GBP/USD: Pair Could Move Lower
| Oct 14, 2021 04:30AM ET
Looking at GBP/USD's 4-hour chart, we can see its downward trend since the past month started to slow down after a bounce from its support at 1.341.
The 2% drop during the last couple of days of September was followed by a week-long consolidation at 1.356.
The road towards 1.377, where it traded before the breakdown from its previous 6-months extended support at 1.36185, is now clear.
The pair currently trades near the 1.367 price range at writing.
h2 Intraday Outlook/h2Today we could see a rally towards its resistance level of 1.371 as a short-term momentum play since the pair broke the 1.36185 resistance after consolidation.
However, if it does not hold its current level, we could expect a move towards the support base at 1.359 and lower.
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