GBP/USD Battles Resistance at Level 1.4000, May Resume Uptrend

GBP/USD Battles Resistance at Level 1.4000, May Resume Uptrend

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bullish
GBP/USD is rising to retest the resistance at level 1.4000. The resistance has remained unbroken since February 25. Meanwhile, on April 20, the pair was resisted but the retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 2.0 Fibonacci extension or level 1.4334. From the price action, the Pound has risen to level 1.3906.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward indicating the uptrend. The Pound is at level 53 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone and capable of rising.

GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair has been in a sideways move below level 1.4000. Since April 20, the bulls are yet to break the resistance level. On April 20 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 2.0 Fibonacci extension or level 1.4295.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/USD pair is currently above the 40% range of the daily stochastic. The pound is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the upward move.

General Outlook for GBP/USD
The GBP/USD is trading below the resistance at level 1.4000. The upward move has been impeded because of the overhead resistance at level 1.4000. Presently, the market fluctuates between levels 1.3800 and 1.4000.

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Author : Azeez Mustapha

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GBP/CAD Bullish Reversal In Cards Again!

GBP/CAD Bullish Reversal In Cards Again!

GBP/CAD stands at 1.7466 level at the time of writing signaling strong buyers. Today’s aggressive rally may bring new opportunities. The price is almost to get out from a sideways movement.

This scenario could announce further growth ahead. The Pound is strongly bullish in the short term and it could take full control. GBP/CAD’s decline seems over, that’s why we could search for long opportunities.

GBP/CAD H4 Technical Analysis!

GBP/CAD has registered only false breakdowns through the 61.8% retracement level signaling exhausted sellers. Now is pressuring the 1.7435, R2 (1.7442), and the 38.2% Fibonacci level.

Closing and stabilizing above these upside obstacles could bring a buying opportunity. The price has confirmed the ascending pitchfork with its false breakdown through the lower median line (lml).

GBP/CAD has managed to jump far above the median line (ml) but we cannot exclude a retest before resuming its upwards movement.

Conclusion!

The false breakdowns from the narrow range signaled an upside valid breakout. A valid breakout above the immediate upside targets could confirm a bullish continuation.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Olimpiu Tuns

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Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.