP/USD pair dropped sharply from the 1.4166 level towards 1.4115. Now, price is set at the 1.4141 to act as a daily pivot point.
- It should be noted that the volatility is very high for that the price of the GBP/USD pair is still moving between 1.4141 and 1.4084 in the coming hours.
- Furthermore, the price has been set below the strong resistance at the levels of 1.4166 and 1.4141 which coincide with the 61.8% and 50% Fibonacci retracement levels respectively.
- Additionally, currently the price is in a bearish channel. According to the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.4166 and 1.4141.
- Thereupon, the price spot of 1.4166 and 1.4141 remains a significant resistance zone. Therefore, the possibility that the Pound will have a downside momentum is rather convincing and the structure of the fall does not look corrective.
- In order to indicate a bearish opportunity below 1.4166, it will be a good signal to sell below 1.4166 with the first target of 1.4084. It is equally important that it will call for downtrend in order to continue bearish trend towards 1.4030.
- However, the stop loss should be located above the level of 1.4201.
Mourad El Keddani
Analyst InstaForex
