Title: GBP/USD eyes key 1.4115 support amid firmer US dollar
Jun 02, 2021 8:36:07 AM GMT
GBP/USD stays compelled because the US greenback cheers a downbeat mood.
Rising wedge breakdown showed on 4H chart, eyes extra drawback.
RSI factors south at the same time as teasing the primary line.
GBP/USD is trying to make bigger the correction from three-yr. highs, because the dealers stay on top of things amid an extensively less assailable US greenback and bearish technical setup.
The GBP/USD pair trades carefully above 1.4150 on Wednesday morning. The pair licks its wound after falling sharply from the highs of 1.4248 the preceding session.
the pair has been dealing with a stiff resistance close to the 1.4200 mark. The double pinnacle formation the region of the 1.4245 vicinity makes it difficult for GBP/USD to keep with upside momentum.
The bulls, therefore, revel in corrective pullback at the premises of double pinnacle, a bearish reversal formation. The GBP/USD rate is then probable to check the 23.6% Fibonacci retracement, which extends from the lows of 1.3669, stage at 1.4100.
At the time of writing, GBP/USD is buying and selling at 1.4161, up 0.8% for the day. Further south, the following drawback goal awaits at 1.4093
The Relative Strength Index (RSI) is pointing south at the same time as beneath the midline, backing the bearish case.