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28 Jul 2021

GBP/USD Price Analysis: 1.3900 remains a tough to crack for bulls ahead of Fed

  • GBP/USD consolidates before the next push higher.
  • The cable awaits acceptance above 1.3900 to retest 100-DMA.
  • RSI remains bullish, keeping the bulls hopeful ahead of the Fed.

GBP/USD has stalled its two-day uptrend, as the sellers continue to lurk just below the 1.3900 level.

However, with the UK considering a travel corridor between the US for freer movement and easing Brexit concerns, the GBP traders remain hopeful for another leg higher.

Meanwhile, the US dollar holds its recent lower ground heading into the critical Fed decision, awaiting fresh hints on taper timing for the next direction.

Looking at the cable technically, the GBP bulls await a firm break above the 1.3900 round number, in order to test the offers at 100-Daily Moving Average (DMA) at 1.3924.

Further up, the mildly bearish 50-DMA at 1.3951 could be on the buyers’ radars.

The Relative Strength Index (RSI) is in the bullish space, adding credence to a potential move higher.

GBP/USD: Daily chart

On the flip side, horizontal 21-DMA at 1.3801 will offer strong support on any sustained pullbacks.

Ahead of that level, the 1.3850 psychological mark could be probed. If the selling pressure intensifies, a further drop towards the upward-sloping 200-DMA at 1.3726 could be in the offing.

GBP/USD: Additional levels

 

Jul 28, 2021

EUR/USD could rebound to the 1.1860/1.1930 band – Commerzbank

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Natural Gas Futures: Downside seen short-lived

Traders scaled back their open interest positions by around 17.5K contracts on Tuesday, the largest single-day drop so far this year, all in light of
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