August 23, 2021 : GBP/USD Intraday technical analysis and significant key-levels.

analytics6123d715e24cf.jpganalytics6123d6a1dd472.jpgSince March, the GBPUSD pair has been moving sideways within a wide consolidation range extending between 1.3670 up to 1.4250 which acted as a prominent SUPPLY that prevented further bullish advancement.

On the other hand , the GBPUSD pair has been contained above the demand level of (1.3660) a few times while Bearish breakout below 1.3600 was needed to enhance further bearish decline.

Recently, Failure to maintain bearish pressure below 1.3670 (100% Fibonacci Level) has enhanced another bullish movement for retesting of the price level of 1.3880. Further bullish advancement was to be expected towards 1.4025.

On the other hand, the nearest SUPPLY level is located around 1.4025 where bearish rejection and a valid SELL Entry should be anticipated.

That's why, the pair remained trapped between the mentioned key-levels (1.3800 and 1.4025) until recent bearish breakout occurred earlier last week.

Bearish breakout below 1.3800 enabled more bearish decline towards 1.3670 while the price level of 1.3520 is expected to be reached if sufficient bearish pressure is maintained.

While on the other hand, bullish breakout above 1.3800 will probably initiate another bullish movement towards 1.3880 and 1.4100.

The material has been provided by InstaForex Company -