GBPUSD Bulls Test Key Resistance at 1.4240

·    May 27, 2021

·      May 27, 2021

·    May 27, 2021

Most of the Forex market remains at a standstill.

There’s no shortage of volatility, but if you’re a directional trader, you’re likely finding it incredibly difficult to identify those “A+” setups.

However, one pair that still has some direction is GBPUSD.

I discussed the pound as it was testing the 1.4000 resistance level.

The May 10th close above 1.4000 opened the door to the year-to-date high at 1.4240.

That’s the resistance level we’re seeing come under pressure this week.

A daily close above 1.4240 could extend the rally toward the 2018 highs near 1.4380.

Alternatively, a rejection from the 1.4240 resistance area could send the GBPUSD back to 1.4000 support.

I like the idea of buying dips as long as the GBPUSD remains above the May 2020 trend line near 1.4000.

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GBPUSD daily 5.27.21
GBPUSD daily time frame

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